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THE: FINAL PREMIUM IS <br />PREDICATED ON THE <br />FINAL CONTRACT PENCE <br />EXHIBIT B <br />CITY OF NEWPORT BEACH <br />BOND NO. 024073316 <br />FAITHFUL PERFORMANCE BOND <br />N, <br />Bond No.: 024073316 <br />(One of Two Originals) <br />Contract No. 8176-1 <br />The premium charges on this Bond is $ 2,714.00 , being at the <br />rate of $ 11.66 thousand of the Contract price. <br />WHEREAS, the City of Newport Beach, State of California, has awarded to <br />Kasa Construction, Inc. hereinafter designated as the "Principal," a contract for <br />MacArthur Blvd. Slope Landscaping Project in the City of Newport Beach, in strict conformity with the <br />Contract on file with the office of the City Clerk of the City of Newport Beach, which is <br />incorporated herein by this reference. <br />WHEREAS, Principal has executed or is about to execute the Contract and the <br />terms thereof require the furnishing of a Bond for the faithful performance of the <br />Contract. <br />NOW, THEREFORE, we, the Principal, and The Ohio Casualty Insurance Company <br />, duly authorized to <br />transact business under the laws of the State of California as Surety (hereinafter <br />"Surety"), are held and firmly bound unto the City of Newport Beach, in the sum. of <br />Two Hundred Twenty Eight Thousand * Dollars ($ 228,460.00 ) lawful money of the United States of <br />America, said sum being equal to 100% of the estimated amount of the Contract, to be <br />paid to the City of Newport Beach, its successors, and assigns; for which payment well <br />and truly to be made, we bind ourselves, our heirs, executors and administrators, <br />successors, or assigns, jointly and severally, firmly by these present. <br />* Four Hundred Fifty and 001100 <br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the Principal, or the <br />Principal's heirs, executors, administrators, successors, or assigns, fail to abide by, and <br />well and truly keep and perform any or all the Work, covenants, conditions, and <br />agreements in the Contract Documents and any alteration thereof made as therein <br />provided on its part, to be kept and performed at the time and in the manner therein <br />specified, and in all respects according to its true intent and meaning, or fails to <br />indemnify, defend, and save harmless the City of Newport Beach, its officers, <br />employees and agents, as therein stipulated, then, Surety will faithfully perform the <br />same, in an amount not exceeding the sum specified in this Bond; otherwise this <br />obligation shall become null and void. <br />As a part of the obligation secured hereby, and in addition to the face amount <br />specified in this Performance Bond, there shall be included costs and reasonable <br />expenses and fees, including reasonable attorneys fees, incurred by City, only in the <br />event City is required to bring an action in law or equity against Surety to enforce the <br />obligations of this Bond. <br />Surety, for value received, stipulates and agrees that no change, extension of <br />time, alterations or additions to the terms of the Contract or to the Work to be performed <br />Page B-1 <br />