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BOND NO. 30 34 41 <br />LABOR AND MATERIAL, BOND <br />KNOW ALL MEN BY THESE PRESENTS, <br />That HOVEY ELECTRIC - as Contractor <br />and INSURANCE COMPANY OF THE WEST as Surety, <br />are held and firmly bound unto the City of Redlands, hereinafter <br />called City, in the Sum OfFIFTY FOUR THOUSAND EIGHTY SIX AND N01100 dollars <br />for the payment of which sum well and truly to be made, we bind <br />ourselves, our heirs, executors, administrators, successors, and <br />assigns, jointly and severally, firmly by these presents. <br />WHEREAS, said Contractor.has been awarded and is about to enter into <br />the annexed contract with said City, to perform all work required <br />under the Bidding Schedule(s) of the City's Specifications entitled <br />Gas TAx Project Np. M ` Installation -Qf Pedestrian Signals Qn <br />Colton Avenue " #bg Un-iversity Qf ReLdlandS. <br />NOW THEREFORE, if said Contractor, or subcontractor, fails to pay <br />for any materials, equipment, or other supplies, or for rental of <br />same, used in connection with the performance of work contracted to <br />be done, or for amounts due under applicable State law for any work <br />or labor thereon, said Surety will pay for the same in an amount not <br />exceeding the sum specified above, and, in the event suit is brought <br />upon this bond, a reasonable attorney's fee to be fixed by the <br />court. This bond shall inure to the benefit of any persons, <br />companies, or corporations entitled to file claims under applicable <br />State law and will remain in force until 90 days after completion. <br />PROVIDED, that any alterations in the work to be done or the <br />materials to be furnished, which may be made pursuant to the terms <br />of said contract, shall not in any way release either said <br />Contractor or said Surety thereunder, nor shall any extensions of <br />time granted under the provisions of said contract release either <br />said Contractor or said Surety, and notice of such alterations or <br />extensions of the contract is hereby waived by said Surety. <br />SIGNED AND SEALED, this 2 TH _day of OCTOBER 1986 <br />HOVEY ELECTRIC (SEAL) INSURANCE COMPANY OF THE WEST (SEAL) <br />(Contractor) (Surety) <br />BY: By: <br />(Signature) (Signature) <br />VICTOR D. HOVEY, OWNER MAUREEN L. VILLENA, ATTORNEY -IN. -FACT <br />(SEAL AND NOTARIAL ACKNOWLEDGEMENT OF SURETY) <br />-12- <br />