PALP INC. DBA EXCEL PAVING COMPANY (5)

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CITY OF SANTA ANA BONDS PROJECT NO.: 15-6606 Bond No. 8239-74-09 PAYMENT BOND KNOW ALL MEN BY THESE PRESENTS that PALP Inc. dba Excel Paving Company as CONTRACTOR, and Federal Insurance Company a corporation, organized and existing under the laws of the S tate, and duly authorized to transact business under the laws of the State of Califor nia, as SURETY, are held and firm ly bound unto the City of Santa Ana, as AGENCY, In the penal SUM of Two hundred thirty nine thousand four hundred eighty and 00/100 Dollars ($ 239,480.00 ), which is 100 percent of the total contract amount for t he above stated project, for the payment of which sum, CONTRACTOR and SURETY agree to be bound, jointly and severally, firmly by these presents. THE CONDITIONS OF THIS OBLIGATION AR E SUCH that, whereas CONTRACTOR has been awarded and is about to enter into the annexed Contract Agreement with AGENCY dated May 17, 2016 for Street Traffic Calming From Birch St. to Spurgeon St. (FAID U58DP005861) if CONTRACTOR or any subcontractor fails to pay for any labor or m aterial of any kind used in the performance of the Work of Improvement to be done under said Contract Agreement, or fails to submit amounts due under the State Unem ployment Insurance Act with respect to said labor, SURETY will pay for the Sam e in an am ount not exceeding the sum set forth above, which amount shall insure to the benefi t of all persons entitled to file claims under the State Code of Civil Procedures; provided that any alterations in the work to be done, in aterials to be furnished, or time for completion made pursuant to the terms of the contract docum ents shall not in any way release either CONTRACTOR or SURETY, and notice of said alterations is hereby waived by SURETY. IN WITNESS WHEREOF the parties hereto have set their names, titles, hands, and seal this 20th day of May —'20 16 CONTRACTOR* PALP Inc.pdba Excel Paving Company 2230 Lemon Avenue, Long Beach CA 90806 President—C.P Brown sworn to before me, 20 Signature: Notary Public in and for the County of Varies 1,317.00 Rate of premium on this bond is $ _ Total amount of premium charge is $ 15 Mountain View Rd., Warren, NJ 07059 908-903-2000 this day of State of per thousand. To be filled in by Surety *Provide CONTRACTOR /ADMITTED SURETY name, address, and telephone number and the name, title, address, and telephone number of authorized representative. 2of3