RecDoc 2020-036922 Subdivision Agmt 1180 Main Street

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Exhibit "B" FORM OF FAITHFUL PERFORMANCE BOND (SUBDIVISION) WHEREAS: the City of Redwood City ("City"), County of San Mateo, State of California, and (hereinafter designated as "Principal") have entered into a Subdivision Improvement Agreement dated 20_ ("Agreement"), the terms and conditions of which are incorporated herein by reference, whereby Principal agrees to install and complete certain designated public improvements for the following project: 1180 Main Street WHEREAS, said Principal is required under the terms of said Agreement to furnish a bond for the faithful performance of said Agreement; NOW, THEREFORE, we, the Principal, and organized and existing under the laws of the State of and authorized to execute bonds and undertaking as sole surety in the State of California ("Surety") are held and firmly bound unto the City of Redwood City, County of San Mateo, State of California, in the penal sum of Dollars ($ ) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. This bond is executed and filed to comply with the provisions of Government Code Sections 66499 and 66499.1 and all amendments thereto. THE CONDITION OF THIS OBLIGATION IS SUCH that if the above bounden Principal, his or its heirs, executors, administrators, successors or assigns, will in all things stand to and abide by, and well and truly keep and faithfully perform the covenants, conditions and provisions in the said Agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and will indemnify and hold harmless City, its Council, Commissioners, boards, committees, officers, agents and employees, as therein stipulated, then this obligation will become null and void; otherwise it will be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefor, there will be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by City in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the Agreement or to the work to be performed thereunder or the REV: 02-18-2020 PR ATTY/AGR 2020.025/Premia 1180 Main Owner, LLC (Page 17 of 22)