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<br />BOND NO.: 105136689
<br />PREMIUM: INCL. IN PERF. BOND
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<br />PAYMENT BOND
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<br />KNOW ALL MEN BY THESE PRESENTS: That we, JOSEPH J. ALBANESE, INC.
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<br />as P 'n' I dTRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA . d
<br />rI Clpa, an , -orgamze
<br />and existing under the laws of the State of CONNECTICUT
<br />, and authorized to
<br />execute bonds and undertaking as sole surety, as Surety, are held and firmly bound unto
<br />any and all persons named in California Civil Code Section 3181 whose claim has not
<br />been paid by the Contractor, company or corporation in the aggregate total of
<br />FOUR HUNDRED EIGHTY FIVE THOUSAND TWO* Dollars ($ 485,272.00 )
<br />(being 100% of the Contract amount) for the payment whereof, well and truly to be
<br />made, said Principal and Surety bond themselves, their heirs, administrators,
<br />successors, and assigns, jointly and severally, firmly by these presents.
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<br />THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, whereas the
<br />above with the City of Redwood City ("City") to do the following work, to-wit:
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<br />HOOVER PARK RENOVATION
<br />(Spring Street)
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<br />NOW, THEREFORE, if the above-bounden Principal or his subcontractors fail to pay any
<br />of the persons named in Section 3181 of the Civil Code of the State of California, or
<br />amounts due under the Unemployment Insurance Code with respect to work or labor
<br />performed under the Contract, or for any amounts required to be deducted, withheld,
<br />and paid over to the Employment Development Department from the wages of
<br />employees of the Contractor and his subcontractor pursuant to Section 13020 of the
<br />Unemployment Insurance Code of the State of California, with respect to such work and
<br />labor, the surety will pay for the same, in the amount not exceeding the sum specified in
<br />this bond, and also, in case suit is brought upon this bond, a reasonable attorney's fee,
<br />to be fixed by the Court.
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<br />This bond shall inure to the benefit of any person named in Section 3181 of the Civil
<br />Code of the State of California so as to give a right of action to them or their assignees in
<br />suit brought upon this bond.
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<br />This bond is executed and filed to comply with the provisions of the act of the Legislature
<br />of the State of California as designated in Civil Code Sections 3247-3252, inclusive, and
<br />all amendments thereto.
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<br />And the said Surety, for value received, hereby stipulates and agrees to waive the
<br />provisions of California Civil Code Section 2819 regarding consent to change, extension
<br />of time alteration, or addition to the terms of the Contract, or to the work to be performed
<br />thereunder, or the Specifications accompanying the same, shall in any way affect its
<br />obligations on this bond; and it does hereby waive notice of any such change, extension
<br />of time, alteration, or addition to the terms of the Contract, or to the work, or to the
<br />Specifications.
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<br />*HUNDRED SEVENTY TWO AND 00/100
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<br />PAYMENT BOND
<br />HOOVER PARK RENOVATION
<br />(Spring Street)
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