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*BOND PREMIUM: $1,725..,,, WHICH IS SUBJECT TO CHANGE BASED ON 1, ._ FINAL CONTRACT AMOUNT <br />BOND EXECUTED IN DUPLICATE <br />EXHIBIT B <br />CITY OF NEWPORT BEACH <br />BOND NO. 2183733 <br />FAITHFUL PERFORMANCE BOND <br />The premium charges on this Bond is $ S1.725.00** SEE ABOVE , being at the <br />rate of $ $14.40 thousand of the Contract price. <br />WHEREAS, the City of Newport Beach, State of California, has awarded to <br />Malibu Pacific Tennis Courts, Inc. hereinafter designated as the "Principal," a contract <br />for the work necessary for the completion of this contract consists of removing and <br />disposing of existing improvements; installing and adjusting playground equipment; <br />removing and installing a drinking fountain; furnishing and installing flexible play surface <br />system; placing P.C.C. base and sidewalk; grading sand; and other incidental items to <br />complete the work in place required by the contract. in the City of Newport Beach, in <br />strict conformity with the Contract on file with the office of the City Clerk of the City of <br />Newport Beach, which is 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 North American Specialty 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 One <br />Hundred Nineteen Thousand Eight Hundred Dollars and 00/100 ($119,800.00) lawful <br />money of the United States of America, said sum being equal to 100% of the estimated <br />amount of the Contract, to be paid to the City of Newport Beach, its successors, and <br />assigns; for which payment well and truly to be made, we bind ourselves, our heirs, <br />executors and administrators, successors, or assigns, jointly and severally, firmly by <br />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 <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 />Malibu -Pacific Tennis Courts, Inc. Page B-1 <br />