COY Smith Perf Bond Full 012210 _2_CITY OF YELM
PRIVATE PROJECT DEVELOPMENT
PERFORMANCE BOND
City Project#: SUB-OS-0458-YL
Surety Bond #:
DATE POSTED:
PROJECT COMPLETION DATE:
RE: Yelm Subdivision/Plat/Name: Forrester Heights Phl -Palisades West
Owner/Developer/Contractor: Washington First National Bank, Seattle, Washington
Project Address: 15036 SE Hwy 507, Yelm, Parcel #21725130200
KNOW ALL PERSONS BY THESE PRESENTS: That we,
(hereinafter called the "Principal"), and
a corporation organized under the laws of the State of ,and authorized
to transact surety business in the State of Washington (hereinafter called the "Surety"), are held and
firmly bound unto the City of Yelm, Washington, in the sum of
($ ), lawful money of the United States of America, for the payment of which
sum we and each of us bind ourselves, our heirs, executors, administrators, successors and assigns,
jointly and severally, by these presents. THE CONDITIONS of the above obligation are such that:
WHEREAS, the above named Principal has entered into a certain agreement with the City,
or has been granted approval by the City, for
within the City;
WHEREAS, the agreement or the approval granted by the City requires that certain
improvements be made in connection with construction of the project; and that such improvements
be constructed in full compliance with City standards, and the plans and specifications submitted
with the project, as required by the City; and
WHEREAS, the agreement or the approval granted by the City requires that the
improvements are to be made or constructed within a certain period of time, unless an extension is
granted in writing by the City; and
NOW, THEREFORE, it is understood and agreed that this obligation shall continue in effect
until released in writing by the City of Yelm, but only after the Principal has performed and satisfied
the following conditions:
A. Conditions.
The improvements to be constructed by the Principal include: Installing a booster
pump to provide fire flow and domestic water pressure and install a pressure
reducing valve.
2. The Principal must construct the improvements to conform to the design, location,
materials and other specifications for the indicated site improvements, as required by
the City in the above-referenced City file. In addition, the Principal must construct
the improvements according to the applicable ordinances and standards of the City
and/or state statutes, as the same now exist or are hereafter amended.
The Principal must have completed all improvements required by the above-
referenced conditions, plans and City file within which time period
shall begin to run from the earlier of unless an extension is granted
by the City.
4. The Principal must have paid all sums owing to laborers, contractors, mechanics,
subcontractors, materialmen and suppliers or others as a result of such work for
which a lien against any City property has arisen or may arise.
The Principal must obtain acceptance by the City of the work completed, all on or
before thirty (30) days after the completion date set forth in paragraph 3 above.
B. Default.
If the Principal defaults and does not perform the above conditions within the time
specified, then the Surety shall, within twenty (20) days of demand of the City, make
a written commitment to the City that it will either:
a). remedy the default itself with reasonable diligence pursuant to a time
schedule acceptable to the City; or
b). tender to the City within an additional ten (10) days the amount necessary, as
determined by the City, for the City to remedy the default, up to the total
bond amount.
Upon completion of the Surety's duties under either of the options above, the Surety
shall then have fulfilled its obligations under this bond. If the Surety elects to fulfill
its obligation pursuant to the requirements of subsection B(1)(b), the City shall
notify the Surety of the actual cost of the remedy, upon completion of the remedy.
The City shall return, without interest, any overpayment made by the Surety, and the
Surety shall pay to the City any actual costs, which exceeded the City's estimate,
limited to the bond amount.
2. In the event the Principal fails to complete all of the above referenced improvements
within the time period specified by the City, then the City, its employees and agents
shall have the right at the City's sole election to enter onto said property described
above for the purpose of completing the improvements. This provision shall not be
construed as creating an obligation on the part of the City or its representatives to
complete such improvements.
C. Corrections. Any corrections required by the City shall be commenced within seven (7)
days of notification by the City and completed within thirty (30) days of the date of
notification. If the work is not performed in a timely manner, the City shall have the right,
without recourse to legal action, to take such action under this bond as described in Section
B above.
D. Extensions and Changes. No change, extension of time, alteration or addition to the work to
be performed by the Principal shall affect the obligation of the Principal or Surety on this
bond, unless the City specifically agrees, in writing, to such alteration, addition, extension or
change. The surety waives notice of any such change, extension, alteration or addition
thereunder.
E. Enforcement. It is specifically agreed by and between the parties that in the event any legal
action must be taken to enforce the provisions of this bond or to collect said bond, the
prevailing party shall be entitled to collect its costs and reasonable attorney fees as a part of
the reasonable costs of securing the obligation hereunder. In the event of settlement or
resolution of these issues prior to the filing of any suit, the actual costs incurred by the City,
including reasonable attorney fees, shall be considered a part of the obligation hereunder
secured. Said costs and reasonable legal fees shall be recoverable by the prevailing party,
not only from the proceeds of this bond, but also over and above said bond as a part of any
recovery (including recovery on the bond) in any judicial proceeding. The Surety hereby
agrees that this Agreement shall be governed by the laws of the State of Washington. Venue
of any litigation arising out of this Agreement shall be in Pierce County Superior Court.
F. Bond Expiration. This bond shall remain in full force and effect until the obligations
secured hereby have been fully performed and a bond guaranteeing maintenance of all
improvements for a period of twenty-four (24) months from acceptance has been submitted
to the City in an amount to be determined by the City Engineer, in a form suitable to the
City and until released in writing by the City.
DATED this day of
SURETY COMPANY
(Signatnre most be notarized)
By:
Its
Print Name:
Business Name:
Business Address:
City/State/Zip Code:
Telephone Number:
2010.
DEVELOPER/OWNER
(Signatnre most be notarized)
By
Its
Print Name:
Business Name:
Business Address:
City/State/Zip Code:
Telephone Number:
CITY OF YELM
By:
Date:
Its:
City of Yelm
105 Yelm Ave W
Yelm, Washington 98597
(360) 458-3835
APPROVED AS TO FORM:
Office of the City Attorney
CHECK FOR ATTACHED NOTARY SIGNATURE
Individual (Form P-1)
Corporation (Form P-2)
FORM P-1 /NOTARY BLOCK
(Use For IndividuaUSole Proprietor Only)
STATE OF WASHINGTON )
ss.
COUNTY OF )
I certify that I know or have satisfactory evidence that is the
person who appeared before me, and said person acknowledged that (he/she) signed this instrument,
and acknowledged it to be (his/her) free and voluntary act for the uses and purposes mentioned in
the instrument.
Dated:
(print or type name)
NOTARY PUBLIC in and for the
State of Washington, residing
at:
My Commission expires:
FORM P-2 /NOTARY BLOCK - (Use For Partnership or Corporation Only)
STATE OF WASHINGTON )
ss.
COUNTY OF )
I certify that I know or have satisfactory evidence that is the
person who appeared before me, and said person acknowledged as the
of that (he/she)
signed this instrument, on oath stated that (he/she) was authorized to execute the instrument and
acknowledged it to be (his/her) free and voluntary act for the uses and purposes mentioned in the
instrument.
Dated:
(print or type name)
NOTARY PUBLIC in and for the State of
Washington, residing
at:
My Commission expires:
(For Surety Company)
STATE OF WASHINGTON )
ss.
COUNTY OF )
I certify that I know or have satisfactory evidence that is the
person who appeared before me, and said person acknowledged as the
of that (he/she)
signed this instrument, on oath stated that (he/she) was authorized to execute the instrument and
acknowledged it to be (his/her) free and voluntary act for the uses and purposes mentioned in the
instrument.
Dated:
(print or type name)
NOTARY PUBLIC in and for the
State of Washington, residing
at:
My Commission expires: