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Bond No. 101092087 <br /> Premium: Included in Perf. Bond <br /> <br /> SUBDIVISION MAINTENANCE BOND <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br /> <br />That Ponderosa Homes, Inc., as Principal, and Travelers Casualty and Surety Company of <br />America, as Surety, are held and firmly bound unto the City of Redwood City, as Obligee, <br />hereinafter called Owner, in the penal sum of Six Hundred Seventy Five Thousand One <br />Hundred and No/100 Dollars --- ($675,100.00), for the payment whereof Principal and Surety <br />bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and <br />severally, ftrmly by these presents. <br /> <br />WHEREAS, Principal has entered into an agreement to provide maintenance for a period of <br />one year as stipulated in the Agreement for Improvement at Gossamer Cove. <br /> <br />NOW, THEREFORE, the condition of this obligation is such that if Principal shall remedy any <br />defects due to faulty materials or workmanship which shall appear within a period of one year <br />from this date, then this obligation to be void; otherwise to remain in full force'and effect. <br /> <br />PROVIDED, HOWEVER, that Owner shall give Principal and Surety notice of observed <br />defects with reasonable promptness. <br /> <br />This bond shall inure solely to the benefit of the City of Redwood City, California, and may <br />not be sued upon by any other than the named obligee, and it is given in conformance with <br />California Statutes pertaining to the requirement by municipalities for subdivision bonds. <br /> <br />SIGNED and sealed this 31st day of October, 2001. <br /> <br /> Ponderosa Homes, Inc. <br /> <br /> Travelers tCasualty and Surety Company of America <br /> Paul A. Kitchell, Attorney-In-Fact <br /> <br /> <br />