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<br />East Bay Surety Bonds
<br />1524 Wendy Drive St8 fA
<br />Pl888ant Hill CA 8418
<br />PIIon8 821881-'717
<br />'-- Fa.""'. ....1
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<br />Execu ted ill DupJ i ca Ie
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<br />[ --"--------._".._- SECTION 00201
<br />BOND ,IŒMIUM B^SED or I 1 Bond No. C 500638
<br />__}: N/:~. CONTR~_~~~.:._~ FAITHFUL PERFOfUJIANCE BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: tha~ WHEREAS, the City of Redwood
<br />Clty("Clty") , San Mateo County, State of Calffomía, has Bwarded to
<br />A V fÿ (' (' 0 n!=; t rlJ G t i Q r T n r . hereinafter designated as
<br />the "Prlnclpal", B Contract, the term. and provisions of which Contract are Inc:orporated
<br />herein by refarence, for constructing the following project; S t a f ford Par k PIa y
<br />Area Renovation.
<br />AND, WHEREAS. said Principal i& required under the terms of said Contract to furnish
<br />a bond for the faithful performance of $SId Contract;
<br />
<br />NOW, THEREFORE. we, the Principal, and Financial Pacific Insurance
<br />£qmpany . as surety, are held and firmly bound unto
<br />Cily. San Mateo County, California, In the penal sum of
<br />Four Hundred Fifty Thousand and 00/100
<br />Dollars ($ 450, 000 . 00 ). lawful money Of
<br />the United States, being one hundred percent (100%) of the Contract amount, for the
<br />payment of which sum well and truly to be made, W8 bind ouraalves, our heirs,
<br />executors, administrators and successors, JoIntly and severally, firmly by those
<br />presents.
<br />
<br />THE CONDITION OF THIS OBUGA TION IS SUCH, that if the above bounden
<br />Principal, hlG or its heirs. executors, admlnl&trators, successors or Bssígns, shall In all
<br />things stand to and abide by, end wall and truly keep and faithfully perform the
<br />covenants, conditions, and agreements in the said Contract and any Alterations made
<br />as therein provldød, on his or their part, to be kept and performed at the time and in the
<br />manner therein specified, end In ell respects accordIng to their true Intent and moening,
<br />and Ðhall ¡ndamnify and save harmless City, 1m Council, CommissIoners, boards,
<br />committees, officers, employees and agents, as therein stipulated, then this obligation
<br />shall be null and void; otherwise It shell be end remain In full force and virtue.
<br />
<br />As a condition precedent to the satisfactory completion of the Bald Contract, tho abova
<br />obligation shall hold good for a period of onB (1) year after me completion and
<br />acceptance of the said work, during which time If the above bounden Principal. his or
<br />it$ heirs, executors, administrators, successors or asllgna shall fail to make full,
<br />complete snd satisfactory rapelr and repl8cements or totally protect the said City from
<br />loss or damage made evident during said partod of one (1) year from the date of
<br />acceptance of said work, and resulting from or caused by defective materials or faulty
<br />wor1<manshlp, In the prosecution of the work done, the above obligation shall be and
<br />remain In full force and virtue.
<br />
<br />And the said Surety. for value received, hereby stipulates and agree8 to waive the
<br />provisions of CaliforniA Civil Code Section 2819 regarding consent to change,
<br />extension of time, alteration, or addition to the terms of the Contract or to the wor1< to be
<br />performed thereunder or the SpecificaUons accompanying the same shall In any Wise
<br />affect its obligations on this bond; and It does hereby waive notice of any such change,
<br />
<br />FAITHFUL PERFORMANCE BONO
<br />
<br />00201..1
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