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S:\SHANNA\FORMS\ATTORNEY\BONDS\SUBDIVISION PAYMENT (WORD).DOC SUBDIVISION PAYMENT BOND WHEREAS, the City Council of the City of Modesto, State of California, and (hereinafter designated as "Principal") have entered into an agreement whereby Principal agrees to install and complete certain designated public improvements, which said agreement, dated , 20 , and identified as (Name of Subdivision) is hereby referred to and made a part hereof; and WHEREAS, under the terms of said agreement, Principal is required before entering upon the performance of the work, to file a good and sufficient payment bond with the City of Modesto to secure the claims to which reference is made in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California. NOW, THEREFORE, said Principal and the undersigned as corporate surety, are held firmly bound unto the City of Modesto and all contractors, subcontractors, laborers, materialmen and other persons employed in the performance of the aforesaid agreement and referred to in the aforesaid Civil Code in the sum of Dollars for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to such work or labor, that said surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, incurred in successfully enforcing such obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered. It is thereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies and corporations entitled to file claims under Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code so as to give a right of action to them or their assigns in any suit brought upon this bond. Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect. The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of said agreement or the specifications accompanying the same shall in any manner affect its obligations on this bond, and it does hereby waive notice of any such change, extension, alteration or addition. ---PAGE BREAK--- S:\SHANNA\FORMS\ATTORNEY\BONDS\SUBDIVISION PAYMENT (WORD).DOC IN WITNESS WHEREOF, this instrument has been duly executed by the Principal and surety above named, on , 20 . Surety By Principal(s) Attorney-in-Fact (Signature(s) must be notarized) (Signature(s) must be notarized) APPROVED AS TO FORM: Address to which notices to Surety should be sent: By SUSANA ALCALA WOOD City Attorney APPROVED AS TO SUFFICIENCY: Finance Director * Corporations - signature of two officers required or one officer plus corporate seal. Partnership - signature of a partner required Sole Proprietorship - signature of proprietor required