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ThesUbul
<br />Surety
<br />LABOR AND MATERIAL PAYMENT BOND
<br />St, Paul Fire and Marine Insurance Company
<br />St. Paul Guardian insurance Company
<br />St. Paul Mercury Insurance Company
<br />United States Fidelity and Guaranty Company
<br />Fidelity and Guaranty Insurance Underwriters, Inc.
<br />Fidelity and Guaranty Insurance Company
<br />Principal Office: 385 Washington Street
<br />St. Paul, Minnesota 55102
<br />Seaboard Surety Company
<br />Principal Officc: 5801 Smith Avenue
<br />Baltimore, Maryland 21209
<br />KNOW ALL MEN BY THESE PRESENTS, that we,. The Redland Company Inc.
<br />(Here insert the name and address of legal title of the Contractor)
<br />23799 SW 167 Avenue, Homestead, Fl 33031.
<br />as Principal, hereinafter culled Principal, and, St. Paul Fire & Marine Insurance _Co._ __ a corporation organized
<br />under the laws of the State of M i npp Gnta as Surety, hereinafter called Surety, arc held and
<br />firmly bound unto City of Sunny Isles Beach
<br />(Here insert the name and address or legal title of the Owner)
<br />as Obligee, hereinafter called Owner, for the use and benefit of claimants as hereinbelow defined, in the amount
<br />of_gne million seven hundred twenty four thousand nine hundred forty eight
<br />(Here insert a sum equal to at least o h f the o racl ice)
<br />dollars and twenty eight cents
<br />Dollars(
<br />1 .7 r - ), for the payment whereof Principal and
<br />Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
<br />WHEREAS. Principal has by written agreement dated _
<br />entered into a contract with Owner for Colden Shores Project koadway and drainage improvements
<br />in accordance with drawings and specifications prepared by Engi ear
<br />(Here insert full name, title, and address)
<br />which contract is by reference made a part hereof, and is hereinafter referred to as the Contract.
<br />NOW, THEREFORE, the condition of this obliggation is such that if Principal shall promptly make payment to all claimants as hereinafter defined. for all
<br />labor and material used or reasonably required for use in the performance of the Contract, then this obligation shall be void: otherwise it shall remain in full force and
<br />effect, subject, however, to the following conditions:
<br />A claimant is defined as one having a direct contract with the Principal or
<br />with a subcontractor of the Principal for labor, material, or both, used or
<br />reasonably required for use in the performance of the contract, labor and
<br />material being construed to include that part of water, gas, power, li ht, host,
<br />oil, gasoline, telephone acrviec or ra= of equipment directly applicable to
<br />the Contract.
<br />The above named Principal and Surety hereby jointly and severally agree with
<br />the Owner that every claimant, as herein dotmcd, who has not been paid in
<br />full before the expiration of a period of ninety (90) days after the date on
<br />which the last of such claimant's work or labor was done or performed, or
<br />materials were furnished by such claimant, may sue on this bond for the use
<br />of such claimant, prosecute the suit to final judgment for such sum or sumR as
<br />may be justly due claimant, and have execution thereon. Ilia Owner shall not
<br />tv ncole rur trio paymont of itny costs or oxpensos orany such suit.
<br />No suit or action shall be commenced hereunder by any cWnmrit:
<br />a. Unless claimant, other than one having a direct contract with the Principal,
<br />shall have given written naticc o any two of the fallowing: The Prinofpal,
<br />the Owner, oc the Surety above named, within ninety (90) days after such
<br />claimant did or performed the last of the work or labor, os furnished the
<br />last of the matenais for wMch said claim is made, stating with substantial
<br />accuracy the amount claimed and the name of the party to whom the
<br />materials wore iumishod, or for whom the work or labor
<br />was done or performed. Such notice shall be served by mailing the same
<br />by registered mail or certified mail, postage prepaid, in an envelope
<br />addressed to the Principal, Owner or Surety, at any place where and office
<br />Is regularly maintained for the transaction of business, or served in any
<br />manner in which legal process may be served in the state in which the
<br />aforesaid project is located, save that such service need not be made by a
<br />public officer.
<br />b. After the a piration of one (1) year following the date on which Ptncipal
<br />ceased work on said Contract, it being: understood, however, that if any
<br />limitation embodied in this bond is prohibited by any taw controlling the
<br />construction hereof such limitation shall be deemed to be amended so as to
<br />be equal to the minimum period of limitation permitted by such law.
<br />c. otter than in a state court of competent jurisdiction in and for the county
<br />or outer Qollocal sundivislon of the state in which the pro cct, or any pan
<br />thereof, is situated, or in the United States District Court or the district in
<br />which the project, or any part thomof, is situated, and not elsewhere.
<br />The amount of this bond shall be reduced by and to the extent of any payment
<br />or payments made in good faith hmrundcr, inclusive of the payment by
<br />Surety of mechanics' (tens which may be filed of record against said
<br />improvement, whether or not claim for the amount of such lien be presented
<br />under and against this bond.
<br />Signed, sealed this 7th day of February A.D,. 2 _00 2__
<br />In the Presence of
<br />Seal
<br />Scal
<br />By:
<br />orncy -"a
<br />Thomas es, J r.
<br />Approved by the American Institute of Architects AIA Document No, A•311 February 1970 Ed.
<br />31784 Rev. 9.1999 Printed in U.S.A. Printed with permission by the American Institute of Architects
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