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Premium is for contract term and is subject <br />to adjustment based on final contract price <br />Executed in: 2 Counterparts <br />CITY OF NEWPORT BEACH <br />BOND NO. 7656584 <br />FAITHFUL PERFORMANCE BOND <br />The premium charges on this Bond is $ 2,387.00 , being at the <br />rate of $ 3.95 thousand of the Contract price. <br />WHEREAS, the City of Newport Beach, State of California, has awarded to All <br />American Asphalt, Inc. hereinafter designated as the "Principal," a contract for The work <br />necessary for the completion of this contract consists of Clearing and grubbing, Grading, <br />Landscape Establishment and Maintenance, Irrigation Improvements, Providing As -Built <br />drawings, and all other incidental items of work necessary to complete the work in place. <br />in the City of Newport Beach, in strict conformity with the Contract on file with the office <br />of the City Clerk of the City of Newport Beach, which is incorporated herein by this <br />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 Contract. <br />NOW, THEREFORE, we, the Principal, and Fidelity and Deposit Company of Maryland <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 Six <br />Hundred Four Thousand Two Hundred Eighty Four Dollars and 501100 <br />($504,284.50) lawful money of the United States of America, said sum being equal to <br />100% of the estimated amount of the Contract, to be paid to the City of Newport Beach, <br />its successors, and assigns; for which payment well and truly to be made, we bind <br />ourselves, our heirs, executors and administrators, successors, or assigns, jointly and <br />severally, firmly by these present. <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 indemnify, <br />defend, and save harmless the City of Newport Beach, its officers, employees and agents, <br />as therein stipulated, then, Surety will faithfully perform the same, in an amount not <br />exceeding the sum specified in this Bond; otherwise this obligation shall become null and <br />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 />All American Asphalt, Inc. Page B-1 <br />