Farotte Construction Company - Performance Bond
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fbUNTY CLERK ST AM P
11058508
FOR RECORDER'S USE ONLY
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Recorded at the request 01
Chlc8!O Title Insurance Company
SEP 1 6 1991
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8:00 AM
Laurie Kane. Recorder
SMfTA (;tAAA COUHTY. OffICiAl RECORDS
@ The Ohio Casualty Insurance Company
136 North Third Slreel, Hamilton, Ohio 45025
Bond No.
3-012-749-8
PERFORMANCE BOND
CALIFORNIA - PRIVATE WORK
KNOW ALL MEN BY THESE PRESENTS: That
FAROTTE CONSTRUCTION COMPANY, INC.
as Principal.
and The Ohio Casualty Insurance Company, a Corporation organized and existing under the laws of the State of Ohio
and authorized to transact surety business in the State of California, as Surety, are held and firmly bound unto
WHEELER MANOR ASSOCIATES
as Obligee, in the sum of SEVEN MILLION FIVE HUNDRED EIGHTY THREE THOUSAND EIGHT HUNDRED THIRTY
FIVE DOLLARS AND NO/100*** Dollars ($ 7.583,835.00*** J,
for the Fayment whereof. well and truly to be made, said Principal and Surety bind themselves, their heirs. ad,'l1inistrators, suc-
cessors ond assigns, jointly and severally, firmly by these presents.
THE CONDITION of the foregoing obligation is such that, WHEREAS the above bounden Principal has entered into
a Contract dated AUGUST 21 , 19.-9L,
WHEELER SeNIOR PROJECT
a copy of which Contract is or may be attached hereto, and is hereby referred to.
NOW, THEREFORE, if the Principal shall faithfully perform the work contracted to be performed under said contract,
then this obligation shall be void, otherwise to remain in full force and effect.
SUBJECT, HOWEVER, TO THE FOLLOWING CONDITIONS:
First: That if 0 Poyment Bond as defined in Section 3096 of the Civil Code of the Stote of Colifornia is exe~"ted in connection with this
bond, no action shall be brought under this bond by reason of Principal's foilure to comply with ony provisions of the Contract for the payment of
ony ond 011 persons who moy perform lobor upon, or bestow skill or other necessory services on, or furnish moterials or lease equipment to be used or
consumed in, or furnish opplionces. teams, or power contributing to the work of improvement described in the Controct, whether or not such person or
persons shall have complied with the requirements of Title 15, Works of Improvement, of the Civil Code of the State of California so as to perfect
a valid c'aim of lien agoinst Obligee's property or 0 volid claim against soid Poyment Bond,
Second: Thot in the event of any default on the part of the Principal, written notice thereof sholl be given, to the Surety os promptly os
possible, and in any event within ten (10) days ofter such defoult sholl have become known to the Obligee or to ony representative of the Obligee
outhorized to supervise the performance of said controct, If the Principol sholl obandon soid contract or be compelled by the Obligee to ceose opero.
tions thereunder, the Surety shall hove the right to proceed or p,c,oure others to proceed with the ,p!lrformance of such controct, ond oil reserves, de.
ferred payments ond other moneys provided by said controct to be paid to the Principal shall be paid to the Surety at the some times ond under the
some cond'tions a, by the terms of said controct such money' ',\;:'uld have been paid to the Principal had the contract been performed by the Principal,
ond the Surety shall be entitled thereto in preference to any assignee of the Principal, or any odverse claimant; but if the Obligee shall complete or
re.let the ,aid contract. all reserves, deferred payments ond other moneys remoining after payment for such completion sholl be paid to the Surety
or opplied as it may direct to the settlement of ony obligation incurred hereunder or under the Payment Bond given in connection herewith,
Third: That the Obligee shall faithfully r-erform all of the terms. covenants and conditions of such contract on the part of the Obligee to
be performed; ond sholl olso retain the lost poyment ond all reserves and deferred payments until the complete performonce of said controct, and until
the e'piration of the time within which notice of claims or c10ims of liens by persons performing work or furnishing materials under soid contract moy
be filed, and until all such claims shall have been paid, unless the Surety shall consent, in writing, to the payment of said last poyment, reserves or
deferred payments.
Fourth: That the Surety shall not be liable for any d~moges resulting from strikes or lobor difficulties, or from mobs, riots, civil commotion,
public enemy, fire. the elements. octs of God, or defect or foult in the pions or specificotions referred to in soid controct or for repoir, or recon.
structior. of any work or mllterials damoged or destroyed by ony of soid causes; or for damages from injury to persons or property, or for the deoth
of ony pH,:n; or under or by virtue of any stotutory provision for domages or compensotion for injury to or the deoth of any employe. This bond
does not cover any provision of the contract, or specificotions respecting guorantees of efficiency. or weoring quolities, or for maintenance or repairs,
nor does it obligote the Surety to furnish any bond, policy. or obligotion other than this instrument.
Fjfth: That no right of oction shall occrue hereunder to or for the use of ony person, firm or corporotion other thon the Obligee, If there
be more than one Obligee named in this bond. then it is understood that the rights of the Obligees or any of them under this bond ore conditioned
upon the faithful performonce by or on beholf of the Owner of oil of the conditions of the contract by him to be performed, and that the total amount
of the S"rety's liability under this bond to all Obligees, or ony of them. shall in no event exceed in the aggregate the penalty hereof,
Sixth: Thot no suit, action or proceeding by the Obligee to recover on this bond sholl be sustained unless tha same be commenced within
one yeer l:em the completion of soid structure or work of improvement, as "completion" is definad under Title 15, Works of Improvement. of the Civil
Code ci ,he Stote of California, Any notice to the Surety may be addressed to or served upon it at its office in Fullerton, California. or San Francis.
co, California,
Signed, Sealed and Doted this
21
day of
AUGUST
19 -2.!..
THIS BOND IS NOT A PAYMENT BOND AS DEfiNED
IN SECTION 3096 OF THE CIVIL CODE AND PROTECTS
ONLY THE OBLIGEE NAMED HEREIN.
FAROTTE CONSTRUCTION COMPANY, INC.
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THE OHIO CASUAL TV INSURANCE COMPANY
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5-3938