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Annually Renewable Performance Bond 02 o lv 27/2/ Annually Renewable Performance Bond Bond No. 0556077 Original Duplicate KNOW ALL MEN BY THESE PRESENTS That Choice Environmental Services of Miami Inc. (hereinafter called the Principal), and International Fidelity Insurance Company , (hereinafter called the Surety), are held and firmly bound unto of Miami Beach, Florida , (hereinafter called the Obligee), in the full and just sum of One Million Dollars and 00/100 Dollars ($ 1,000,000.00 ), the payment of which sum, well and truly to be made, the said Principal and Surety bind themselves, and each of their heirs, administrators, executors and assigns, jointly and severally, firmly by these presents. WHEREAS, the Principal has by written agreement dated the 9 th day of June , 2010 , entered RFP No, 60- 08/09, Collection an isd� posal of Residential Solid as e, into a Contract With the Obligee f Yard Trash, Bulk Waste, and Operation of the City's Green Waste Facility for a period of 5 years which. contract is hereby referred to and made a part hereof. WHEREAS, the Obligee has agreed to accept a bond guaranteeing the performance of said contract for a period of one year. NOW, THEREFORE, THE CONDITIONS OF THE ABOVE OBLIGATION IS SUCH, that if the Principal shall well and truly perform each and every obligation in said Contract at the time and in the manner specified during the term of this bond, and shall reimburse said Obligee for any loss which said Obligee may sustain by reason of failure or default on the part of said Principal, then this obligation shall .be void, otherwise to remain in full force and effect. PROVIDED, HOWEVER, That this bond is subject to the following conditions: 1. This bond is for the term beginning September 1 2011 and ending August 31, 2012 The bond may be extended for additional terms at the option of the Surety, by continuation certificate executed by the Surety. Neither non - renewal nor failure, nor inability of the Principal to file a replacement bond shall constitute a loss to the Obligee recoverable under this bond. 2. In the event of default, the Surety will have the right and opportunity, at its sole discretion, to: a) cure the defaults; b) assume the remainder of the Contract and to perform or sublet same; c) or to tender to the Obligee funds sufficient to pay the cost of completion less the balance of the Contract price up to an amount not to exceed the penal sum of the bond. In no event shall the Surety be liable for fines, penalties, liquidated damages, or forfeitures assessed against the Principal. 3. No claim, action, suit, or proceeding, except as hereinafter set forth, shall be had or maintained against the Surety on-this instrument unless same be brought or instituted upon the Surety within one year from tennination or expiration of the bond tent. 4. No right of action shall accrue on this bond to or for the use of any person or corporation other than the Obligee named herein or the heirs, executors, administrators or successors of Obligee. 5. The aggregate liability of the Surety is limited to the penal sum stated herein regardless of the number or amount of claims brought against this bond and regardless of the number of years this bond remains in force. f 6. If any conflict or inconsistency exists between the Surety's obligation or undertakings as described in this bond and as described in the underlying document, then the terms of this bond shall prevail. Signed and sealed this 5th day of July 2011 Principal: Surety: International Fideli Insurance Co V Choice E nmen 1 S rvices of Miami Inc. (seal) Y _•,`.(seal) -` `� F By: B � Y:4... (name tif I) ( A ttorney-in-Fact - ( orney -in -Fact f 66o (d�Ll Nicole M. Colley _ y C Surety Telephone Number ( 7 04) 362 - 3'9'9 'W ­.. ...1--, " ­ ' N , k "', ""'. "" .­­­ - W. ;,-, ..... . �-. ..',.,� 'I ��:,�:: : "I � ,����:.�:;:�::..::::�.,.�,,�-, "''I"'-'���l.:� .,:,.:,: . ..; ", ��,� ,� . ... ,,­,,� ".'.'....�...."", - 1 ..::: . M .M.P.. '_N­lt� -.*.:� .��l� MiO .. ......, l y �", �,:, � �::::�;-_%� "':� ,,, 1.1_� .... ... .... � ­.. 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