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<br />ARCH INSURANCE COMPANY
<br />Premium Based on Final Contract Price
<br />Bond Number : SU 1102668
<br />Premium : $15,000.00
<br />PERFORMANCE BOND
<br />KNOW A1,L MEN BY THESE PRESENTS, That, Sentrv Control Svstems as Principal, hereinafter called Principal, and
<br />ARCH INSURANCE COMPANY, as Surety, hereinafter called Surety, are held and firmly bound unto The City of Santa
<br />Ana as Obligee, hereinafter called Owner, in the amount of One Million One Hundred Fifty Thousand Thirty Five
<br />Dollars and xx/100 DOLLARS (1,150,035.00), for the payment whereof Principal and Surety bind themselves, their heirs,
<br />executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
<br />WHEREAS. Principal has by written agreement dated S~~,Q/04 -entered into a contract with Owner for
<br />Purchase and Installation of Parking Control Equipment
<br />NOW THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Principal shall promptly and faithfully
<br />perform said contract, then this obligation shall be null and void, otherwise it shall remain in full force and effect.
<br />THE Surety hereby waives notice of any alteration or extension of time made by the Owner.
<br />WHENEVER, Principal shall be, and declared by Owner to be in default under the contract, the Owner having performed
<br />Oevner's Obligations 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 />Obtain a bid or bids for completing the contract in accordance with its terms and conditions, and upon determination
<br />by Surety of the lowest responsible bidder, or if the Owner elects, upon determination by the Owner and the Surety
<br />jointly of the lowest responsible bidder arrange for a contract between such bidder and Owner, and make available
<br />as work progresses (even though there should be a default or a succession of defaults under the contract or contracts
<br />of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the
<br />contract price; including other costs and damages for which the Surety may be liable hereunder, but not exceeding
<br />the amount set forth in the first paragraph hereof. The term "balance of the contract price" as used in the
<br />paragraph, shall mean the total amount payable by the Owner to the Contractor under the Contract and any
<br />amendments thereto, less the amount properly paid by Owner to Contractor.
<br />Any suit under this bond must be instituted before the expiration of Two (2) years from the date on which final payment
<br />under the contract falls due. No right of action shall accrue on this bond to or for the use of any person or corporation other
<br />than the Owner named herein or the heirs, executors, administrators or successors of Owner.
<br />SIGNED, SEALED, DATED: July 23, 2009
<br />Sentry Control Systems
<br />`~~ (Principal)
<br />By:
<br />Arch Insurance Company
<br />(Surety)
<br />Aidan Smock ,Attorney In fact
<br />DIRECT CORRESPONDENCE TO:
<br />Arch Insurance Group, 10755-F Scripps Poway Parkway, #448, San Diego, CA 92131
<br />PHONE (858) 271-4393. FAX (858) 271-8141
<br />I~~.F.,........,.o D,._.,J ~ nn
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