Form Re 611 - Bond (Completion Of Common Facilities) Template
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1S
C
tate of
alifornia
b
r
e
ureau of
eal
State
B
(C
C
f
)
ond
ompletion of
ommon
aCilities
RE 611 (Rev. 7/16)
S
ubdiviSionS
Bond Number:
______________________________
Premium:
$ _____________________________
Know all men by these presents:
That we _____________________________________________________________________ (Name of Subdivider)
as Principal, and ______________________________________________________________________ (Name of Surety)
a corporation organized under the laws of the State of ______________________________, and authorized to transact the
business of surety in the State of California as Surety, are firmly held and bound unto ____________________________
_______________________________________________________________ (Name of Homeowners’ Association),
(hereinafter referred to as Obligee) in the penal sum of _____________________________________________________
_______________________________________________________________________ Dollars ($________________)
for which sum, well and truly to be paid, we bind ourselves, our heirs, administrators, successors and assigns, jointly and
severally, firmly by these presents.
This bond is given pursuant to §11018.5(a)(2)(A) of the California Business and Professions Code to assure lien-free
completion of the improvements described in Principal’s “Planned Construction Statement”, a copy of which is attached
hereto and incorporated herein by reference, for the subdivision development known as ___________________________
________________________________________________________________________________________________,
situated in the County of ___________________________________, State of __________________________________.
Surety, for value received, hereby agrees that the matters set forth in California Civil Code §3225, or similar acts or
omissions which might release the Surety pursuant to law, shall not in any way release Surety from the obligation of this
bond or reduce Surety’s obligation thereunder.
Surety, for value received, does hereby waive the right granted to Surety under California Civil Code §2845 to require
that Obligee proceed independently against Principal to enforce this obligation, but reserves to itself any right under said
§2845 to require that Obligee proceed jointly against Principal and Surety in any such action.
The condition of this obligation is such that if Principal shall complete or cause to be completed said improvements
free of liens and claims on or before the latest completion date specified in said "Planned Construction Statement", or an
extension thereof given in writing by Obligee to Principal and assented to in writing by Surety, then this obligation shall be
null and void; otherwise, it shall remain in full force and effect.
A suit or action of this bond must be filed within two (2) years after the latest completion date set forth in the Planned
Construction Statement or any extension thereof given in writing by Obligee to Principal an assented to in writing by Surety.
The terms, conditions and coverage of this bond have been approved by the Real Estate Commissioner of the State of
California.
In Witness Whereof, Principal and Surety have caused these presents to be duly signed and sealed this ______ day of
_________________________, _______.
_______________________________________
_______________________________________
Signature of Principal
Signature of Surety
By: _______________________________________
By: _______________________________________
*
Bond must bear corporate seal of Surety. If name of state and date of incorporation are specified in seal, Surety’s signature
need not bear Notary’s acknowledgment. Otherwise, Notary’s acknowledgment is required.
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