PALP INC. DBA EXCEL PAVING COMPANY (4)

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Attachment A Bond No.8238-53-87 CONTRACTOR'S PAYMENT BOND KNOW ALL MEN BY THESE PRESENTS,THAT: WHEREAS,the City of Santa Ana, State of California,and PALP Inc.dba Excel Paving Company (hereinafter designated as `Principal") have entered into an agreement whereby Principal agrees to install and complete certain designated public improvements,which said agreement.dated entitled" Residential Street Repair FY 14/15;Wilshire Ave and Borchard Ave Water Main Improvements is hereby referred to and made a part hereof;and WHEREAS,under the terms of said agreement,Principal is required before entering upon the performance of the work,to file a good and sufficient Contractor's Payment.Bond with the City of Santa Ana to secure the claims to which reference is made in Title 3, (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California. NOW THEREFORE,said Principal and the undersigned as corporate Surety,are held firmly bound unto the CITY OF SANTA ANA; and all contractors, subcontractors, laborers, materialmen and other persons employed in the performance of the aforesaid agreement and referred to in the aforesaid Civil Code,in the sum of Two million seven hundred fifteen thousand two hundred eighty six and 20/100 DOLLARS(5 2,715,286.20 ), for materials furnished or labor(hereon of ally kind, or for amounts due wider Elie Unemployment.Insurance Act with respect to such work or labor or for any amounts required to be deducted, withheld and paid over to the Franchise "fax Board from the wages of employees of the Principal and his subcontractors pursuant to Section 18806 of the Revenue and Taxation Code, with respect to such work and labor; that said Surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this Bond,will pay,in addition to the face amount thereof,costs and reasonable expenses and fees,including reasonable attorney's fees,incurred by the City in successfully enforcing such obligation,to be awarded and fixed by the court,and to be taxed as costs and to be included in the judgment therein rendered. IT IS HEREBY EXPRESSLY STIPULATED AND AGREED that this Bond shall inure to the benefit of any and all persons,companies and corporations entitled to file claims Title 3, (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this Bond. Should the condition of this bond be fully performed,then this obligation shall become null and void, otherwise it shall be and remain infrill force and effect. 1