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<br />ATTACHMENT 16
<br />2 FAITHFUL PERFORMANCE BOND
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<br />5 KNOW ALL PERSONS BY THESE PRESENTS, that SOUTH BAY RECYCLING, LLC,
<br />6 hereinafter called the PRINCIPAL, and ,
<br />7 a corporation duly organized under the laws of the State of having its principal
<br />8 place of business at , in the State of
<br />9 , and authorized to do business as an admitted surety insurer in the State
<br />10 of California and regulated by the California Insurance Commissioner, hereinafter called the
<br />11 SURETY, are held and firmly bound to the South Bayside Waste Management Authority, a joint
<br />12 powers authority in San Mateo County, in the State of California, hereinafter called the
<br />13 OBLIGEE, in the sum of Two Million Dollars ($2,000,000.00) lawful money of the United States,
<br />14 for the payment of which, well and truly to be made, we bind ourselves, our heirs, executors,
<br />15 administrators and successors, jointly and severally, firmly by these presents.
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<br />17 THE CONDITION OF THIS OBLIGATION IS SUCH THAT:
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<br />19 WHEREAS, the PRINCIPAL has entered into an Agreement dated as of July 23, 2009 with the
<br />20 OBLIGEE for the Operation of the Shoreway Recycling and Disposal Center ("Agreement") and
<br />21 said PRINCIPAL is required under the terms of said Agreement to furnish a bond of faithful
<br />22 performance of said Agreement.
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<br />24 NOW, THEREFORE, if the PRINCIPAL shall well and truly perform and fulfill all of the
<br />25 undertakings, covenants, terms and agreements of said Agreement, and any modification
<br />26 thereto made as therein provided, at the time and in the manner therein specified, then this
<br />27 obligation shall become null and void, otherwise it shall be and remain in full force and virtue.
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<br />29 The SURETY, for value received, hereby agrees that no change, extension of time, alteration or
<br />30 addition to the terms of the Agreement or to the work to be performed thereunder, or the
<br />31 Specifications incorporated therein shall impair or affect its obligations and its bond, and it
<br />32 hereby waives notice of any such change, extension of time, alteration or addition to the terms
<br />33 of the Agreement orthe work or the Specifications.
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<br />35 PROVIDED, however, that the SURETY shall not be liable (1) as respects to any obligations
<br />36 related to said Agreement occurring after two (2) years, unless this Bond is extended, (2) as
<br />37 respects to PRINCIPAL'S obligation to procure a replacement performance bond, as provided
<br />38 for in Section 10.03 of the Agreement. This Bond may be extended after ,
<br />39 2011 in the sole discretion of the SURETY by means of a continuation certificate signed at least
<br />40 ninety (90) days prior to , 2011 and thereafter at least ninety (90) days
<br />41 prior to the expiration of the .Bond as extended.
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<br />43 In the event suit is brought upon this Bond by the OBLIGEE and said OBLIGEE is the prevailing
<br />44 party, the SURETY shall pay, in addition to the sums set forth above, all costs incurred by the
<br />45 OBLIGEE in such suit, including reasonable attorneys' fees to be fixed by the court.
<br />46
<br />47 IN WITNESS WHEREOF, the above bounded parties have executed this instrument as of this
<br />48 _ day of ,2009, the name and corporate seal of each corporate party being
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<br />Facility Agreement, Attachment 16
<br />Performance Bond
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