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Construction Services Agreement REV: 04-26-2021 PR 00 5205 - 17 BOND TERMS AND CONDITIONS Contractor and Surety, jointly and severally, bind themselves, their heirs, executors, administrators, successors and assigns to City and the State of California for the complete and proper performance of the Construction Contract, which is incorporated herein by reference. If Contractor completely and properly performs all of its obligations under the Construction Contract, Surety and Contractor shall have no obligation under this Bond. If there is no City Default, Surety’s obligation under this Bond shall arise after: City provides Surety with written notice that City has declared a Contractor Default under the Construction Contract pursuant to the terms of the Construction Contract; and City has agreed to pay the Balance of the Contract Sum: To Surety in accordance with the terms of this Bond and the Construction Contract; or To a Contractor selected to perform the Construction Contract in accordance with the terms of this Bond and the Construction Contract. When City has satisfied the conditions of Paragraph 0 above, Surety shall promptly (within 40 Days) and at Surety’s expense elect to take one of the following actions: Arrange for Contractor, with consent of City, to perform and complete the Construction Contract (but City may withhold consent, in which case the Surety must elect an option described in Paragraphs 0, 0 or 0 below); or Undertake to perform and complete the Construction Contract itself, through its agents or through independent contractors or Construction entities; provided, that Surety may not select Contractor as its agent or independent contractor or Contractor without City’s consent; or Undertake to perform and complete the Construction Contract by obtaining bids from qualified contractors or Construction entities acceptable to City for a contract for performance and completion of the Construction Contract and, upon determination by City of the lowest responsive and responsible Bidder, arrange for a contract to be prepared for execution by City and the contractor or Contractor selected with City’s concurrence, to be secured with performance and payment bonds executed by a qualified surety equivalent to the bonds issued on the Construction Contract; and, if Surety’s obligations defined in Paragraph 0 below, exceed the Balance of the Contract Sum, then Surety shall pay to City the amount of such excess; or Waive its right to perform and complete, arrange for completion, or obtain a new contractor or Contractor, and with reasonable promptness under the circumstances and, after investigation and consultation with City, determine in good faith its monetary obligation to City under Paragraph 0 below, for the performance and completion of the Construction Contract and, as soon as practicable after the amount is determined, tender payment therefor to City with full explanation of the payment’s calculation. If City accepts Surety’s tender under this Paragraph 0, City may still hold Surety liable for future damages then unknown or unliquidated resulting from the Contractor Default, as agreed by City and Surety at the time of tender. If City disputes the amount of Surety’s tender under this Paragraph 0, City may exercise all remedies available to it at law to enforce Surety’s liability under Paragraphs 0 and 0 below. At all times City shall be entitled to enforce any remedy available to City at law or under the Construction Contract including, without limitation, and by way of example only, rights to perform work, protect