Agmt10 First Serve Productions, Inc.

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Bond number: 781861P Premium: $982.00 Premium is for Contract Term And is subject to adjustment Based on Final Contract Price. FAITHfUL PERFORMANCE BOND KNOW ALL MeN BY THESE PRESENTS: that, WHEREAS, the City of Redwood Cityf'Cjty"}, San Mateo County, State of California. has awarded to First Serve Productions, Inc. " hereinafter designated as the '.Principal", a Contract. the terms and provisions of which Contract are incorporated herein by reference. for constructing the following project: RESURFACING AT SHOREBIRD, DOLPHIN, MARLIN AND MEZES TENNIS COURTS and WHEREAS. said Principal is required under the terms of said Contract to furnish a bond for th~ fafthful performance Qf said Contract NOW, THEREFORE. we, the Principal, and Indemnity Company of California I as surety, are held and firmly bound unto City, San Mateo County. California. in the penal sum of Thirty Nine Thousand Two Hundred Sixty **** Dollars ($ 39, 260 . 00* * * * * *}. lawful money of the United States. being one hundred percent (100%) of the Contract amount, fot the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors. administrators and successors, jointly and severally. firmly by these presents. THE CONDITION OF THIS OBLIGATION IS SUCH. that if the above bounden Principal. his or its heirs, executors, .administrators. successors Dr assigns) shall in an things stand to and abide by, and will truly keep and faithfully perform the covenants, conditions. and agreements in the said Contract and any alterations made as therein provided, on his or their part. to be kept and performed at the time and in the manner therein specified. and in all respects according to their true intent and meaning, and shall indemnify and save harmless City, its Councif, Commissioners. boards. committees. officers. employees and agents, as therein stipulated. then this obligation shall be null and void: otherwise it shall be and remain in full force and virtue. As a condition precedent to the satisfactory completion of the said Contract, the above obligation shall hold good for a period of one (1) year after the completion and acceptance of the said work~ during which time if the above bounden Principal, his or its heirs, executors. adminis1rators. Successors or assigns shall fail to make full. complete and satisfa.ctory repair and replacements or totally protect the said City from ~oss or damage made evident during said period of one (1) year from the date of acceptance of said work, and resulting from or caused by defedive materials or faulty workmanship, in the prosecution of the work done, the above obligation shall be and remain in full force and virtue. And the said Surety, for value received, hereby stipulates and agrees to waive the provisions of California Civil Code Section 2819 regarding consent to change, extension of time, alteration, or addition to the terms of the Contract or to the work to be performed thereunder, or the Specifications accompanYIng the same shall in any vvay affect its obligations on this bond; and it does hereby waive notice of any such change, extension of time. alteration or addition to the terms of the Contract. or 10 the work, or to the Specifications.