Surety Bond No. SU1172230
Premium: $7,666.00
FAITHFUL PERFORMANCE BOND
(CONSTRUCTION)
WHEREAS the City of Riverside, a municipal corporation of the State of California, and . FB215, ILC _ hereinafter referred to as "Principal", have entered into an agreement whereby Principal agrees to install and complete certain designated public improvements, which said agreement, dated August 12th _ 2022, and identified as Agreement for Construction of Improvements • for project designated as Parcel Map 37902, is hereby referred to and made a part hereof; and
WHEREAS, said Principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement; NOW, THEREFORE, we, the Principal and Arch Insurance Company, a corporation organized and doing business under and by virtue of the laws of the State of and duly licensed by the State of California for the
purpose of making, guaranteeing or becoming sole surety upon bonds or undertakings required or authorized by the laws of the State of California, as Surety, are held and firmly bound unto the City of Riverside, in the penal sum of Three Hundred Eighty-Three Thousand Three Hundred and 00/100 dollars ($383,300.00) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents.
The condition of this obligation is such that is the above bounded principal, his, her or its heirs, executors, administrators, successors, or assigns, shall in all things stand to or abide by, and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his, her or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the City of Riverside, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect.
The Surety and Principal further agree that in the event the work and improvements are not completed within the time allowed by the said agreement or any extension or extensions thereof as may be granted by the City of Riverside, the City of Riverside may, at its option, and in addition to any other remedies available by law, complete or arrange for completion of said work and improvements, and all costs and expenses therefor shall become a debt due and owing said City of Riverside, as set forth in said agreement. 311-57/CL 215B (Rev. 6/86) 1
As a part of the obligation security hereby and in addition to the face amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the City of Riverside in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered.
The Surety and Principal further agree that this bond may be reduced to ten percent of the face amount of this bond or $300, whichever is greater, and continue, after completion and acceptance of the work and improvements in writing by the City of Riverside, for one year from the date of acceptance to guarantee said improvements against any defective work or labor done, or defective materials furnished, in performance of the contract with the City of Riverside.
The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement or to the work to be performed thereunder or the specifications accompanying the same shall in any way affect its obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the agreement or to the work or to the specifications.
311-57/CL 215B (Rev. 6/86) 2
IN WITNESS WHEREOF, this instrument has been duly executed by the Principal and Surety above named on August 12 / 2022 •
Principal FB215, LLC Surety Arch Insurance Company
MANAGEN By XA
By_
Attorney-in-fact Kim Heredia
550 South Hope Street, Ste. 2600
Address of Corporate Surety
Los Angeles, CA 90017
(Zip Code)
(213) 283-3500
Phone
SullivanCurtisMonroe Insurance Services, LLC
Producer (Bond Issuing Agent)
1920 Main Street, Suite 600
Address
Irvine, CA 92614
City (Zip Code)
(949) 250-7172
Phone
Note: Signature of Attorney-in-fact to be acknowledged before a Notary Public. Attach Power of Attorney.
Approved as to Form:
By:
L. Beaumon
Deputy City Attorney
311-57/CL 215B (Rev. 6/86) 3
CALIFORNIA CERTIFICATE OF ACKNOWLEDGMENT
notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California )
County of Orange )
On 8/12/2022 before me,_E.A. GARIBAY, NOTARY PUBLIC
(here insert name and title of the officer)
personally appeared KIM HEREDIA-
who proved to me on the basis of satisfactory evidence to be the person(x) whose name(x) is/xxxsubscribed to the within instrument and acknowledged to me that he/she/they executed the same in xxx/her/txaix authorized capacitybed, and that by xix/her/*xxx signature(x) on the instrument the person(x), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the E. A. GARIBAY
State of California that the foregoing paragraph is true and correct. COMM. #2408744 Notary Public • California NR01
Orange County
WITNESS my hand and official seal. My Comm. Expires June 22, 2026} Signature
(Seal)
E.A. GARIBAY, NOTARY PUBLIC
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CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California
County of_Orange
On August 15, 2022 before me, Eva M. Santana, Notary Public Date Here Insert Name and Title of the Officer
personally appeared James L. Fullmer
Name(s) of Signers)
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the persons, or the entity upon behalf of which the person(s) acted, executed the instrument. 1 certify under PENALTY OF PERJURY under the laws
of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature_
EVA M. SANTANA
Notary Public • California Signature of Notary Public
Orange County
Commission# 2266321
My Comm. Expires Nov 10, 2022)
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