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Bond Number:724846P
<br /> • FAITHFUL PERFORMANCE BOND Premium:$893.00 —�
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WMEREAS, the City of Redwood City("Cify"), San Mateo
<br /> County, State of California, has awarded to Ascent Elevator Services. Inc.
<br /> hereinafter designate� as the "Principal", a Contract, the terms and provisions of which Contract are
<br /> incorporated herein by reference,for constructing the foklowing projeot:
<br /> MAR8HAL�STREET GARAGE ELEVATOR REFURBISHMENT PRQJECT
<br /> and
<br /> WHEREAS, said Principa! is required under the terrns of said Contract ta fumish a bond tar the faithful
<br /> pertormance of said Contract;
<br /> NflVI►,7H�FtEFORE, we, the Principal, and Developers Surety and Indemnity Company � as surety, are held and
<br /> firml bount� unto Ci San Mateo C�unty, Califomfa, in the penal sum of
<br /> si two thousand and 00/100 Dollars ($62,000.00 ), lawful money of the United
<br /> es, eing one un re percen o o e ontract amounE, for the payment of which sum well and truly
<br /> to be made,we bind ourselves, our heirs, executors,administrafars and successors,jointly and severally,firmly
<br /> by these presents.
<br /> THE CONDITtON �F THIS OBLIGATION IS SUCH, thaY if the above bounden Principal, his or its heirs,
<br /> executors, administrators, successors or assigns, shall in all things stand to and abide by, and wi11 truly lceep
<br /> and faithfully pertorm the cover�ants, conditions, and agreements in the said Contract and any aiterations made
<br /> as therein provided, on his or their part, to be kept and performed at the time and in the manner therein
<br /> specified, and in all respects according to their true intent and meaning, and shall indsmnify and save harmless
<br /> City, its Council, Commissioners, boards, committees, officers, employees and agents, as therein stipulated,
<br /> then this obligation shall be null and void; otherwise it shall be and remain in full force and virtue.
<br /> As a condition precedent to the satisfactory completion of the said Contract, #he abo�e obligation shall hold
<br /> good for a period of ane('I)year after the completion and acceptance of the said work, during which time if the
<br /> above bounden Principal, his or its heirs, executors,administrators, successo►�s or assigns shall faif to make full,
<br /> complete and satisfactory repair and replacements or totally protect the said City from lass ar damage made
<br /> evident during said period of one (1} year from the date of acceptance af said work, and resulting from or
<br /> caused b�r defective materials or faulty workmanshfp, in the prosecution of the work done, the above obQgation
<br /> shall be and remain in full force and virtue.
<br /> And �he said Surety, for value recelved, hereby stipulates and agrees to waive the provisions of California CNiI
<br /> Code Section 2819 regarding consent to change, extension af time, alferation, or additian to the terms of the
<br /> Contract or to the work to be performed thereunder, or the S�ecifications accompanying the same shall in any
<br /> way affect its obligations on d�is bond; and it does hereby waive notice of any such change, extension of time,
<br /> alteration or addition to the terms of the Contract,or to the work,or to the Specificaaons.
<br /> In the e�ent City, or its successors or assigns, shall be the prevailing party in an action brought upon this bonr�,
<br /> then, in addition to the penal sum hereinabo�e specified, we agree to pay to the said City, or its successors or
<br /> assigns, a reasonable sum on account of attomey's fees In such action,which sum shall be fixed by the courE,
<br /> MARSHALL STREET GARAGE ELEI�ATOR
<br /> REFURBISHMENT PRQJECT 7
<br />
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