KB Home Coastal, Inc. Faithful Performance Bond 30142-1 0151421FAITHFUL PERFORMANCE BOND
CITY OF MENIFEE, STATE OF CALIFORNIA
(Government Code Section 66499.1)
Evans Rd Channel-RcFC&\ ,/CD lvlaintained lmprovements
FOR: Streets and Drainage
Water System
Sewer System
Surety Berkley Reqional lnsurance Compa
Address sos N. Brand Blvd Suite 1040
City/State Glend CA
$
$
$
3 435,000 00 TracUParcel Map
Bond No. orsr+zr
Premium $60,113.00
301421
Principal
Add ress
KB HOME Coastal lnc.
36310 lnl8nd ValleY Drive
City/State
zip code 91203 zip 92595
Phone ars-sso-to:Phone ssr,osr
WHEREAS, the City of Menifee, State of California, a6d KB HoME coastat tnc
(hereinafter designated as "principal") have entered into, or are about to enter into, the
attached agreement(s) whereby principal agrees to install and complete the above designated
public improvements relating to (TracUParcel) rr sor+z-r , which agreement(s) is/are
hereby refered to and made a part hereof; and,
WHEREAS, said principal is reguired under the terms of said agreement(s) to furnish bond(s)
for the faithful performance of said agreement(s);
NOW, THEREFORE, we the principal and Berklev Resional rnsurance companv , as
surety, are held and firmly bound unto the City of Menifee in the penal sum of rnl."" Milion Four Hundred
Thirty Five Thousand and No/100---.--DOllafS ($ s,+gs.ooo.oo ) lawful money of the United States, for the
payment of which sum will and truly 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 if the above bonded principal, his or its heirs,
executors, administrators, successors or assigns, shall in all things stand to and 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 or their part, to be kept
and performed at the time and in the manner therein specilied, and in all respects according
to their true intent and meaning, and shall indemnifo and save harmless the City of Menifee,
its officers, agents and employees, as therein stipulated, then this obligation shall become null
and void; otherwise, it shall remain in full force and effect.
As a part of the obligation secured hereby and in addition to the face amount specified
therefore, there shall be included costs and reasonable expenses and fees, including
reasonable attorney's fees, incurred by the City in successfully enforcing such obligation, all
to be taxed as costs and included in any judgment rendered.
FAITHFUL PERFORMANCE BOND
The surety hereby stipulates and agrees that no change, extension of time, alteration or
addition to the terms of this agreement or to the work to be performed there under or the
specifications accompanlng the same shall in anywise affect its obligation on this bond, and
it does hereby waive notice of any such change, extension of time, alteration or addition.
Surety further stipulates and agrees that the provisions of Section 2845 of the Civil Code and
commencement of construction are not conditions precedent to surety's obligations hereunder
and are hereby waived by surety.
When the work covered by the agreement is complete, the City of Menifee will accept the
work and thereupon, the amount of the obligation of this bond is reduced by 90% with the
remaining '10% held as security for the one-year maintenance period provided for in the
agreements(s).
lN WITNESS WHEREOF, this instrument has been duly executed by the principal and surety
above named, on Auqust 6 2010
NAME OF PRINCIPAL: KB HoME coastar rnc.
AUTHORTZED STGNATURE(S):
Name:
Title:
(IF CORPORATION, AFFIX SEAL)
NAME OF SURETY:Berkley Regional lnsurance Company
AUTHORIZED SIGNATURE:
Its Attorney-in-Fact
Brenda Wong, Attorneyin- Fac,t
(IF CORPORATION, AFFIX SEAL)
ATTAGH NOTARIAL AGKNOWLEDGMENT OF SIGNATURES OF PRINGIPAL AND
ATTORNEY{N.FACT.
Title
I
By: