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BOND NO. 781482P
<br /> Premium: $3,384.00
<br /> FAITHFUL PERFORMANCE BOND
<br /> ICNQW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood Clty("City"),
<br /> San Mateo County, State of Califamfa, has *worded to
<br /> Tony Painting hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions of which Contract are Incorporated herein by
<br /> reference, for constructing the fallowing project:
<br /> MARSHALL STREET GARAGE A JEFFERSON UNDERPASS REPAINTING PROJECT
<br /> and
<br /> WHEREAS, sad Principal le required under the terms of seid Contract to furnish a bond kw the telthful
<br /> performance of said contrar Developers Surety and
<br /> NOW, THEREFORE, we, the Principal, sod Indemnity Company , as
<br /> surety, are held and firmly bound unto City, San Mateo County, California, in the penal sum of
<br /> One Hundred Fifty Eight Tho sand* Dolma ($ 158, 915.00 ), lawful money
<br /> of the United Staters, being one hundred percent (100%) of the Contract amount, for the
<br /> payment of which sum well and truly to be made, we bind nurselvee, our heirs, executors,
<br /> a admirslstrasoors and successors, jointly and severalty, firmly by these presents,
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or
<br /> its heirs, executors, a Ndminietl'atom, successors or assigns, shall In all things stand to and abide
<br /> by, and will MAY keep and faithfully perform the covenants, conditions, and agreements In the
<br /> said Contract and any alterations made as therein provided, on his or their part, to be kept and
<br /> performed at the time and in the manner therein specified, and In all respects according to their
<br /> true intent and meaning, and shall indemnify and save harmless City, Its Council,
<br /> Commissioners, boards, committees, officers, employees and agents, as therein stipulated,
<br /> then this obligation shall be null and void; otherwise It shall be and remain in full force and
<br /> virtue.
<br /> As a condition precedent to the satisfactory completion of the maid Contract, the above
<br /> obligation shall hold good for a period of one (1) year after the completion and acceptance of
<br /> the said work, during which time if the above bounden Principal, his or its heir, executors,
<br /> administrates, successors or assigns shall fall to make fun, complete and satisfactory repair
<br /> and replacements or totally protect the said City from loss or dasrnage made evident during scald
<br /> period of ono (1) year from the date of acceptance of said work, and resulting from or cawed by
<br /> defective materials or faulty workmanship, In the prosecution of the work dons, the above
<br /> obligation shall be and remain in full force and virtue.
<br /> And the said Surety, for value received, hereby stipulates and agrees to waive the provisions of
<br /> California CtvU Code Section 2819 regarding consent to change, extension of time, alteration, or
<br /> addition to the terms of the Contract or to the work to be performed thereunder, or the
<br /> Specifications accompanying the same shall In any way affect its obligations on this bond; and it
<br /> does hereby waive notice of any such change, extension of time, alteration or eddltion to the
<br /> terms of the Contract, or to the work, or to the Specifications.
<br /> In the event Clty, or its aucoassors or assigns, shall be the prevailing party in an action brought
<br /> upon this bond, then, in addition to the penal sum herelnabove specified, we agree to pay to the
<br /> said City, or Its successors or assigns, a reasonable sum an account of attomey's fees in such
<br /> action, which sum shall be fixed by the court
<br /> *Nine Hundred Fifteen and 00 /100 Dollars
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