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INSURANCE NOT REQUIRED <br />WORK MAY PROCEED <br />CITY CLERK <br />A-2024-005 <br />DATE- FEB 0 7 ION <br />0,FWAC2,) <br />CE -[or,e S)A-T- TAKEOVER AGREEMENT <br />PROJECT 16-2658 <br />SANTA ANA ZOO GIANT RIVER OTTER & PRIMATE TRAILS <br />I. RECITALS <br />1. The parties to this Takeover Agreement ("Agreement") are GREAT <br />AMERICAN INSURANCE COMPANY ("GAIC" or "Surety") and the CITY OF <br />SANTA ANA ("Owner"). This Agreement is effective as of the date last signed by any <br />party ("Effective Date"). <br />2. Owner entered into a Contract (the "Contract") with HYM <br />ENGINEERING ("HYM" or "Principal") for HYM to furnish all labor and material and <br />perform all work for the Santa Ana Zoo Giant River Otter & Primate Trails project (the <br />"Project") in accordance with the terms and provisions of the Contract, a copy of the <br />Contract being attached hereto as Exhibit "A" and incorporated herein, including all <br />Contract Documents forming a part of the Contract, as enumerated in the Contract and <br />modifications, amendments and/or changes to the Contract effectuated prior to the <br />Effective Date of this Agreement. References herein to the "Contract" shall be deemed <br />to include references to all modifications, amendments and/or changes to the Contract <br />effectuated prior to the Effective Date of this Agreement. <br />3. As required by the Contract, Surety issued Performance and Payment <br />Bonds numbered 4054734 identifying HYM as the principal and Owner as the obligee <br />(the "Performance Bond" and "Payment Bond"), each of which are in the Penal Sum <br />equal to the Contract Price under the Contract of $5,289,238.00 copies of these Bonds <br />being attached hereto as Exhibit `B," respectively, and incorporated herein; <br />4. HYM defaulted on the Project as outlined in HYM's Voluntary Letter of <br />Default attached hereto as Exhibit "C" and incorporated herein. The Owner <br />subsequently made demand upon the Performance Bond for GAIC to complete the <br />Project. <br />5. As of the date of HYM's default under the Contract, certain work and <br />other obligations of HYM remain to be performed under the Contract. <br />6. GAIC has decided to fulfill its obligations under the bond by completing <br />the contract, subject to the conditions of the bond, contract and this agreement, <br />specifically, but not limited, to the conditions described under section 10 of the Terms <br />and Condition listed below. <br />7. The Owner acknowledges that GAIC is acting in its capacity as the <br />Surety for HYM in making arrangements for the performance and completion of the <br />Remaining Work/Obligations. <br />1 <br />