Page 6 - hs8704
P. 6
each phase being separated from the other by a period of time to be
determined by Society. However, the nature of the construction to be
performed in each phase and the time interval between phases shall be subject
to approval by the Director. In no event shall · the phasing of the
construction required extend the completion thereof beyond the term of this
Agreement~- Should the required construction be - phased as herei~.- provided;
diligent prosecution thereof shall require commencement of each phase on or
before the date selected for commencement thereof.
• • ' -- 1-
\. ~ ; ~ ~ ~- ~ ' ,._,,_ ·- ~ ._ -~ ~ {.
1 ~ Society shall purchase per-formance and·· payment bonds for these
improvements··· cOntr-acted- by Society per this Agreement from -corporations duly
authorized to issue surety bonds by the State before constructing said
improvements .. _ upon said ·p~operty ~ - Each bond -·sh~fl ~~me Society a~ principal,
company as surety, and County as obligee, thereon. The payment bond shall
also' insure to -the benefit of· all claimants, as said term is presently defined
by Section· 3085 of -·the California, Civir -_-Code, ·or may hereon in any suit
br·o·ughf to .. foreclos·e 'the liens· provided for in -Title· 15 of Part 4 of Division "3
of -s'aid - Civ1 I ·code or: in a· separate "suit brought . upon the - ~ond. Each bond
shall be in a sum equal to One Hundred Percent ( 100%) of the costs for
constructing the -improvements contracted for, located upon the said property,
a'nd-: 'a'pproved by th'e·' Directo'r·.,; '=The· 'condilion' of; the pe·rfortnance ·bond:·=s·hall
tit:t··s'~c'~ --:,that if the principal shall well and truly perform the construction
herein' requi~ed; ·pu.rsuant to -the approval plans -and -specifications - therefor;
then surety shall no longer be bound thereon. The condition of the payment
bo-nd shall be such that if the principal shall well and truly pay, or cause to
be paid, all claims for labor, materials, appl iarices, teams, or power, _ or
4