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NATIONAL :GUARANTY INSURANCL COMPANY
<br /> 7 BURLINGTON SQUARE, 6th FLOOR • BURLINGTON, VT 05401 • 1-800-876-6442
<br /> PERFORMANCE BOND
<br /> (AIA 3111
<br /> KNOW ALL MEN BY THESE PRESENTS: Bond Number: PB93-0517-011
<br /> That GREAT WESTERN RECLAMATION, A DIVISION OF WASTE MANAGEMENT COLLECTION AND
<br /> RECYCLING, INC., as Principal, and NATIONAL GUARANTY INSURANCE COMPANY, as Surety, are held and
<br /> firmly bound unto CITY OF SANTA ANA, CALIFORNIA, as Obligee, in the sum of Two Million and 00/100 Dollars,
<br /> ($2,000,000.00), for the payment of which sum, well and truly to be made, the Principal and Surety bind
<br /> themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these
<br /> presents.
<br /> WHEREAS, the Principal has entered into written contract dated 04/19/1993 with the Obligee for municipal solid
<br /> waste collection and recycling in accordance with the drawings and specifications prepared by which
<br /> contract is by reference made a part hereof and is hereinafter referred to as the contract.
<br /> NOW,THEREFORE,THE CONDITION OF THIS OBLIGATION is such that,if Contractor shall promptly and faithfully perform said Contract,
<br /> then this obligation shall be null and void; otherwise it shall remain in full force and effect. The Surety hereby waives notice of any alteration
<br /> or extension of time made by the Owner.
<br /> Whenever Contractor shall be,and declared by Owner to be in default under the Contract,the Owner having performed Owner's obligations
<br /> thereunder,the Surety may promptly remedy the default or shall promptly -
<br /> 1. Complete the Contract in accordance with its terms and conditions, or
<br /> 2. Obtain a bid or bids for completing the Contract in accordance with its terms and conditions,and upon determination by Surety of the lowest
<br /> responsible bidder, or, if the Owner elects, upon determination by the Owner and the Surety jointly of the lowest responsible bidder,arrange
<br /> for a contract between such bidder and Owner,and make available as Work progresses(even though there should be a default or a succession
<br /> of defaults under the contract or contracts of completion arranged under this paragraph)sufficient funds to pay the cost of completion less the
<br /> balance of the contract price; but not exceeding,including other costs and damages for which the Surety may be liable hereunder,the amount
<br /> set for h in the first paragraph hereof. The term"balance of the contract price,"as used in this paragraph,shall mean the total amount payable
<br /> by Owner to Contractor under the Contract and any amendments thereto, less the amount properly paid by Owner to Contractor.
<br /> 3. Any suit under this bond must be instituted before the expiration of two(2)years from the date on which final payment under the Contract
<br /> falls due. No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner named herein or
<br /> the heirs, executors, administrators or successors of Owner.
<br /> 4. Notwithstanding anything contained in the contract to the contrary,the liability of.the Principal and Surety under this bond is limited to the
<br /> original term of the contract from 07/01/1993 to 06/30/1998. Any extensions or renewals of the referenced contract shall be covered under
<br /> this bond only when consented to in writing by the Surety.
<br /> Signed, Sealed and Dated 04/26/1993.
<br /> Witness Roberta A. Krenek
<br /> GREAT WESTERN RECLAMATION, A DIVISION OF NATIONAL GUARANTY INSURANCE COMPANY,
<br /> WASTE MANAGEMENT COLLECTION AND (Surety)
<br /> RECYCLING, INC., (Principal)) / /
<br /> By. ti All"C 4t-t19:2
<br /> Leo J.�ir''�nstead, Attorney-in-fact
<br /> BY. AidA' ,�r .e A.:
<br /> Dale G. Tauke, Assistant Secretary
<br /> Bond 16412
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