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GREAT AMERICAN INSURANCE COMPANY
<br />Renewable Performance Bond
<br />Premium: $l,soo.00
<br />Bond NO. CA2366036
<br />KNOW ALL MEN BY THESE PRESENTS: That Parking Concepts, Inc.
<br />(hereinafter called the Principal), and GREAT AMERICAN
<br />INSURANCE COMPANY, 580 Walnut Street, Cincinnati, Ohio 45202 (hereinafter called the Surety), are held and
<br />firmly bound unto City of Santa Ana (hereinafter called the Obligee), in the full
<br />and just penal sum of One Hundred Thousand and 00 /100 - - - - - - - - ($100,000.00 )
<br />dollars to the payment of which sum, well and truly to be made, the said Principal and Surety bind themselves, and
<br />each of their heirs, administrators, executors, and assigns, jointly and severally, firmly by these presents.
<br />WHEREAS, the above bounden Principal has entered into certain written contract with the above mentioned Obligee
<br />for Parking Garage A: A440 -space - 201 West Third Street, Santa Ana, CA 92701 *
<br />which contract is hereby referred to and made a part hereof as fully and to the same extern as if copied at length herein
<br />with annual renewal at Surety's discretion: and
<br />NOW, THEREFORE, THE CONDITIONS OF THE ABOVE OBLIGATION IS SUCH, that if the above bounden
<br />Principal shall well and truly keep, do and perform, each and every, all and singular, the matters and things in said
<br />contract set forth and specified to be by the said Principal kept, done and performed, at the time and in the manner in
<br />said contract specified to be by the said Principal kept, done and performed, at the time and in the manner in said
<br />contract specified during the term of this bond, and shall pay over, and make good and reimburse to the above named
<br />Obligee, all loss and damage which said Obligee may sustain by reason offailure or default on the part of Principal,
<br />then this obligation shall be void otherwise to be and remain in full force and effect.
<br />PROVIDED, however, that this bond is subject to the following conditions and provisions:
<br />1. This bond is for the term beginning 01/01/08 and ending 02/01/09
<br />2. In the event of a default by the Principal in the performance of the contract during the term of this bond, the Surety
<br />shall be liable only for the loss to the Obligee due to actual excess costs of the contract up to the termination of
<br />this bond. The Surety, after investigation, shall with reasonable promptness determine the amount for which it
<br />may be liable to the Owner as soon as practicable after the amount is determined, tender payment therefore to the
<br />Owner, or find an acceptable principal to complete the contract. This bond does not provide coverage to any
<br />indirect loss or costs incurred by the Obligee including, but not limited to legal fees, court costs, expert fees or
<br />interest.
<br />3. No claim, action, suit or proceeding, except as hereinafter set forth, shall be had or maintained against the Surety
<br />on this instrument unless same be brought or instituted and process served upon the Surety within six months after
<br />the expiration of the stated term of this bond.
<br />4. Neither non - renewal by the Surety, nor failure, nor inability of the Principal to file a replacement bond shall
<br />constitute loss to the Obligee recoverable under this bond, not withstanding any language in the contract to the
<br />contrary.
<br />5. The bond may be extended for an additional year at the option of the Surety, by Continuation Certificate executed
<br />by the Surety.
<br />6. This bond shall not be cumulative. Under no circumstances shall the Surety's liability exceed the penal sum stated
<br />herein.
<br />7. No right of action shall accrue on this bond to or for the use of any person, entity or corporation other than the
<br />Obligee named herein and this bond cannot be assigned to any other party without the written consent of the
<br />Surety.
<br />Signed and sealed this 27th day of
<br />Parking Concepts, Inc
<br />4ncirPri,
<br />BY:
<br />•'
<br />Name and Title
<br />December
<br />20 07
<br />GREAT AMERICAN INSURANCE CO.
<br />BY: "-- -
<br />Rosa E. Rivas
<br />Attorney -in -Fact
<br />' Parking Garage B: A700 -space - 300 E. Fifth Street, Santa Ana, CA 92701
<br />Parking Garage C: A400- spare - 420 S. Main Street, Santa Ana, CA 92'701
<br />Parking Garage D: A400 -space - 310 N. Birch Street, Santa Ana, CA 92701
<br />APPROVED AS TO FORM
<br />LISA E. S-T
<br />Assistant City Attorney
<br />
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