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- .~omd ~;o. 865899s
<br /> Premium: Included in
<br /> · - Performance Bond.
<br /> PAYMENT BOND '
<br /> (Public Works)
<br />
<br />KNOW ALL MEN BY THESE PRE~EN~:
<br />
<br /> Thatw.-, Pacific Shores Develooment. LLC ,
<br />ae P~ncipal, and Developers Insurance Company ,
<br />organized and ex}sting under the laws of the State of California , ,
<br />and authorized co execule bon.~s and under[eking as sole surety, and Surety, are held
<br />and firmly bound unto any =.qd all persons named in California Civil Code .Section 3181
<br />whose claim has not been paid by the Contract:r, company or corporation in the
<br />aggregate'total of six Million Three Hundred Thousand and No/100ths***** DoJl~re.
<br />($ 6,300,000.00,**.. ) (being 100% of the Permit amount) for the payment whereof well
<br />amd truJy to be made, said Principal and Surety bond themselves, their heirS,
<br />administrators, su_?essors, and assigns, jointJy and severally, firmly by these presen!.s.
<br />
<br /> The condition of the foregoing obligation is '$u~ that, whereas the above
<br />bounden Principal has entered into a.Parmit dated ,19 , with
<br />the CK'y of Redwood City ('Ck'y') to do the following work, 't~-w~
<br /> Construction of Improvements on Seaport Boulevard
<br />
<br /> NOW, THERE. FORE, ~f the ~-oove bounden Prinr. Jpal or his subcontractors fail to
<br />pay amy of the persons named in Section 3181 of the CiviJ Code of the State of
<br />California, for amounts due und~ the Unemployment Insurance Code with respect to
<br />work or labor pedcrmed under the Permit. or for .any amounts required f~ be deducted,
<br />wYd'theld, ancl paid over to the Employment Development Dapann3ent from the v, age~ of
<br />-~rnployees of, the Con,rector anc~ his subcontra:m3r pursuant to Secfimn 13020 of the
<br />Unemployment insurance Code of the State of California, with respeqt, to suCh work and
<br />labor, the surety will pay for the s~me, in the amount n~ exceeding the sum specified
<br />in this bond, and aiso,.in case suit is brought upon this bond, a reasonable attorney's
<br />fee, to be fixed by the Court
<br />
<br /> 7his bond Shall insure to the bsnefff, of arB, person named' in Section 3181. of the
<br /> 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 /> This bend ia executed and filed to comply with the provisions of the act of the'
<br /> Legislature of the State of California as designated in Civil Code Sections 3247-3252,
<br /> inclusive, and ali amendments thereto.
<br />
<br /> The Principal may. require of the subcontractors a bond to .indemnify the
<br /> Principal for any loss sustained by the Principal because of any default by the
<br /> subcontractors under Section 3247 of the Civil Code of the State of California.
<br />
<br /> And the said Surety, for value received, hereby stipulates and agree~, to waive
<br /> the provisions of California Civil CDcle Sa:',Jon 2819 regarding consent to change,
<br /> extension of time, alteration, or addition to the terms of the Permit or to the work to
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