RecDoc2025-000641 Subdivision Improvement Agreement 557 East Bayshore Road

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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: 557 E Bayshore Road 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 Two Million Five Hundred and Nineteen thousand Three Hundred and Sixty Nine Dollars ($2,519,369.00) 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 REV: 10-02-24 VR ATTY/AGR.2024.178/Redwood Crossing LLC (557 E Bayshore IA) (Page 18 of 24)