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<br />WESTERN SURETY COMPANY
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<br />Bond No.: SP2 233196200
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<br />950 Echo Lane, Suite 250
<br />Houston, TX 77024
<br />PERFORMANCE BOND
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<br />KNOW ALL MEN BY THESE PRESENTS:That we, Brooks Con;:rete, !nc. (Conlractor), IS Principal, and WESTERN SURETY
<br />COMPANY, of Houston, Teus, u Surety, are held and firmly bound unto City of LaPorte (Owner), as Obligee, in the penal sum of
<br />Sixty-Eight Thousand Four Hundred Twenty-Four and OiIOO... Dollers (S6S,4:!4.00) lawful money of the United States of America, for
<br />the pa)'tIlellt of whic.h. well and truly to be made, we bind ourselves, our heirs, executors, edministrators, successors and assigns,
<br />jointly and sever:llly. firmly by Ihese presents. .
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<br />WHEREAS, said Contractor, Principal herein, has, by written agreement dated July 27, 1998. entered intO a contract with
<br />owner for city wide sidewalk repJaceme:1t project FY 97.98 &. Fainnont Parkway pedestrian plan phase II, CLP project no. 98-4503 in
<br />ac:cordancc with drawings and specifications prepared by . which contract is by reference made
<br />a pari hereof, and is hereafter referred to lIS the ftContract",
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<br />NOW, THEREFORE, a condition of this obligation is such that, if the contractor shall faithfully perfonn work contracted
<br />to be performed and comply with all provisior.s of the Contract, then this obligation shall be void; otherwise to remain in full
<br />force and effect. The total amount of the Surety's liability under this bond shall in no event exceed the penal sum hereof.
<br />No right of action or recovery shall accrue hereunder to or for the use of any person or entity other than the Owner
<br />named herein, ils heirs, eltecutors. administrators or su~cessors.
<br />Provided, however, as to the Owner, -the right of recovery 9hall be upon tlte following exprcssecl conditions, the
<br />perfonnance of which shal1 be a conditiol1 precedent:
<br />First: ThaI in the event of any default on the part of the Principal, written notice thereof shaJl be delivued to the
<br />Surety as promptl}' lIS possible, and in any event within ten (10) days after the Owner shaJl become aware of such defaults, and
<br />upon Owner's becoming aware of such defaults, no further pllymenLS 9hall be made under the said Contract withoul the written
<br />consent of Surety. If the Principal shall abandon said Contract or be compelled by the Owner to cease operations thereunder,
<br />then Surer}' shall have the option to proceed or procure others to proceed with the perfonnance of such Contract, and al1
<br />reserves, deferred payments, and other monies provided by said Contract to be paid to the Principal shall be paid to the Surety.
<br />at the same time and under the same conditions as by the tcnns of said Contract such monies would have been paid to the Principal
<br />had the Contract been perfonned by the Principal. The Surety shaJl be entitled to all such payments and monies in preference \0
<br />any assignee of the Principal or any advme claimant; but if the Owner shall be entitled to all such payments and monies in
<br />preference to any assignee of the Principal or ~ adverse claimant; but if the Owner shall complete or relet the ContraCt, all
<br />reserves, deferred paymenLS or other monies remaining aller payment for such comp,letion shan be paid to the Surety or applied as
<br />the Surety or applied as the Surety may direct toward the settlement of an)'obligation or liabIlity incuITed hereunder.
<br />Second: That the Owner shan faithfully perfonn an of the tcnns, covenants and conditions of said C"ntract on the part
<br />of the Owner contTaCted to be perfonnecJ. In no event shall payment or payments to Contractor from Owner be in l1li amount greater
<br />than ninety percent (90"Ai) of the value of the .....oJ'i( perfonned by Contractor to the date of such payment. Owner shan retain ille
<br />remaining ten percent ( I 0%) of all payments and all reserves or deferred payments for a period of thirty (30) days after
<br />completion and and acceptance of the total project and the Owner, or a period to conespond to the applicable lien periO<i in
<br />which notices of claims or claims of lien by persons perfonning work or furnishing materials may be filed, ot' until all such
<br />claims have been paid, unless lhe Surety shall consent in .....riting to the payment of said final payment, reserve or deferred
<br />payments.
<br />Third: That the Surety shait not be liable for any damages resulting from strikes, labor difficulties, or from mobs,
<br />riols. civil commotion, public enemy, fire, the elements, shifting of elements. acts of GO<i or defects or faults in the plans or
<br />specifications ref CITed 10 in said Contract or fur repairs or reconstruction (If any work or materials damaged or destroyed by any
<br />of said causes; or for damages arising out of injuries :0 persons or property or for the death of any penon ar person, or by
<br />virtue of any statutory provision for damages or compensation for injury to or the death of any employee; or for the inf:ingement
<br />or \'alidity of ar.y patent; or for the efficiency or wearing qualities of any work done or malerials furnished or lite maintenance
<br />lhereof or rq:llUrS thereto; or for the furnishing of any bond or obligation other thllll thIS insrrument
<br />Fourth: That no sui/, action or proceeding by the Owner to recover on tbis bond shall be BU!lained unless the same be
<br />commer.ced within twenty-five (25) months from the date upon which Owner gave Surety written notice of default as provic!ed herein.
<br />Fifth: That the Surety is obligated only to the dollar amount shown on the face of this Dond. If any additions or
<br />alterations of the original Contract upon which Ibis bond w3s issued occur, l~n:asing or akering the contract price, the Surety
<br />is obligar.:G only to the proportionai amount that the original Conlfact bears to the altered contract price, unless expressly
<br />waived by the Surety in writing.
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<br />Signed, sealed and datcc! SeptC1lber 10,1998,
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<br />Brooks Concrete, Inc,
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<br />WESTERN S COMPANY
<br />By: '
<br />AVID R YCE EWELL, AtlDmey-' -Pact
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