Cal. Code Regs. Tit. 10, § 2851 - Surety Bond Format

Current through Register 2021 Notice, Register No. 40, October 1, 2021

A corporate survey bond provided to the Department by prepaid rental listing service pursuant to Section 10167.7 of the Code shall be in substantially the following form:

PREPAID RENTAL LISTING SERVICE BOND

Bond No.__________________________

Premium $__________________________

Know all men by these presents:

That we, ______________________ as _______________________ PRINCIPAL and __________ 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 held and firmly bound unto the State of California (OBLIGEE) in the penal sum of ___________________________ dollars ($___________________)for which payment, well and truly to be made, we bind ourselves, our heirs, administrators, successors and assigns, jointly and severally liable and liable on the obligations of the bond and the statute providing for the bond.

PRINCIPAL has applied to the Department of Real Estate of the State of California for a license to act as a Prepaid Rental Listing Service, or for the renewal of said license and is required by Section 10167.7 of the Business and Professions Code to have on file with the Department of Real Estate, a bond in the amount of $10,000 for each licensed location. This bond is executed and tendered in accordance with Section 10167.7.

The condition of this obligation is that if PRINCIPAL satisfies any and all final judgements entered against PRINCIPAL as the result of any action undertaken pursuant to subdivision (f) of Section 10167.10, then this obligation shall be null and void. Otherwise it shall remain in full force and effect.

For value received, SURETY does hereby waive any right granted to SURETY by Section 2845 if the California Civil Code to require that OBLIGEE proceed independently against PRINCIPAL to enforce this obligation or that the underlying judgment creditor of PRINCIPAL pursue any other remedies for the collection of said judgment.

This bond is continuous in form and shall remain in full force and effect and shall run concurrently with the term of the Rental Listing Service License issued to PRINCIPAL and for the term of any renewal thereof unless earlier terminated or cancelled by SURETY as provided by law.

The SURETY, its successors and assigns, are jointly and severally liable on the obligations of the bond, chapter 2 (commencing with section 995.010), Title 14, part 2, Code of Civil Procedure and Article 2.3, Chapter 3, Part 1, Division 4, Business and Professions Code.

The PRINCIPAL and SURETY may be served with notices, papers and other documents under chapter 2 (commencing with section 995.010), Title 14, part 2, Code of Civil Procedure at the addresses given above.

I certify (declare) under penalty of perjury under the laws of the State of California that I have executed this foregoing bond.

PRINCIPAL and SURETY have executed this agreement this __________________ day of _________, 20___. __________ ------------------ ------------------ (Principal) (Surety)MP21 Address: Address:

__________ __________ __________ __________ __________ __________

By: __________ By: ____________________ (Signature) (Signature)

Notes

Cal. Code Regs. Tit. 10, § 2851

Note: Authority cited: Section 10080, Business and Professions Code; and Section 11110, Government Code. Reference: Section 10167.7, Business and Professions Code.

1. New section filed 12-3-80; effective thirtieth day thereafter (Register 80, No. 49).
2. Amendment filed 12-1-81; designated effective 1-1-82 (Register 81, No. 49).
3. Amendment filed 4-2-86; effective thirtieth day thereafter (Register 86, No. 14).
4. Amendment of section and Note filed 9-19-2002; operative 10-19-2002 (Register 2002, No. 38).
5. Amendment filed 3-17-2005; operative 4-16-2005 (Register 2005, No. 11).

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