Agmt08 Field Turf Builders, LLC - Laserfiche WebLink

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,~ -,",,' TAKEOVER AGREEMENT This is a Takeover Agreement made and entered into this 20th day of March, 2009, by and between Federal Insurance Company ("Surety") and the City of Redwood City ("Owner"). I. RECITALS A. Effective on or about December 11, 2008, the Owner entered into a Public Improvement Agreement ("General Contract") for the Hoover Park Turf Synthetic Turf Field Replacement (the "Project") with Fieldturf Builders, LLC ("Fieldturf Builders" or "Contractor"). Contractor subcontracted the work to Fieldturf USA, Inc. and Colony Landscape and Maintenance, Inc. B. As required by the General Contract, the Surety issued Construction Performance Bond number 8215-90-13, dated November 5,2008 ("Performance Bond") in the amount of $905,447, and Construction Labor and Materials Payment Bond under the same number and in the same amount ("Payment Bond"). The Performance Bond and the Payment Bond named Fieldturf USA, Inc., as Principal, and the Owner as Obligee. C. On March 5, 2009, the Owner notified the Contractor that Contractor was in default of the General Contract and informed the Contractor that the General Contract would terminate within 10 days if Contractor did not cure the defaults. The Surety received a copy of that correspondence. On March 5, 2009, the Contractor notified the Owner that it was insolvent and unable to perform the General Contract. The Surety has acknowledged Fieldturf Builders' inability to perform. On March 20,2009, the City notified Contractor that the General Contract was terminated. D. As of the date Contractor notified the City of its inability to perform, certain work remained to be performed, certain work needed to be corrected or repaired under the General Contract, and certain subcontractors claimed they had not been paid for work performed or materials supplied for the Project. E. The Surety has agreed to complete the Project and any other bonded performance obligations of the Contractor required to complete the General Contract in full accordance with the terms and conditions of the General Contract and this Agreement. The Owner has agreed to pay the balance of the Contract Sum to the Surety in accordance with the terms of the General Contract and this Agreement. This recital is deemed to be consistent with the detailed terms and conditions set forth below and shall not modify any such term or condition. TAKEOVER AGREEMENT - Page 1 of 9 {7672.005-00232947; 1} 1175334v6 33786/0010