Agmt97 M.J. Brock & Sons (4) - Laserfiche WebLink

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BC NCo ~ B2809206 LABOR AND MATERIAL BOND WHER~A~, the City of Redwood City ("City"), County of San Marco, State of Cali£ornia, an~ M.J. Brock & Sons, Inc., d/b/a ~yland Homes (hereafter ~esi~nated au "Principal") have entered into an agreement whereby Principal agrees to install and complete certain designated public improvements, which said agreement, dated , 19__, and identified as Project Gossamer is hereby referred to and made a part hereof; and WHEREAS, under ~he terms o~ the agreement, Principal is required before ~ntering upon the performance of the work to file a ~ood and sufficient payment bond with the City to secure the claims to which reference is made in Title 15 (commencing with section 3082] of Part 4 of Division 3 of the Civil Code of the Stat~ of California; NOW, THEREFORE, we, the Principal and the undersigned as corporate Surety, are held and firmly boun~ unto the City and all contractors, subcontractors, laborers, maeerialmen, and other persons employed in the performance of %he agreement and referred ~o in Title 15 of the Civil Code* in the sum of $i,780,009 for materi~ls furnished or labor =hereon of any kine, or ~ amounts due under the Unemployment Insurance Act with respect =o work or labor, :hat Sure~y will pay the sa~e in an amount not exceeding the amount set forth. If suit ~s brought on this bond, Surety will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorneys' fees, incurred by the City in successfully enforcing the obligation, to be awarded and fixed by ~he Court, to be taxed costs, and to be included in the judgment tendered. It is hereby expressly stipulated and ag=ced that this bond shall inure to ~he benefit of any and all persons, companies, and corporations entitled to file claims under Title 15 (commencing with section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any brought upon this bond. If the condition of this bona is fully performed, then this obligation shall become null and void; otherwise, it shall be and remain in full force and effect. The Surety hereby stipulates and agrees that no change, arran&ion o£ time~ ~lteration, or a~i~ion to the terms o~ the agreement or the specifications accompanying the agreement shall in.any manner affect its obligations on ~his bond. The Surety hereby waives notice of any such change, ex=cna&on, alteration, or * Although Gert C ~6499.2 says "Code of Civil Procedure" at point, the re~eren=~ is ~bvlously to the Civil Code.