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AG 95-073 DA~ I~~-~- -~~ ~3E ~1T: To: j~ J ~ 9r: -O~~ CITY OF FEDERAL WAY LAW DEPARTMENT REI<JUEBT FOR CONTRACT PREPARATION/DoCUMENT REVIEW/SIGNATURE ROUTING SLIP 1. ORIGINATING OEPT./OIV.: - ?W, ~~ ~ 2. ORIGINATING STAFF PERSON: d~ EXT:4l-z.S 3. OATE REQ. By: _~?~Z3-qS 4. TYPE OF DOCUMENT REQUESTED (CHECK ONE): 0 PR"'ESSIDNAL SERVICES AßREEMENT 0 MAINTENANCE/LASOR AßREEMENT [] PUSLIC WORKS CONTRACT 0 SMALL PUSLIC WORKS CONTRACT 'L... THAH "s,eee, D PURCHASE AßREEMENT 'MAnN...., SUPPL"', EOU'PHEHTO 0 REAL ESTATE PURCHASE & SALES AßREEMENT 5. PRO~ECT NAME: ---_\.J~ ~ 5. NAME OF CONTRACTOR: V SECURITY OOCUMENT;f ~ ft 'E.... A.NEEHENT A PEN.IM..N BeND' U".NHENT e. ,"ND' 'N L'EU e. 'eNDI [] CONTRACTOR SELECTION DOCUMENT 'E,D.. O.B, R.P, 0.0' ~--- 0 CONTRACT AMENDMENT 0 EASEMENT ~THER- AG#: eLd ADDRESS: --- TVPE OF PERSON OR ENTITY (CHECK ONE): 0 INOIVIDUAL 0 PARTNERSHIP PHONE: [] SOLE PROPRIETORSHIP 0 CORPORATION STATE:- SIGNATURE NAME: TAX ID#/SS#: TITLE: 7. SCOPE OF WORK: ATTACH EXHIBIT A . A COMPLETE AND DETAILED DEBCRIPTION OF THE BERVICEB DR SCOPE OF WORK, INCLUDING COMPLETION DATES FOR EACH PHASE OF WORK AND LOCATION OF WORK. S. TERM: COMMENCEMENT DATE: COMPLETION OATE: 9. TOTAL COMPENSATION: $ REIMBURSABLE EXPENSES: DYES DNa ," CALDu~nD eN HDUNLY LA'DN CHAN.E - A~ACH .CHEDUL" D. EHPLDym ToTL" AND HDUNLY Nm.' Is SALES TAX OWED? U YES 0 No 1 D. SELECTION PROCESS USED (CHECK ONE): 0 RE"UEST FOR SODS U RE"UEST FOR PROPOSALS IF VES, MAXIMUM OOLLAR AMOUNT: $ IF YES, PAID BY: UCITY 0 CONTRACTOR [] RE"UEST FOR QUOTES 0 RE"UEST FOR QUALIFICATIONS 0 ARCHITECT & EN"'NEER LIST 0 SMALL WORKS ROSTER , ,. CONTRACT REVIEW ¡¡{LAW (ALL CONTRACTS) /0 R'SK MANAßEMENT IJ/I'r 'ALL ceNTNACTO EXCEPT AHENDHENT.. CDNTNACTDN .mCT'DN DDCUHENT' 0 PURCHASIN" , 2. CONTRACT SIGNATURE ROUTING A LAW DEPARTMENT ~ ;~EN:K"ER Xí. SIßNED COpy SACK TO OR""NAT'Nß DEPT. XASS'ßNED AG # qS - 7 ~ . ..3 ß't> /1 S- Ci#.- COMMENTS 'þlQ~ ~L.lDA7 ApPRDVED èJ '- 3/Zc.J('~ / ' ," LDO" 'NEV M'O' / m Bond #: W ~ 11 tf-~ Permit#: SUB93-0002 Bond Amount: $42,725 Cash Deposit Amount: $1,710 Applicant: Jacobson Construction & Development, Inc. Project: West Hill Plat Property Address: 7th Way S.W. Federal Way, WA CITY OF FEDERAL WAY AGREEMENT AND PERFORMANCE/MAINTENANCE BOND THIS AGREEMENT (" Agreement") is dated effective this.li.. day of February, 1995. The parties ("Parties") to this Agreement are the City of Federal Way, a Washington municipal corporation ("City") and Jacobson Construction & Development, Inc., a Washington corporation ("Applicant"). / A. The Applicant is required to perform certain work and/or complete certain improvements, including construction of sanitary sewer side connections and right-of-way overlay for final plat approval at the above referenced address located in Federal Way, Washington in connection with Applicant's Land Use Application under the above-referenced permit number ("Permit"); B. The improvements will be constructed or the work performed in accordance with record drawings and approved plans on file with the City ("Plans"); C. The City has determined that the Applicant must post security with the City pursuant to Sections 146 through 159 of the Federal Way City Code ("FWCC") as now existing or hereafter adopted or amended, to guarantee Applicant's performance of the required construction of improvements or performance of work, maintenance or repair in accordance with the Plans as a condition of granting the Permit. NOW, THEREFORE, the Parties agree as follows: 1. ImDrovements. Applicant shall construct all improvements and perform all maintenance pursuant to the Plans, to the City's satisfaction ("Work"). The obligation to maintain the improvements shall continue for a period of two (2) years after issuance of the certificate of occupancy or final inspection, or such longer period as required by the FWCC or other applicable law, rule or regulation. 2. ComDletion of Work. The Applicant shall complete the Work to the City's satisfaction, within the time period prescribed by the City, and in full compliance with the Plans, including any approved amendments thereto, and in conformance with all applicable laws, rules or regulations. 3. Performance/Maintenance Bond. Applicant shall deliver the fully executed Performance/Maintenance Bond to the City in the form attached hereto as Exhibit "A" and incorporated- by this reference ("Bond"), to guarantee Applicant's performance ofthe construction of the improvements and/or maintenance of the improvements pursuant to the Plans. ORIGINAL ~ 4. Release of Bond. If the Principal constructs the improvements in accordance with the terms of the Bond, the Permit and all applicable law, the sum of the Bond shall be reduced by seventy percent (70%) after final inspection and approval of the improvements by the City and the City will deliver to Principal the fully executed Partial Release of Bond attached hereto as Exhibit "B". Except as set forth . in the preceding sentence, the Bond shall remain in full force and effect. That portion of the Bond equal to thirty percent (30%) of the original penal sum shall remain in full force and effect for two (2) years after final inspection and approval, as a maintenance bond to guarantee against defective materials and workmanship in the construction of the improvements and to insure continued maintenance of the improvements. Two (2) years after final inspection and approval of the improvements and performance of the màintenance, the City will release the remaining portion of the Bond by executing and delivering to Principal the Full Release of Bond attached hereto as Exhibit "C". 5. Rioht to Comclete Work. In the event the Applicant fails to perform the Work, the City may, but in no event is it obligated to, request the disbursement of the Bond from the surety and perform any of the necessary Work. Upon demand, Applicant agrees to pay the City an amount equal to all of the City's costs and expenses in performing such Work in excess of the amount of the Bond. 6. ~. The Community Development Department of the City shall be given forty-eight (48) hours notice prior to the commencement of the Work. 7. Indemnification. Applicant agrees to indemnify and hold the City, its elected officials, officers, employees, agents, and volunteers harmless from any and all claims, demands, losses, actions and liabilities (including costs and attorney fees) arising from, resulting, or connected with this Agreement and the Bond, including without limitation, the City's performance of the Work pursuant to Section 5 herein. 8. Administrative Cash Decosit. In addition to the amount of the Bond, Applicant agrees to pay a cash deposit to the City pursuant to Section 22-151 of the FWCC, upon the execution of this Agreement equal to the following percentages of the amount of the Bond: Amount of Bond Amount of Cash Decosit Up to $20,000 $20,001 - $50,000 $50,001 - $100,000 $100,001 and up 5% of Bond (minimum $100) 4% of Bond 3% of Bond 2-1/2% of Bond The cash deposit may be used by the City to cover its actual expenses in administering this Agreement and, if necessary, collecting and using the proceeds from the Bond. 9. Remedies Cumulative. No remedy provided for by this Agreement shall be deemed exclusive, but shall be deemed cumulative and in addition to every other remedy available to the City at law, in equity or by statute. Applicant's liability under this Agreement is not limited to the amount of the Bond. 10. License. Applicant shall record a license in the form attached hereto as Exhibit "D" and incorporated herein by this reference with the King County Department of Records, immediately upon the execution of this Agreement and at Applicant's cost. -2- 11. General Provisions. This Agreement may not be amended except by written agreement signed by the Parties. Any provision of this Agreement which is declared invalid, shall not invalidate the remaining provisions of this Agreement. The failure or delay of the City to declare any breach or default shall not waive such breach or default. This Agreement may not be assigned by any Party without the written consent of the other Party. This Agreement shall be binding upon and insure to the benefit of the Parties' successors in interest. Time is of the essence. JACOBSON CONSTRUCTION & DEVELOPMENT, INC. By: / ~~fJI'- . Its Vice President 33439 13th PI. So., #300 Federal Way, WA 98003 (206) 927-8266 CITY OF FEDERAL WAY BY:Þ~ 0 /4;ttL F- Kenneth E. Nyberg, City Manager 33530 1st Way South Federal Way, WA 98003 APPROVED AS TO FORM: ~~ r- ' - K:8ONDSUocob ~ h~ ~ 2/3/95 ~ ~ -3- EXHIBIT A CBIC BOND NO. WB1146 CITY OF FEDERAL WAY PERFORMANCE/MAINTENANCE BOND KNOW ALL PEOPLE BY THEse PRESENTS: We. the undersigned. Jacobson Construction &.Development, Inc. ("principal") anrj CDNfRACIDRS BONDING AND INSURANCE CDMPM#le undersigned corpOtetJon organized and existing ur'lder the laws Of tne Stete of Washington. and legally doing busIness In the State of WClshlngtOtl as a surety (.Surety.). are held and firmly boul'\d unto the City of Federal Way, 8 WÐshlngton municipal corporation (.City") In the penal sum of FortV'¡wo Thousand SClven Hundrsd Twenty-Five en(l no/100 Dollars ($42,726.00) for the payment of which they firmly bind themselves and their legal representatives, successors and assigns, JoIntly and severally. This obligation Is entered Into øursuanf to the statutes of the StÐte of Washìngton and the ordinances. regulations, standards and policies of the City, as now existing or hereafter' amended or sdoøted. The Prir'ICipal has entered into an Agreement with the City of even date to cOl'l$tl'uct sanitary sewer side connections and right-af-way overlay fOl final plat e.pproval. NOW. THEREFORE, if the Principal shall perform aU the provisions of the Agreement In the manner and within the time period ørescrlbed by the CitY, or within such extensions of time as may be granted under the Agreemer'lt, snd shall pay all laborers, mechanlos. subcontractors and material men 01' women. and aU persons who shall $upply the Principal or 8Ul)contractors with provisions and supplies for the c:arrying on of said work. end shall hold the City, their officials. agents, employees ~nd volunteers harmless from any loss or damage occasioned to BOY person or property by reason of any carelessnsiS or negligence on the part of the Principal, or any subcontractor in the perfonnance of said work. and shall Indemnify and hold the City harmles$ from any damage or exØense by raason of failure of performance as specified In the Agreement, or from defects appearing or develoPing In the material or workManship þrovided or performed under the Agreement within a period of two (2) years after Its final acceptance thereof by the CitY. then and In the event this obligation shall be voId; but otherwise, it shall be and remain in full force and effect. And the Surety. for value received. Mreby further stipulatessnd agrees that no change. exten$ion of time, alteration or addition to the torms of the AgtQement or to the work to be performed thereunder or the $pecific8tions accompanying the same shall In any way affect its obl1getiOI"l on this bond, and It does hereby waive notice of any change. extension of time, (llterntions or additions to the terms of the Agreement or to the Work. The Surety hereby agrees that modifications and changes may be made In the terms and provisions of the Agreement wIthout notiCO to Surety. ar'ld IIny such modifications or changes increasing the tote I amount to be paid the Principal shall automatIcally increase the obligation of the Surety on this Perform,ocEt Bond in a like amount, such increase, however, not to exceed twonty-five percent (25%) of the original amount of this bond without the consent of the Surety. nRlhlNAL .__n""--'-h "MER UW INS . CBIC BOND NO. WB1146 206 " 8862 P.12 Within forty-five (45) days of re~elvll'lg notice that the Principal has defaulted on .11 or pllrt of the terms of the Agreement. the Surety ahall m<lke e written oommltn'lent to the City that it will either; (al cure the default itself Within 8 reaaonable time period, or (b tender to the City. the amount neceSSary for the City to remedy the default. tnotudlnQ leQel feas Incurred by the City, or (e) in the event that Surety's evaluation of the dlaputo la not complete or In the event the Surety disputes the City's clelm of defeult. the Surety shall notIfy the City of Its finding and its Intent, If any, to Interplead. The Surety shllil then fulfill Its obligations under thIs bond, according to the option It haa eleoted. Should Surety eleot option la) to cure the default, the penel sum of the Bond shall be reduced 11'181'1 amount equal to the costs actually Incurred by the Surety In curing the default. If the Surety elacts option (b). then upon completion of the necessary work, the City .hell notify the Surety of Its actual costs. The City shall retum, without Interest, any overpayment made by the Surety end tha Surety shell pay to the City any actual costs which exceed the City sstlmats, limitad to the bond amount. Should tha Surety e!ect option (c), the Parties shalf first complete participation In madlation, described In the below paragraph, prior to any Interplead action. In tha event a dIspute should arise between tha PartIes to thiel3ond with respect to the City's declaration of default by the Principal. the Parties agree to pattlclpateln at least four hours of mediation in accordance with the mediation procedures of United Statas Arbitration and Mediation ("USA&M"). The Parties 811811 proportionately share In the cost of the mediation. The mediation shall be administered by the Seattle USA&M offIcII, 4300 Two Union Square, 601 Union Street, Seattle, Washington 98101-2327. The Surety ahall not Interplead prIor to completion of the mediation. CATeD this241H day of FEBRUARY .19-2.5 CORPORATE SEAL OF pRINCIPAL: JACOBSON CONSTRUCTION & OI;VELOPMENT,INC. "" ¡, ~~ (Name of Person Executing BondI Its: Vice Prealdent 33439 13th PI. So., #300 Federal Way. WA 98003 (206) 927-8266 -2- . CBI'C BOND NO. WB1146 CORPORNtESMI- OP SIJREïY: . " ~M;~ 0 . N ,rTYATTORNEY .~ l1l;;_œ aN~ Attorrleý"lnwFMt (Attach Power of Attorney) ERIC SIRKIN . (Name of Person Exeçutlng Bond) P.O. BOX 9271 SFATIlE, WA 98109-0271 (Alfdress) (206) 622-7053 (phone) CERTIFICATE AS TO ÇORPORATE SEAl... I hereby certify that I arn the !Assistant) Secretary of the Cor )oration named as PriMipal in tha within bond; that ~ ~ . who sI,ned tha said bond on "h,1f of ." PrincIpal, was V. p. I '..l of the saId corporation: that I know his or her signa-tufa ttleteto 1$ genuln8,I!nd t at ¡¡lid bond was duty signed, sealed. and attested for and in behalf of said CotJ'oration by authorit" of its governing body. \C;1fOfUo\S\l'f.WI.lAIIUND ~.... *30-04 ) \.. EXHIBIT B PARTIAL RELEASE OF BOND # W EJ II Lf-~ The undersigned hereby acknowledges that a portion of the conditions of the Agreement and Performance/Maintenance Bond for West Hill Plat. Permit No. SUB93-0002 have been satisfied and hereby authorizes the release of an amount equal to Twenty-Nine Thousand Nine Hundred Eight and no/100 Dollars ($29,908.00). The remaining funds equalling thirty (30%) of the cost of the work or improvements shall be retained by the City for a period of two (2) years as security for Assignor's performance of all maintenance for the above described project and as a guarantee against defective materials or workmanship in the construction and maintenance of such improvements. DATED this - day of ,19_. CITY OF FEDERAL WAY By: (Name. Title) u ,.. / \¡, EXHIBIT C FULL RELEASE OF BOND # I¡Jß/JI/þ TERMINATION OF LICENSE The undersigned hereby acknowledges that the two (2) year maintenance period has expired, that the work or improvements covered by the Agreement and Performance/Maintenance Bond for West Hill Plat, Permit No. SUB93-0002 have been completed to the City's satisfaction and that the City is not aware of any defect in workmanship or materials. Accordingly, the undersigned hereby releases the sum of Twleve Thousand Eight Hundred and Seventeen and no/100 Dollars ($12,817.00). The undersigned further releases all right, title and interest granted to the undersigned by reason of a certain License Agreement recorded under King County Recording No. ("License Agreement") and acknowledges that all obligations and rights contained io the License Agreement are hereby terminated. DATED this - day of ,19_. CITY OF FEDERAL WAY By: (Name. Title) ,I) ~ . ,/ :; r FILED FOR RECORD AT REQUEST OF: JACOBSON CONSTRUCTION & DEVELOPMENT. INC. (Applicant's Nam<¡) MAIL TO: CITY OF FEDERAL WAY 33530 1ST WAY SOUTH FEDERAL WAY. WA 98003 ATTN: Julie Venn LICENSE EXHIBIT D THIS SPACE RESERVED FOR: RECORDERS USE: The undersigned owner of certain real property located In Federal Way, Washington and legally described as follows: Legal description Is attached hereto as Exhibit "'" and Incorporated herein by this reference ("Property") hereby grants an Irrevocable license to the City of Federal Way ("City") and the City's agents, employees, contractors or representatives to enter upon the Property to Inspect the construction of improvements, the performance of work or to allow the City to perform any necessary maintenance or work, all pursuant to that certain Agreement and Performance/Maintenance Bond of even date entered into between the City and the undersigned and incorporated herein bV this reference. DATEDthls2:t-dayof ¡::;,L¡ ,194r JACOBSON CONSTRUCTION & DEVELOPMENT, INC. / ¡;a¡-9ø-1- ¡ T.S L- 'i 6.. ,?~~ ~ , By: [Individual Notary] STATE OF WASHINGTON) ) ss. COUNTY OF KING ) On day personally appeared before this to me known to be the individual(s) described in and who executed the foregoing License, and on oath swore that he/she/they executed the foregoing instrument as his/her/their free and voluntary act and deed for the uses and purposes therein mentioned. GIVEN my hand and official seal this - day of ,19_. (notary signature) . (typed/printed name of notary) N01ary Public in and for the State of Washington. Mv commission expires Vice President [Corporate Notary) STATE OF WASHINGTON) ) ss. COUNTY OF KING ) me, On this day personally appeared before me 'Í. s.c.,,~ ~.-,< Q /'. . , to me known to be the Vice esident of Jacobson Construction & Development, Inc., the corporation that executed the foregoing License, and acknowledged the said instrument to be the free and voluntary act and deed of said corporation, for the uses and purposes therein mentioned, and on oath stated that he/she was authorized to execute said instrument and that the seal affixed, if any, is the corporate seal of said corporation. LEGAL DESCRIPTION nill LAND REFERRED TO IN THIS COMMITMENT IS SITUATED IN THE STATE OF WASHrNGTON, COUNTY OF KING AND IS DESCRIBED AS FOLLOWS: THAT PORTION OF nlE NORTHWEST ONE QUARTER OF THE NORTHEAST ONE QUARTER OF SECTION 19, TOWNSHIP 21 NORTH, RANGE 4 EAST, W.M.. IN KING COUNTY, WASIIINGTON, SAID PORTION BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SUBDIVISION; TImNCE ALONG THE WEST LINE THEREOF SOUTH 01.II'40"WEST 107S,13 FEET; THENCE LEAVING SAID WEST LINE NORTH n.SS'44"EAST 78.2S FEET TO THE MOST NORTHERLY CORNER OF THE LANDS DESCRI~ED IN DEED RECORDliD UNDER RECORDING NO. 74121S0379, RECORDS OF SAID <:OUNTY AND THE TRUE POINT OF BEGINNING; -THENCE NORTH 37.01'16"WEST 2.00 FEET; THENCE NORTH S2.SS'44"EAST 112.82 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 372.00 FEET; THENCE NORTHEASTERLY AND EASTERLY 194.78 FEET ALONG SAID CURVE THOROUGH A CENTRAL ANGLE OF 30.00'00"; THENCE NORTH S2.SS'44"EAST 70.64 FEET; THENCE SOUTH 37.01'16"EAST 169.44 FEET TO THE NORTHWESTERLY LINE OF THE TRANSMISSION LINE RIGHT-OF-WAY CONVEYED TO U.S.A. BONNEVILLE POWER ADMINISTRATION BY INSTRUMENT RECORDED UNDER RECORDING NO. 3194S72, RECORDS OF SAID COUNTY; THENCE ALONG SAID NORTHWESTERLY LINE SOUTH" S2.S8'44"WEST 360.00 FEET TO THE MOST EASTERLY CORNER OF THE LANDS DESCRIDED IN SAID DEED; THENCE ALONG THE NORTHEASTERLY LINE THEREOF NORTH 37.01'16"WEST 2S2.60 FEET TO THE TRUE POINT OF BEGINNING. SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. á :l I (WHILL) ,"- ~'~--l U,S, BANK 19-10 Jacobson Construction, Inc. 10002 1 12th Street East ~. 33430 13th Place S., Suite 300 Puyallup, WA, 98373 Federal Way, WA 98003 DAno CHECK NO AMOUNT ' 03/24/95 000844 $*********8.00* i EIGHT AND NO/100 DOLLARS ************************************************** I I PAY ~~6~~OF KING COUNTY f~ 11"0008 a. loll" I: ~ 2 5000 ~O 51: 2¡;H 000~'i'511" """'° "r~ ""O"" .... 11 EXHIBIT A CEIC BOND NO. WB1l46 CITY OF FEDERAL WAY PERFORMANCEIMAINTENANCE BOND KNOW ALL PEOPLE BY THEse PRESENTS: We. the undersigned. Jacobson Construction &. Development. Inc. ("Principal") and CùNTRACIDRS BONDING AND INSURANCE COMPAN\he undersigned corporatIon organized and existing u"der the laws of tne State of Washington, and legally doing business In the State of WashingtOl'l as a surety (.Surety.), are held and firmly bound unto the City of Federal Way. a Washington municipal corporatiOn ("City") In the pinal sum of Forty-Two ThO\l$and Seven Hundred Twenty-Five on(l no/100 Dollars ($42.726.001 for the payment of which they firmly bind themselves and their legal representatives, succe$Sors end assigns. Jointly and severally. This obligation Is entered Into pursuant to the statutes of the State of Washington and the ordinanceS. regulations, standards and policies of the CitY. el now existing or hereafter' amended or adoPted. The Prir1cipal h~s entered into an Agreement with the City of even date to conStruct sanitary sewer side connections and right-of-way overlay fM final plat approval. NOW. THEREFORE. if the Principal shall perform all the provisions of the Agreement In the manner and within the time period þrescrlbed by the City, or within such extensions of time as may be granted under the Agrtemel'lt, and ShAll pay allisbarers, mechanlos, subcontractors Md material mel'l or women. and all persons who shall supply the PrIncipal or IUl)contractors with provisions and supplies for the carrying on of said work. end shall hold the City. their officials. agents, employees and volunteers harmless from any loss or damagQ occasioned to any person or property by reason of any carelessness or negligence on the part of the Principal, or any subcontractor in the performance of said work, 81'1d shall Indemnify and hold the City harMless from any damage or exøense bV reason of failure ot performance as specified In the Agreement, or from detects aøpearlng or develoPing In the material or workmanship provided or performed under the Agreement within a period of two (2) years after Its final acceptance thereof by tM CItY. then end In the swnt thIs obligatIon shall be voId; but otherwise, it shall be and remain in full force and effect. And the Suret'{. for value received, ~reby further stipulates end 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 $pecifiC8tlons accompanying the same shall In any way affect Its obligatiOl"l on this bond. and It does hereby waive notice ot any change. extension of time, .Iterøtlons or additions to the terms of the Agreement or to the Work. The Surety hereby tIgress that modifications end changes may be made In the terms and provisions of the Agreement without notiCe to Surety. ilr'ld any 5uoh modification¡ Of changes increasing the total amount to be paid the Principal shall automatically increase the obligation of the Surety 01'1 this Perform8nce Bond In a like amount, such increase, however. not to exceed twonty-five pørcent (25%) of the origlnalal'\'lount of this bond wIthout the consent of the 6uraty. ORIGINAL . -- -- -. "-- .- -- "'"IE" OW INS 2"6 " 8862 P.12 . ŒrC BOND NO. WB1146 Within forty-five 145) days of receivinG notice that the PrincIpal has defaulted on sn or psrt of the terms of the Agreement. the Surlltv shall meke II written oommltment to the City that it will either; (8) cure the default itself wIthin 8 reasonable time pedod, or IhJ t!!nder to the City. the amount neceS.9ary for the City to remedy the default. IncludIng legel fees incurred by the City, or (c) in the event that Surety's evaluatlO11 of the dlapute la not complete or in the event the Surety disputea the City's claim of default. the Surety shall notify the City of Its finding end its Intent, If any, to Interpleed. The Surety shilll then fulfill Its oblIgatIons und!!r this bond. according to the option it hn eleoted. Should Surety eleot option Ie) to cure the defeult. the penal sum of the Bond shan be reduced In an emount equal to the costs ecwally Incurred by the Surety in curing the default. If the Surety elects option (b), then upon completion of the necessary work. the City 8h8.l1 notify the Surety of Ita actual coats. The City shell retum. wlthol,lt Interest, any overpayment made by the Surety snd ths Surety shall pay to the City any acll,llli costs which exceed the City estimate. IImitad to the bond IImount. Should the Surety elect option (c), the Parties shall first complete participation In mediation. described In the below paragraph, prior to any Interplead action. In the event a di$pute $hould arise between the Parties to this 60nd with respect to the City's declaration of default by the Principal, the Parties agree to participate In at least four hours of mediation in accordance with the mediation procedures of United Stetea Arbitration and Mediation ("USA&M"). The Parties shall proportionately share In the coat of thl mediation. The mediation shall be admInIstered by tha Seattle USA&.M office, 4300 Two Union Square. 601 Union Street, Seattle, Washington 98101-2327. The Surety ahall not Interplead prIor to completion of the medIation, CATeD this~ day of !:.EBRUARY .19-2.5 CORPORATE SEAL OF pRINCIPAL: JACOBSON CONSTRUCTION & O¡¡VELOPMENT, INC, "'X l~ (Name of Person executing Bond) Its: Vice Fr8lldent 3343913th PI. $0.. 6300 Federal Way, WA 98003 (206) 927-8266 -2- n:o-¡;¡-;;¡u WCI} la.v" CBrc BOND NO. WB1146 CO~~RS BlflOND C . ~ INSURANCE COMPANY L~ ,~ By: Attorney-In-Fe.ot (Attach Power of Attorney) ERIC SIRKIN . (Name of Person ExecutIng Bond) P.O. BOX 9271 CORPORATE SEA\.. OF SI,IRETY: SEATTLE, WA 98109-0271 (Addres6) (206) 622-7053 (phone) APPROVED AS TO FORM; . ~~~. -, CERTIFICATE AS TO ÇORPORATE SEAL I hereby certify that I em tM !Assistant) Secretary of the Cor¡)oration nemed as Prir'ICipal in the within bond; that ~~ . who signed th8 said bond on behalf of the PrincIpal. was -.J/. p. 1 v of the said corporation: tNit I know his or her signature theteto Is genuine, and t at said bond was duly sIgned, sealed. and attested for and in behalf of said Cotøoration by authority of its governing body. ~:IFOfIMII\I'(I\f'~III.BND 1'\... Qi -30-04