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KB Home Coastal, Inc. Material and Labor Bond 301432-1 0151421MATERIAL AND LABOR BOND CITY OF MENIFEE, STATE OF CALIFORNIA (Government Code Section 66499.1) Evans Rd Channel - RCFC&\ /CD Maintained lmprovements FOR: Streets and Drainage Water System Sewer System Su rety Berkley Regaonal lnsurance Company AddfgSS 505 N Brand Btvd . Suite 1040 $ r,zrz,soo.oo TracUParcel Map 30142-1 $Bond No. Premium 0151421 $lncluded in the Failhful Performance Eond Principal Address 36310 lnland Valley Ddve KB HoME Coastal lnsurance City/State Glendale, CA City/State CA zip 91203 zip 92525 Phone ero-sso,rloe Phone 9s1-691,5245 WHEREAS, the City of Menifee, State of California, and KB HOME Coastal lnc (hereinafter designated as "principal") have entered into, or are about to enter into, the attached agreement(s) whereby principal agrees to install and complete the above designated public improvements relating to (TracUParcel) r. eouz'r , which agreement(s) is/are hereby refened to and made a part hereof; and, WHEREAS, under the terns of said agreement, principal is required, before entering upon the performance of the work, to file a good and sufficient payment bond with the City of Menifee to secure the claims to which reference is made in Title 15 (commencing with Section 3082) ot Part 4 of Division 3 of the Civil Code of the State of California; NOW, THEREFORE, said principal and the undersigned, as corporate surety, are held firmly unto the City of Menifee and all contractors, subcontractors, laborers, material persons and other persons employed in the performance of said Civil Code in the sum of one Mi ion seven Hmdred seventeen Thousand Five Hundr DOllafS ($ r.u rz,soo.oo ) for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment lnsurance Act with respect to such work or labor, that said surety will pay the same in an amount nol 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 by the City 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 judgement therein rendered. It is hereby expressly stipulated and agreed upon that this bond shall inure to the benefrt of any and all persons, companies and corporations entitles to full 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 this agreement or to the specifications accompanying 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 Seclion 2845 of the Civil Code are not a condition precedent to surety's obligations hereunder and are hereby waived by surety. lN WITNESS WHEREOF, this instrument has been duly executed by the principal and surety above named, on Auqusr6 ,2410 NAME OF PRINCIPAL: KB r-toME coastarrnc. AUTHORIZED SIGNATURE(S): By: (rF coRPoRATtON, AFFrX SEAL) NAME OF SURETY: Berkley Regional lnsurance company AUTHORIZED SIGNATURE: Its Attorney-in-Fact Title Brenda Wong, Attomey-in-Fact (rF coRPoRAroN, AFFTX SEAL) ATTACH NOTARIAL ACKNOWLEDGMENT OF SIGNATURES OF PRINCIPAL AND ATTORNEY{N.FACT. MATERIAL AND LABOR BOND Name: Tifle: