Laserfiche WebLink
<br />05/11/2005 12:00 15503758533 <br />MAY-11-86 FRI 11=S4 A+V+C+ <br /> <br />CRAIN INSURANCE <br />41~+3~~+3613 <br /> <br />PAGE 11/12 <br />P.B3 <br /> <br />. <br /> <br />BOND PREMIUM BASED ON FINAL CONTRACT PRICE <br />BONDfI 295416 <br />PREMIUM INCLUDED IN PERFORMANCE BOND <br />SECTION 00820 <br /> <br />PAYMENT BOND <br /> <br />KNOW ALL MEN BY THESf: PRESENTS: That we, <br /> <br />STAR CONSTRUCTION, INC. <br /> <br />as Principal, and, U. S. SPECIALTY INSURANCE COMPANY organized and <br />existing under the laws of the State of e~ <br />TEXAS , and authorited to execute <br />bonds and undertaking as sole surety, 89 Surety, are held and firmly bound unto any and all <br />persona named in California Civil Code Section 3181 whose claim has not been paid by the <br />Contrador, company or corporation in the aggregate total of <br />FIVE HUNDRED THOUSAND & 00 /l 00--********* Dollars ($ 500,000. oo-****~ (being <br />100% of the Contract amount) for the payment whereof, well and truly to be made, said <br />Principal and Surety bond themselves, their heInl, administrators, successors, and assigns, <br />jointly and severally, firmly by these presents. <br /> <br />THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH thet, whereas the above with <br />the City of Redwood City ("Cityll) to do the following wo,*, to-wit: <br /> <br />FLEISHMAN PARK RENOY A TION <br />(McEvoy Street) <br /> <br />NOW. THEREFORE, if the above-bounden Principal Dr his subcontractot'8 fail to pay any of the <br />persons named in SeCtion 3181 of the Civil Code of the State of California, or amounts due <br />under the Unemployment Insurence Code with respect to work or labor performed under the <br />Contract, or for any amounts requIred to be deducted. withheld, and paid over to the <br />Employment Development [)epartment from the wages of employees of thQ Contractor and his <br />subcontractor pursuant to Section 13020 of the Unemployment Ineurance Code of the State of <br />California, with respect to such work and labor, the surety will pay for the same, in the amount <br />not exceeding the sum specified in this bond, and also, in CBse suit is brought upon this bond, a <br />reasonable attorney's fee. to be fiXed by the Court. <br /> <br />This bond shall inure to the benefit of any person named in Section 3181 of the Civil Code of the <br />State 01 California so as to give a right of action to them or their assignees in suit brought upon <br />this bond. <br /> <br />This bond is executed and filed to comply wIth the provisions of the act of the Legislature of the <br />State of California as designated in Civil Code Sections 3247..3252, inclusive, and all <br />amendments thereto. <br /> <br />And the said Surety, for value received, hereby stipulates and ~grees to waive the provisions of <br />California Civil Code Section 2819 regarding oon~ent to change. extension of time alteration, or <br />addition to the terms of thø Contract, or to the work to be performed thereunder, or the <br />Specifications accompanying the same, shall in any way affect Its obligations on this bond; and <br />It does hereby waive notice of any such change, extension of lime, alteration, or addition to t!'le <br />terms of the Contract, or to the work, or to the Specifications. <br /> <br />ESCROW AGREEMENT FOR SECURI'TY DEPOSITS IN LIEU OF RETENTION <br />FLEISHMAN PARK RENOVATION <br />(McEvoy SlniIet) <br /> <br />00680-1 <br />