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Bon~ No. 865899S
<br /> Premium $50,400.00
<br /> Premium Term: ~o Years
<br /> F~T~FU/ PERFORMANCE BOND Subject to Renewal
<br /> (Public Works)
<br />
<br /> KNOW ALI.. MEN BY THESE PRESENTS: that. WHEREAS, the City of
<br /> Redwood City ('City'), San Mateo County, State of California, has awarded to
<br /> Pacific Shores Development, LLC, a Delaware ~m~ted liability company
<br /> hereinafter designated as the 'Principal", a Permit, the terms and provisions of which
<br /> Permit are incorporated herein by reference, for constructing the following
<br /> project: Improvements on Seaport Boulevard , and
<br />
<br /> WHEREAS, said Principal is require~ under the terms of said Permit to furnish a
<br /> bond for the faithful performance of said Permit;
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<br /> NOW, THEREFORE, we, the Principal, and. Developers
<br /> Insurance Compan~ , as surety, are held
<br /> and firmly bound unto City, San Mateo County, California, in the penal sum of
<br /> Six Million Three Hundred Thousand and ~o/100ths************************Dollars
<br /> ($ 6~300,000.00'*** ), lawful money of the United States, being one hundred percent
<br /> (100%) of the Permit amount, for the payment of which sum well and truly to be made,
<br /> we bind ourselves, our heirs, executors, administrators and successors, jointly end
<br /> severally, firmly by these presents.
<br />
<br /> THE CONDITION OF THIS OBEGATION IS SUCH, that if the above bounden
<br /> Principal, his or its~hei~s, executors, administrators, succ__e_~sors or assigns, shall in all
<br /> things stand to and abide by, and well and truly keep and faithfully perform the
<br /> covenants, conditions, and requirements in the said Permit and any alterations made
<br /> as therein provided, on his or their part, to be kept and performe~ at the time and in the
<br /> manner therein spec~fi .ed, and in all respects according to their true intent and meaning,
<br /> and shall indemnify ~nd save harmless City, its Council, Commissions, boards,
<br /> committees, officers, employees and agents, as therein stipulated, then this obligation
<br /> shall be null and void; otherwise it shall be and remain in full force and effect
<br />
<br /> As a condition precedent to the satisfactory completion of the said Permit, the
<br />above obligation shall hold good for a pedod of one (1) year after the completion and
<br />acceptance of the said work, during which time if the above bounden Principal, his or
<br />its heirs, executors, administrators, succesSors or assigns shall fail to make full,
<br />complete and satisfactory repair and replacements or totally protect the said City from
<br />loss or damage made evident during said period of one (1) year from the date of
<br />acceptance of said work, and resulting from or caused by defective materials or faulty
<br />workmanship, in the prosecution of the work done, the above obligation shall be and
<br />remain in full force and effect.
<br />
<br /> And the said Surety, for value received, hereby stipulates and agrees to waive
<br />the provisions of California Civil Code Section 2819 regarding consent to change,
<br />extension of time, alteration, or addition to the terms of the Permit or to the work to be
<br />performed thereunder or the Specifications accompanying the same shall in any way
<br />affect its obligations on this bond; and it does hereby waive notice of any such change,
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