|
BOND NO. g 280 39 89
<br /> FAITHFUL PERFORMANCE BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City ("City"), San
<br />Marco County, State of Caiifomia, has entered into an encroachment agreement with Brooks Fiber
<br />Communications of San Jose, Inc. (form dated 5/6/4+R) hereinager designated as the "Principal" the
<br />terms and provisions of which Contract are incorporated herein by reference, for the construction,
<br />installation, and maintenance of fiber optic network facilities within the public right-of-way
<br />
<br />and
<br />
<br />WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the faithfial
<br />performance of said Contract, up to the date of acceptance of the work to be performed pursuant to the
<br />contract.
<br />
<br />NOW, THEREFORE, we, the Principal, and United Pacific Insurance Company, a corporate surety
<br />admitted in the State of California, as surety, are held and firmly bound unto City, San Mateo County,
<br />California, in the penal sum of One Million One Hundred Thousand and 00/100 Dollars
<br />($1,100,000.00), lawful money of the United States, being one hundred percent (100%) of the value of
<br />the work to be performed by Principal, for the payment of which sum well and truly to be made, we bind
<br />ourselves, our heirs, executors, administrators and successors, jointly and severally, firmly by these
<br />presents.
<br />
<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or its
<br />heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and well
<br />and truly keep and faithfully perform the convenants, conditions, and agreements in the said Contract
<br />and any alterations made as therein provided, on his or their part, to be kept and performed at the time
<br />and in the manner therein specified, and in all respects according to their true intent and meaning, and
<br />shall indemnify and save harmless City, its Council, Commissioners, boards, committees, officers,
<br />employees and agents, as therein stipulated, then this obligation shall be null and void; otherwise it sh,,ll
<br />be and remain in full force and virtue.
<br />
<br />This bond shall remain in full force and effect until (1) the date of acceptance by City of the construction
<br />work to be performed by Principal and (2) receipt of a bond in the sum of One Hundred Ten Thousand
<br />and 00/100 Dollars ($110,000.00) upon acceptance of work to be written on an annual basis.
<br />
<br /> And the said Surety, for value received, hereby stipulate and agrees to waive the provisions of California
<br /> Civil Code Section 2819 regarding consent to change, extension of time, alteration, or addition to the
<br /> terms of the Contract or to the work to be performed thereunder or the Specifications accompanying the
<br /> same shall in any wise affect its obligations on this bond; and it does hereby waive notice of any such
<br /> change, extension of time, alteration or addition to the terms of the Contract, or to the work, or to the
<br /> Specifications.
<br />
<br /> 1 -G:ICA LDWEI-Lt CARROLLIBROFI01 \~THLPER. DOC'9/9/97
<br />
<br />
<br />
|