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Premium 520,000 00 for two years
<br /> AMERICAN CONTRACTORS INDEMNITY COMPANY
<br /> Bond No 100373974
<br /> KNOW ALL MEN THESE PRESENTS REDLANDS SUPPORTIVE HOUSING,L P A CALIFORNIA
<br /> LIMITED PARTNERSHIP AND A COMMUNITY OF FRIENDS, A CALIFORNIA NON-PROFIT PUBLIC
<br /> BENEFIT CORPORATION(hereinaftei called the Principal),and AMERICAN CONTRACTORS INDEMNITY
<br /> COMPANY(hereinafter called the Surety),a corporation licensed to do business as a surety under the laws of the
<br /> State of California,are held and firmly bound unto CITY OF REDLANDS,A CALIFORNIA MUNICIPAL
<br /> CORPORATION(hereinafter called the Obligee),in the full and just sum of TWO HUNDRED THOUSAND AND
<br /> 0/100'S DOLLARS ($200,000 00)(hereinafter called the Penal Sum),the payment of which sum,well and truly to
<br /> be made,the said Principal and Surety bind themselves, and each of their heirs,administrators,executors,and
<br /> assigns jointly and severally firmly by these presents
<br /> WHEREAS,the Obligee,by way of DENSITY BONUS AND INCENTIVE AND/OR CONCESSION
<br /> AGREEMENT DATED SEPTEMBER 19,2017 RESOLUTION NO 7709 ZONE CHANGE NO 448,CUP NO
<br /> 1045 CONDITIONS OF APPROVAL DATED SEPTEMBER 19 2017 PARAGRAPH 19(hereinafter called the
<br /> Resolution)has required Principal to post a surety bond to comply with Principal's obligation to ensure Principal's
<br /> performance of its defense and indemnity under the Resolution to" defend,by paying the defense costs of the City
<br /> of Redlands(for counsel retained by the City), indemnify and hold harmless the City of Redlands,and its elected
<br /> officials,officers,employees,and agents from and against any and all claims,actions,and proceedings(collectively
<br /> "Claims')to attack,set aside,void,or annul the approval of this Conditional Use Permit by the City,due to acts or
<br /> omissions in any way connected to the applicant s project that is the subject of this permit This indemnification
<br /> shall include,but not be limited to,damages,fees,costs,liabilities,and expenses incurred in such actions or
<br /> proceedings, including damages for the injury to persons or property,and any award of costs or attorneys' fees" in
<br /> the amount of TWO HUNDRED THOUSAND AND 0/100'S DOLLARS ($200,000 00) Notwithstanding any other
<br /> provision of this surety bond,the Penal Sum of this surety bond shall not limit the total indemnity obligations of
<br /> Principal under the Resolution
<br /> WHEREAS,the Obligee has agreed to accept this bond as the security described herein above as required in the
<br /> Resolution
<br /> NOTWITHSTANDING the provisions of the aforementioned Resolution the term of this bond shall be two years
<br /> commencing December 12,2017 until December 12,2019,and may be extended by the Surety by Continuation
<br /> Certificate Howevei,neither nonrenewal by the Surety,not the failure or inability of the Principal to file a
<br /> replacement bond in the event that the Surety exercises its right to not renew this obligation,shall constitute a loss to
<br /> the Obligee recoverable under this or any renewal or continuation thereof The liability of the Surety under this
<br /> bond and all continuation certificates issued in connection herewith shall not be cumulative and shall in no event
<br /> exceed the sum as set forth in this bond or in any additions,riders or endorsements approved and issued by the
<br /> Surety as supplements hereto
<br /> NOW THEREFORE,THE CONDITIONS OF THE ABOVE OBLIGATION ARE SUCH that if the Principal
<br /> shall pay in full to Obligee all amounts due to Obligee in accordance with the terms of said Resolution at the time
<br /> and in the mannet specified during the term of this bond then this obligation shall be void,otherwise to remain in
<br /> full force and effect This bond is executed by the Surety and accepted by the Obligee subject to the following
<br /> conditions
<br /> 1 Definitions "Default"shall mean failure by Principal to pay the entire amount of the financial
<br /> obligations of the Resolution as they come due
<br /> 2 The bond is for the term beginning December 12 2017 and ending December 12,2019,provided that
<br /> Surety will remain fully obligated under this bond as long as Obligee gives written Notice of Default within
<br /> the time period otherwise contained in this bond
<br /> 3 In the event of Default,the Surety's obligation hereunder shall be limited to the lessei of(a)the Penal Sum
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