1500 INDUSTRY ST 2018-01-01 MF Import

WHEREAS, the City is requiring rhe Principal to provide a bond warranting the perfomiance and guaranteeing the workmanship and materials used in the construction of the improvemcnts. NOW, THEREFORE, THE CONDITION OF THIS OBLIGAT[ON IS SUCH, that the Pn.zcipal and Surety warrant the performance and guarantee workmanship and materials used by making repairs, correcting deficiencies and perfomiing emergency maintenance on ail improvements described above plus all appurienant devices associated therewith Cor a period of not less tl�an nvo (2) year(s) from May 27,2003. Principal and Surety agree lo save tl�e City harmless from any loss, cost or dama�e by reason of Principal's failure to make repairs, correct deficiencies and perform emergency maintenance for die required period of time. Principal and Surety further agree to promptly reimburse the City for emergency repairs and/or maintenance. Necessary repairs shall be performed by the Principal in receipt of seven (7) days written notice from tlie City sent to the address noted below directing performance of such work except in the case of an emergenc,y wherein necessary repairs shall be perfornied upon demand by the City. If the Principal shall fail to make said mpairs, the City may perform the work and the cost of the work shall be paid to die City by the Principa; or Surety. At the end�f hvo (2) year(s) of maintenance by the Principal, the �ity shall inspect tlie improvements toeedier with all other appurtenant devices associated ther�with and if this oUligation has been satisfied to the satisfaction of the City Gngineer, dien this obligation shall be void, othenvise to remain in ful! force and effect. In the event the City is required to institute litigation to obtain performance pursuant to this bond, Principaf and Surety agree to pay a11 rcasonaUle attorney's fees and cos[s which are incurred by the City. __... __...... _..... _ ........... , _. . ............ . . . ............ .. ...._.._.._...._.._.. .. Citr oj Ererert ft�a•rnntv donrl Pg. 2 �7