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PERFORMANCE BOND ~ Travelers Casualty an~d~Surety Company of America
<br /> One Tower Square, Hartford, CT 06183
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<br />Bond No. 41S103475287BCM
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<br />KNOW ALL MEN BY THESE PRESENTS, that we, LEVEL 3 COMMUNICATIONS, LLC, hereinafter called
<br />Principal, and Travelers Casualty and Surety Company of America, a Connecticut corporation, as Surety,
<br />hereinafter called Surety, are held and firmly bound unto, City of Redwood City, a charter city and municipal
<br />corporation of the Sate of California, as Obligee, in the amount of One Hundred Nintey Seven and no/100
<br />Dollars, ($197,000.00), for the payment of which sum, well and truty to be made, the said Principal and Surety
<br />bind themselves, and their heirs, executors, administrators, successors and assigns, jointly and severally, firmly
<br />by these presents.
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<br />WHEREAS, Principal has entered into a written agreement with the Obligee dated October 15. 2002 for, among
<br />other things, the construction, installation, and maintenance of fiber optic network facilities cables and related
<br />facilities within the public right-of-way.
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<br />NOW, THEREFORE, THE CONDITION OF THE OBLIGATION IS SUCH, that if Principal shall fully indemnify
<br />and reimburse the Obligee for any loss that it may suffer through the failure of the Principal to faithfully perform
<br />the construction, installation, and maintenance obligations required during the initial installation of the fiber optic
<br />network facilities, cables, and related facilities provided under this Agreement, then this obligation to be void;
<br />otherwise to remain in full force and effect. This bond is executed by the Surety and accepted by the
<br />Obligee subject to the following express conditions:
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<br />1. Not withstanding the provisions of the Agreement, the Surety's obligation hereunder is limited specifically to
<br /> its faithful performance of the construction, installation, and maintenance obligations for the initial installation
<br /> work only.
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<br />2. Following completion of the work by Principal or its contractor and its inspection and acceptance by the
<br /> Obligee, the bond shall be reduced to ten percent (10%) of the original bond penal sum and remain in effect
<br /> for a period of one (1) year from the Obligee's acceptance of the work performed.
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<br />3. It shall be a condition precedent to any right of recovery hereunder, that in the event of any default on the
<br /> part of the Principal, a written statement of the particular facts of such default shall be, within thirty (30) days,
<br /> delivered to Surety at its Home Office in Hartford, CT by registered mail.
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<br />4. No right of action shall accrue under this bond to or for use of any person other than the Obligee, and its
<br /> successors and assigns.
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<br />5. The liability of the Surety under this bond shall not be cumulative and shall in no event exceed the amount as
<br /> set for the in this bond or in any additions, riders, or endorsements properly issued by the Surety as
<br /> supplements thereto.
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<br />6. Upon (a) completion of the initial installation work by the Principal or its Surety, (b) acceptance of this work
<br /> by the Obligee, and (c) expiration of the one (1) year warranty period, the Obligee shall return the original
<br /> bond to Surety and execute a Release Agreement in form acceptable to Surety.
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