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Exhibit "B"
<br />FORM OF FAITHFUL PERFORMANCE BOND
<br />(SUBDIVISION)
<br />WHEREAS: the City of Redwood City ("City"), County of San Mateo, State of California,
<br />and IQHQ Elco Yards, L.P., a Delaware limited partnership, (hereinafter designated as
<br />"Principal") have entered into a Subdivision Improvement Agreement dated
<br />2022 ("Agreement"), the terms and conditions of which are incorporated
<br />herein by reference, whereby Principal agrees to install and complete certain designated
<br />public improvements for the following project:
<br />Elco Yards
<br />WHEREAS, said Principal is required under the terms of said Agreement to furnish a
<br />bond for the faithful performance of said Agreement;
<br />NOW, THEREFORE, we, the Principal, and ,
<br />organized and existing under the laws of the State of and authorized to
<br />execute bonds and undertaking as sole surety in the State of California ("Surety") are held
<br />and firmly bound unto the City of Redwood City, County of San Mateo, State of California,
<br />in the penal sum of Dollars
<br />($ ) lawful money of the United States, for the payment of which sum
<br />well and truly to be made, we bind ourselves, our heirs, successors, executors and
<br />administrators, jointly and severally, firmly by these presents.
<br />This bond is executed and filed to comply with the provisions of Government Code
<br />Sections 66499 and 66499.1 and all amendments thereto.
<br />THE CONDITION OF THIS OBLIGATION IS SUCH that if the above bounden Principal,
<br />his or its heirs, executors, administrators, successors or assigns, will in all things stand to
<br />and abide by, and well and truly keep and faithfully perform the covenants, conditions and
<br />provisions in the said Agreement and any alteration thereof made as therein provided, on
<br />his or their part, to be kept and performed at the time and in the manner therein specified,
<br />and in all respects according to their true intent and meaning, and will indemnify and hold
<br />harmless City, its Council, Commissioners, boards, committees, officers, agents and
<br />employees, as therein stipulated, then this obligation will become null and void; otherwise
<br />it will be and remain in full force and effect.
<br />As a part of the obligation secured hereby and in addition to the face amount specified
<br />therefor, there will be included costs and reasonable expenses and fees, including
<br />reasonable attorney's fees, incurred by City in successfully enforcing such obligation, all
<br />to be taxed as costs and included in any judgment rendered.
<br />The Surety hereby stipulates and agrees that no change, extension of time, alteration or
<br />addition to the terms of the Agreement or to the work to be performed thereunder or the
<br />REV: 04-07-2022 SK
<br />ATTY/AGR.2022.063/South Main SIA (Page 21 of 26)
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