Agmt12 Interstate Grading and Paving, Inc.

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Executed in two counterparts Bond No. 070-014-164 Premium included in charge for performance bond PAYMENT BOND KN(�W ALL MEN BY THESE PRESENTS: Th�t we, Interstate Grading and Paving, Inc. �S PrinCipai, and, Safeco Insurance Company of America �rganized and existing under the iaws of the State of New Hampshire , and authorized to execute bonds and undertaking as sole surety, as Surety, are held and firmly bound unto any and all persons named in California Civil Code Section 3181 whose claim has not been paid by the Contractor, company or corporatian in the aggregate tatal af 105,376.50"`*`**°�"*`* bein One Hundred Five Thousand Three Hundred Seventv Six* D011�rs ($ } ( 9 140% of the Contract amount) for the payment whereof, well and truly to be made, said Principai and Surety bond themselves, their heirs, administrators, successors, and assigns, jointly and se�erally,firmly by these presents. *and 50/100ths THE CONDITION OF THE FOREG4ING OBLIGATION IS SUGH that, whereas the above with the City of Redwood City t"Gity")to do the fatlowing Urork, to-wit: SHOREWAY-SKYWAY BIKE {MPROVEMENTS PRt?JECT NOW, THEREFt�RE, if the abave-bounden Principal or his subcontractors fail to pay any of the persons named in Section 3181 af the Givil Code af the State of Califomia, or amounts due under the Unemplayment Insurance Code with respect to wark or labor performed under the Contract, or for any amounts required to be deducted, withheld, and paid aver to the Employment Development �epartment from the wages af employees af the Contractor and his subcontractar pursuant to Section 13020 af the Unemployment Insu�ance Code of the State of California, with respect to such work and labor, #he 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 band, a reasonabie attorney's fee, to be�xed by the Court. This band shall inure to the benefit of any persan named in Section 31$1 of the Civil Code af the State af Califc�mia so as to give a right of action to them ar t�eir assignees in suit brought upan this bond. This band is executed and filed to comply with the provisions of the act of the Legislature of the S#ate af California as designated in Civil Gade Sections 3247-3252, inclusive, and a!I �mendments thereto. And the said Surety, for value received, hereby stipulates and agrees to waive the provisions of California Civil Code Sectian 2$19 regardeng cansent to change, extensian af time alteration, ar addition to the terms of the Contract, or to the work to be performed thereunder, or the Specifications accornpanying the same, shall in any way affect its abligations on this bond; and it do�s hereby waive notice of any such change, e�ctension of tirne, alteration, or addition to the t�rms of the Gontract, or to the work, or ta the Specifications. 1 SHflREWAY-SKYWAY BIKE IMPRC>VEMENTB PROJECT