Surety Bond No. 100627509
FAITHFUL PERFORMANCE BOND
(CONSTRUCTION)
WHEREAS the City of Riverside, a municipal corporation of the State of California, and AFG Development, LLC hereinafter referred to as "Principal" , have entered into an agreement whereby Principal agrees to install and complete certain designated public improvements, which said agreement, dated January a , 2020, and identified as Agreement for Construction of Improvements for project designated as Parcel Map 37475, is hereby referred to and made a part hereof; and
WHEREAS, said Principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement; NOW, THEREFORE, we, the Principal and American Contractors Indemnity Company, a corporation organized and doing business under and by virtue of the laws of the State ofCalifornia , and duly licensed by the State of California for the purpose of making, guaranteeing or becoming sole surety upon bonds or undertakings required or authorized by the laws of the State of California, as Surety, are held and firmly bound unto the City of Riverside, in the penal sum of Two Million One Hundred Fifty Four Thousand Seven Hundred Fifty Dollars ($ 2,154,750.00) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents.
The condition of this obligation is such that is the above bounded principal, his, her or its heirs, executors, administrators, successors, or assigns, shall in all things stand to or abide by, and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his, her or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the City of Riverside, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect.
The Surety and Principal further agree that in the event the work and improvements are not completed within the time allowed by the said agreement or any extension or extensions thereof as may be granted by the City of Riverside, the City of Riverside may, at its option, and in addition to any other remedies available by law, complete or arrange for completion of said work and improvements, and all costs and expenses therefor shall become a debt due and owing said City of Riverside, as set forth in said agreement. 311-57/CL 215B (Rev. 6/86) 1
As a part of the obligation security hereby and in addition to the face amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the City of Riverside in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered.
The Surety and Principal further agree that this bond may be reduced to ten percent of the face amount of this bond or $300, whichever is greater, and continue, after completion and acceptance of the work and improvements in writing by the City of Riverside, for one year from the date of acceptance to guarantee said improvements against any defective work or labor done, or defective materials furnished, in performance of the contract with the City of Riverside.
The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement or to the work to be performed thereunder or the specifications accompanying the same shall in any way affect its obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the agreement or to the work or to the specifications.
311-57/CL 215B (Rev. 6/86)
IN WITNESS WHEREOF, this instrument has been duly executed by the Principal and Surety above named on January 6 • 2021.
AFG Development, LLC American Contractors Indemnity Company Surety
MiLd A. Bea //
By
Attorney-in-fact Richard A. Beall
801 S. Figueroa St Suite 700
Address of Corporate Surety
Los Angeles, CA 90017
City (Zip Code)
619-630-2629
Phone
Beall Ins. & Financial Services
Producer (Bond Issuing Agent)
130 West Vine Street
Address
Redlands, CA 92373
City (Zip Code)
909-792-2345
Phone
Note: Signature of Attorney-in-fact to be acknowledged before a Notary Public. Attach Power of Attorney.
Approved as to Form:
By: E220=
Anthony L. Beaumon
Deputy City Attorney
311-57/CL 215B (Rev. 6/86) 3
CALIFORNIA CERTIFICATE OF ACKNOWLEDGMENT
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California
County of San Bernardino
on January 10, 2022 beforeme, - Marguerite Syke
personally appeared Richard A. Beall
who proved to me on the basis of satisfactory evidence to be the persons whose name istake subscribed to the within instrument and acknowledged to me that he/she/tixey executed the same in his/her/their authorized capacityles), and that by his/her/their signature(# on the instrument the person, or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
MARGUERITE SYKES
COMM. #2364891
WITNESS my hand and official seal. Notary Public • California NRO1 San Bernardino County
My Comm. Expires July 8, 2025 l
Signature Marguente Selkes
(Seal)
Optional Information
Although the information in this section is not required by law, it could prevent fraudulent removal and reattachment of this acknowledgment to an unauthorized document and may prove useful to persons relying on the attached document.
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The preceding Certificate of Acknowledgment is attached to a document Method of Signer Identification titled/for the purpose of Proved to me on the basis of satisfactory evidence:
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Notarial event is detailed in notary journal on:
containing pages, and dated Page # Entry #
The signer(s) capacity or authority is/are as: Notary contact:
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• Attorney-in-Fact • Additional Signer(s)
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representing:
Name(s) of Person(s) or Entity(ies) Signer is Representing © Copyright 2007-2020 Notary Rotary, PO Box 41400, Des Moines, IA 50311-0507. All Rights Reserved. Item Number 101772. Please contact your Authorized Reseller to purchase copies of this form.
TOKIO MARINE
HCC
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That American Contractors Indemnity Company of the State of Califomia, a California corporation, does hereby appoint,
RICHARD A BEALL
its true and lawful Attorney-in-Fact, with full authority to execute on its behalf bond number 100627717 issued in the course of its business and to bind the Company thereby, in an amount not to exceed Five million and 00/100 $5,000,000.00
his Power of Attorney is granted and is signed and sealed by facsimile under and by the authority of the following resolutions adopte y the Board of Directors of AMERICAN CONTRACTORS INDEMNITY COMPANY at a meeting duly called and held on the 1st day c September, 2011.
"Be it Resolved, that the President, any Vice-President, any Assistant Vice-President, any Secretary or any Assistant Secretary shall be and is hereby vested with full power and authority to appoint any one or more suitable persons as Attorney(s)-in-Fact to represent and act for and on behalf of the Company subject to the following provisions:
Attorney-in-Fact may be given full power and authority for and in the name of and on behalf of the Company, to execute, acknowledge and deliver, any and all bonds, recognizances, contracts, agreements or indemnity and other conditional or obligatory undertakings, including any and all consents for the release of retained percentages and/or final estimates on engineering and construction contracts, and any and all notices and documents canceling or terminating the Company's liability therender, and any such instruments so executed by any such Attorney-in-Fact shall be binding upon the Company as if signed by the President and sealed and effected by the Corporate Secretary.
Be it Resolved, that the signature of any authorized officer and seal of the Company heretofore or hereafter affixed to any power of attorney or any certificate relating thereto by facsimile, and any power of attorney or certificate bearing facsimile signature or facsimile seal shall be valid and binding upon the Company with respect to any bond or undertaking to which it is attached." The Attorney-in-Fact named above may be an agent or a broker of the Company. The granting of this Power of Attorney is specific to this bond and does not indicate whether the Attorney-in-Fact is or is not an appointed agent of the Company.
IN WITNESS WHEREOF, American Contractors Indemnity Company has caused its seal to be affixed hereto and executed by its President on this 1st day of June, 2018.
RACTOR.
State of California AMERICAN CONTRACTORS INDEMNITY COMPANY
INCORPORATED
County of Los Angeles SEPT. 25, 1990 By: Massin
Adam S. Pessin, President
CALIFORN
A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
On this 1st day of June, 2018, before me, Sonia O. Carrejo, a notary public, personally appeared Adam S. Pessin, President of American Contractors Indemnity Company, who proved to me on the basis of satistactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of CALIFORNIA that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.. SONIA O. CARREJO
Notary Public - Calfornia
Los Angeles County
Comestssion / 2239479
Signature (seal) My Comm. Expires Apr 23, 2022
1, Kio Lo, Assistant Secretary of American Contractors Indemnity Company, do hereby certify that the Power of Attorney and the resolution adopted by the Board of Directors of said Company as set forth above, are true and correct transcripts thereof and that neither the said Power of Attorney nor the resolution have been revoked and they are now in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand this 7th day of January 2022
TRACTORS
Bond No. 100627717
soro
INCORPORATED
Agency No. 19662 SEPT. 25, 1990 Kio Lo, Assistant Secretary
CALIFORN
HCCSZZPOAACIC06/2018
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