Agmt11 American Asphalt Repair and Resurfacing Co.

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• Bond Number: 12078303 � Premium: Included in Performance Bond PAYMENT BOND KNOW ALL MEN BY THESE PRESENTS: That we, American Asphalt Repair and Resurfacing Company' Inc. as Principal, and �e Guarantee Company of North America USA organized and existing under the laws of the State of �f� Michigan , and authorized to execute bonds and undertaking as sole surety, as Surety, are held and firmly bound unto any and all persons named in Califomia Civil Code Section 3181 whose claim has not been paid by the Contractor, company or corporation in the aggregate total of *� Dollars �.$584,938.60 ---------) (befng 100% of the Contract amount) for the payment whereof, well and truly to be made, said Principa� and Surety bond themselves, their heirs, administrators, successors, and assigns, jointly and severally, firmly by these presents. THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, whereas the above with the City of Redwood City ("City") to do the following work, to-wit: 2010-2011 SLURRY SEAL PROJECT NOW; THEREFORE, if the above-bounden Principal or his subcontractors fail to pay any of the persons named in Section 3181 of the Civil Code of the State of California, or amounts due under the Unemployment Insurance Code with respect to work or labor perFormed under the Contract, or for any amounts required to be deductad, withheld, and paid over to the Employment Development Department from the wages of employees of the Contractor and his subcontractor pursuant to Section 13020 oi the Unemployment Insurance Code of the State of California, with respect to such work and labor, the surety will pay for the same, in the amount not exceeding the sum specified in this bond, and also, in case suit is brought upon this bond, a reasonable attomey's fee, to be fixed by the Court. This bond shall inure to the benefit of any person named in Section 3181 of the Civil Code of the State of Cal'rfomia so as to give a right of action to them or their assignees in suit brought upon this bond. This bond is executed and filed to comply with the provisions of the act of the Legislature of the State of Calrfomia as designated in Civil Code Sections 3247-3252, inclusive, and all amendments thereto. And the said Surety, for value received, hereby stipulates and agrees to waive the p�ovisions of Calrfomia 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 way 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 to the work, or to the Speciflcations. *** Five Hundred Eighty-Four Thousand Nine Hundred Thirty-Eight and 60/100 2010-2011 SLURRY SEAL PROJECT