|
Bond No.: JSO632
<br /> Premium Included in
<br /> LABOR AND MATERIAL BOND Performance Bond
<br />
<br /> WltEREAS, the City of Redwood City ("City"), County of San Mateo, State of
<br />California, and Ampex Corporation have entered into an Agreement (the "Agreement"), dated
<br />December 27, 1995, which Agreement was assigned by Ampex Corporation to
<br />Martin/Campus Associates L.P., whereby Martin/Campus Associates L.P. pursuant to the
<br />Agreement and by virtue of the assignment of the Agreement agrees to install and complete
<br />certain designated public improvements, which said Agreement, dated December 27, 1995 and
<br />assigned on June 28, 1996, and identified as Project Map #95-1, hereby referred to and made
<br />a part hereof; and
<br />
<br /> WHEREAS, under the terms of the Agreement, Martin/Campus and Associates L.P. is
<br />required before entering upon the performance of the work to file a good and sufficient payment
<br />bond with the City to secure the claims to which reference is made in Title 15 (commencing with
<br />section 3082) of Part 4 of Division 3 of the Civil Code of the State of California;
<br />
<br /> NOW THEREFORE, we, (the Principals), Martin/Campus and Associates L.P. and
<br />Devcon Construction, Inc. and the undersigned as corporate Surety, are held and firmly bound
<br />unto the City and all contractors, subcontractors, laborers, materialmen, and other persons
<br />employed in the performance of the agreement and referred to in Title 15 of the Civil Code* in
<br />the sum of Ninety thousand dollars and no/100**(90,000.00***), for material furnished or
<br />labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with
<br />respect to such work or labor, that Surety will pay the same in an amount not exceeding the
<br />amount set forth. If suit is brought on this bond, Surety will pay, in addition to the face amount
<br />thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, incurred
<br />by the City in successfully enforcing the obligation, to be awarded and fixed by the Court, to
<br />be taxed as
<br />costs, and to be included in the judgement rendered.
<br />
<br /> It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any
<br />and all persons, companies, and corporations entitled to file claims under Title 15 (comxnencing
<br />with section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to
<br />them or their assigns in any suit brought upon this bond.
<br />
<br /> If the condition of this bond is fully performed, then this obligation shall become null and
<br />void; otherwise, it shall be and remain in full force and effect.
<br />
<br /> The Surety hereby stipulates and agrees that no change, extension of time, alteration, or
<br />alteration, or addition to the terms of the agreement or the specifications accompanying the
<br />agreement shall in any manner affect its obligations on this bond. The Surety hereby waives
<br />notice of any such change, extension, alteration, or addition.
<br />
<br /> *Although Govt C S66499.2 SAYS "Code of Civil Procedure" at this point, the reference
<br />is obviously to the civil Code.
<br />
<br />
<br />
|