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<br /> • Bond#SBA850300
<br /> Premium: $4,879.00 ',
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<br /> FAITHFUL PERFORMANCE BOND '
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"),
<br /> San Mateo County, State of California, has awarded to
<br /> Applied Water Resources Corporation , hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorporated herein by ,
<br /> reference,for constructing the following project: '
<br /> BAIR ISLAND BAY TRAIL IMPROVEMENT PROJECT ',
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<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the ;
<br /> faithful pertormance of said Contract; ','
<br /> NOW, THEREFORE, W2, the Principal, alld American Safety Casualty Insurance Company � aS
<br /> surety, are held and firmly bound unto City, San Mateo County, California, in the penal sum of '
<br /> Two Hundred Forty-Three Thousand Nine Hundred Sixty-Two'�01181"S ($ �43,962.00 ), �aH/fU� 1110C1@y I
<br /> of the United States, being one hundred percent (100%) of the Contract amount, for the
<br /> payment of which sum well and truly to be made, we bind oursek�ves, our heirs, executors,
<br /> �im��#r���rs and successors,jointly and severally, firmly by these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or i
<br /> its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide '
<br /> by, and will truly keep and faithfully pertorm the covenants, conditions, and agreements in the �
<br /> said Contract and any alterations made as therein provided, on his or their part, to be kept and
<br /> performed at the time and in the manner therein specified, and in all respects according to their
<br /> true intent and meaning, and shall indemnify and save harmless City, its Council,
<br /> Commissioners, boards, committees, officers, employees and agents, as therein stipulated,
<br /> then this obligation shall be null and void; othe►wise it shall �e and remain in full force and
<br /> virtue.
<br /> As a condition precedent to the satisfactory completion of the said Contract, the above '
<br /> obligation shall hold good for a period of one (1) year after the completion and acceptance of
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<br /> the said work, during which time if the above bounden Principal, his or its heirs, executors,
<br /> administrators, successors or assigns shall fail to make full, complete and satisfactory repair
<br /> and replacements or totally protect the said City from loss or damage made evident during said
<br /> period of one (1)year from the date of acceptance of said work, and resulting from or caused by �
<br /> defective materials or faulty workmanship, in the prosecution of the work done, the above !
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<br /> obligation shall be and rernain in full force and virtue. �
<br /> And the said Surety, for value received, hereby stipulates and agrees to waive the provisions of
<br /> California Civil Code Section 2819 regarding consent to change, extension of time, alteration, or �
<br /> addition .to the terms of the Contract or to the work to be performed thereunder or the �
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<br /> Specifications accompanying the same shall in any way affect its obligations on this bond; and it �
<br /> does hereby waive notice of any such change, extension of time, alteration or addition to the !
<br /> terms of the Contract, or to the work, or to the Specifications. �
<br /> In the event City, or its successors or assigns, shall be the prevailing party in an action brought
<br /> upon this-bond,#hen, in.addition to#he_penal sum hereinabove specified,we agree to_pay to the
<br /> said City, or its successors or assigns, a reasonable sum on account of attorney's fees in such
<br /> action, which sum shall be fixed by the court. !
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