|
E�ibit B
<br /> Form of Performance Bond
<br /> FAITHFUL PERFORMANCE BOND
<br /> (SUBDIVISION)
<br /> KNOW ALL MEN BY THESE PRESENTS: the City of Redwood City ("City"), County of San
<br /> Mateo, State of California, and LMI Redwood Holdings, LLC, a Delaware limited liability company,
<br /> (hereinafter designated as "Principal") have entered into a Subdivision Improvement Agreement
<br /> dated , 20_("Agreement"), the terms and conditions of which are incorporated
<br /> herein by reference, whereby Principal agrees to install and complete certain designated public
<br /> improvements for the following project:
<br /> Main and Marshall, 601 Main Street, Redwood City
<br /> WHEREAS, said Principal is required under the terms of said Agreement to furnish a bond for the
<br /> faithful performance of said Agreement;
<br /> NOW, THEREFORE, we, the Principal, and , a
<br /> and duly licensed to transact surety business in California, and
<br /> authorized to execute bonds and undertaking as sole surety, as Surety, are held and firmly bound
<br /> unto the City, County of San Mateo, State of California, in the penal sum of
<br /> Dollars ($ ) lawful money
<br /> of the United States, for the payment of which sum well and truly to be made, we bind ourselves,
<br /> our heirs, successors, executors and administrators, jointly and severally, firmly by these
<br /> presents.
<br /> This bond is executed and filed to comply with the provisions of the act of the Legislature of the
<br /> State of California as designated in Government Code Sections 66499 and 66499.1 and all
<br /> amendments thereto.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH that if the above bounden Principal, his or its
<br /> heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by,
<br /> and well and truly keep and faithfully pertorm the covenants, conditions and provisions in the said
<br /> Agreement and any alteration thereof made as therein provided, on his or their part, to be kept
<br /> and pertormed at the time and in the manner therein specified, and in all respects according to
<br /> their true intent and meaning, and shall indemnify and save harmless City, its Council,
<br /> Commissioners, boards, committees, officers, agents and employees, as therein stipulated, then
<br /> this obligation shall become null and void; otherwise it shall be and remain in full force and effect.
<br /> As a part of the obligation secured hereby and in addition to the face amount specified therefor,
<br /> there shall be included costs and reasonable expenses and fees, including reasonable attorney's
<br /> fees, incurred by City in successfully enforcing such obligation, all to be taxed as costs and
<br /> included in any judgment rendered.
<br /> The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition
<br /> to the terms of the Agreement or to the work to be performed thereunder or the specifications
<br /> accompanying the same shall in anywise affect its obligations on this bond, and it does hereby
<br /> ATTY/AGR/2013.217/IMPROVEMENT AGR 601 MAIN ST
<br /> REV: 11-12-13 VR
<br /> Page 15 of 24
<br />
|