Resolutions-2018-102

MAINTENANCE BOND KNOW ALL MEN BY THESE PRESENTS: That, Cornerstone Excavating, Inc. of Washington, Iowa as Principal, and the Merchants Bonding Company (Mutual) as Surety, are held and firmly bound unto City of Tiffin in the penal sum of One Million Seven Hundred Forty-four Thousand Six Hundred Seven And 16/100 ($1,744,607.16) Dollars, lawful money of the United States of America, for the payment of which, well and truly to be made, the Principal and Surety bind themselves, their and each of their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. Whereas, the said Principal entered into a certain contract, with City of Tiffin To furnish all the material and labor necessary for the construction of Clear Creek Commerce Park Improvements, Village Drive Extension Project, Tiffin, IA in Tiffin, Iowa In conformity with certain specifications; and Whereas, a further condition of said contract is that the said Principal should furnish a bond in indemnity, guaranteeing to remedy any defects in workmanship or materials that may develop in said work within a period of Three (3) years from the date of acceptance of the work under said contract; and Whereas, the said Merchants Bonding Company (Mutual) for a valuable consideration, has agreed to join with said Principal in such bond or guarantee, indemnifying said City of Tiffin Now, therefore, the condition of this obligation is such, that if the said Principal shall, at his own cost and expense, remedy any and all defects that may develop in said work within the period of Three (3) years from the date of acceptance of the work under said contract, by reason of bad workmanship or poor material used in the construction of said work, and shall keep all work in continuous good repair during said period, and shall in all other respects, comply with all the terms and conditions of said contract with respect to maintenance and repair of said work, then this obligation to be null and void; otherwise to be and remain in full force and virtue in law. In Witness whereof, we have hereunto set our hands and seals this 2nd day of October 2018. Cornerstone Excavating, Inc. By: [signature] Principal Merchants Bonding Company (Mutual) By: [signature] Surety Dione R Young Attorney-in-Fact