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<br />REV: 03-25-24 LF
<br />EXHIBIT “E”
<br />
<br />PAYMENT BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: the City of Redwood City ("City"), San Mateo County,
<br />State of California, has entered a License Agreement dated ______________ ____, 20____ (the
<br />“Agreement”) with GTE Mobilnet of California Limited Partnership, a California limited partnership, dba
<br />Verizon Wireless, hereinafter designated as the "Principal", for constructing the following project:
<br />installation, operating and maintenance of a communications facility at Assessor’s Parcel Number(s) 052-
<br />374-080 and 052-374-190, and
<br />
<br />WHEREAS, under the terms of the Agreement, the Principal is required before entering upon the
<br />performance of the work, to file a good and sufficient payment bond with the City to secure the claims to
<br />which reference is made in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil
<br />Code of the State of California.
<br />
<br />NOW, THEREFORE, we, the Principal and ________________________, organized and existing under
<br />the laws of the State of ________________________, and duly licensed to transact surety business in the
<br />State of California, and authorized to execute bonds and undertaking as sole surety, as Surety, are held
<br />firmly bound unto the City and all contractors, subcontractors, laborers, materialmen, and other persons
<br />employed in the performance under the Agreement and referred to in Title 3 (commencing with Section
<br />9000) of Part 6 of Division 4 of the Civil Code of the State of California in the sum of One Hundred Fifty
<br />Eight and Seven Hundred and no/100 Dollars ($158,700.00), for materials furnished or labor thereon of
<br />any kind, or for amounts due under the Unemployment Insurance Act with respect to this work or labor,
<br />that the surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in
<br />case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable
<br />expenses and fees, including reasonable attorney's fees, incurred by City in successfully enforcing this
<br />obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment
<br />therein rendered.
<br />
<br />It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons,
<br />companies, and corporations entitled to file claims under Title 3 (commencing with Section 9000) of Part
<br />6 of Division 4 of the Civil Code of the State of California, so as to give a right of action to them or their
<br />assignees in suit brought upon this bond.
<br />
<br />Should the condition of this bond be fully performed, then this obligation shall become null and void,
<br />otherwise it shall be and remain in full force and effect.
<br />
<br />This bond is executed and filed to comply with the provisions of the act of the Legislature of the State of
<br />California as designated in Civil Code Sections 9550-9566, inclusive, and all amendments thereto.
<br />
<br />The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms
<br />of the Agreement or to the work to be performed thereunder or the specifications accompanying the same
<br />shall in anywise affect its obligations on this bond, and it does hereby waive notice of any such change,
<br />extension, alteration or addition.
<br />
<br />
<br />
<br />ATTY/AGR.2024.027/Verizon Wirelsss (License Agreement) (Page 45 of 46)
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