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Renewal Performance Bond - 7113111 Q011 -- UTDOOR 5800 NW 77` Ct., Miami, FL 33166 T 305.592.6250 F 305.714 -3480 August 15, 2012 VIA FEDERAL EXPRESS Mr. Clifton Leonard Risk Manager City of Miami Beach 1700 Convention Center Drive Office of Risk Management Miami Beach, FL 33139 Re: Renewal Performance Bond #SU04457 Dear Mr. Leonard: Enclosed please find the above referenced certificate executed in the amount of $25,000.00, for bus shelters and signed, sealed and dated July 5, 2012 for City of Miami Beach, of which is continuous in form, and to cover period August 20, 2012 to August 20, 2013, as per requirement of our Lincoln Road Mall Agreement. Should you have any questions concerning this matter, please do not hesitate to contact me on my direct line 305 - 714 -3534. Best regards, CLEAR CHANNEL O 1O01? Kathleen G. Rutter, Director Public Affairs Department Enclosure This bond replaces and supercedes bond #103673739 issued by Travelers Casualty and Surety Company of America effective August 20, 2001. r ASPEN Aspen American Insurance Company 175 Capital Boulevard Rocky Hill, CT 06067 PERFORMANCE BOND Annual Form Bond No. SU04457 KNOW ALL BY THESE PRESENTS, That we CLEAR CHANNEL ADSHEL, INC. as Principal, and Aspen American Insurance Company of Texas , authorized to do business in the State of as Surety, are held and firmly bound unto CITY OF MIAMI BEACH as Obligee, in the maximum penal sum of Twenty Five Thousand and 00 /100 Dollars f 25,000.00 ), lawful money of the United States of America, for which payment well and truly to be made we bind ourselves, our heirs, executors and assigns, jointly and severally, firmly by this Bond. WHEREAS, the Principal has entered, or is about to enter, into a written agreement with the Obligee to perform in accordance with the terms and conditions of the Construct, operate and maintain directory structures in the Lincoln Road Area ETAL Proposals No. 112 -99/00 (hereinafter referred to as the Contract), said Contract is hereby referred to and made a part hereof NOW, THEREFORE, the condition of this obligation is such that if the above named Principal, its successors and assigns, shall well and truly perform its obligations as set forth in the above mentioned Contract, then this Bond shall be void; otherwise to remain in full force and effect pursuant to its terms. Notwithstanding anything to the contrary in the Contract, the Bond is subject to the following express conditions:. 1. Whereas, the Obligee has agreed to accept this Bond, this Bond shall be effective for the definite period of 8/20/12 to 8/20/13 . The Bond may be extended, at the sole option of the Surety, by continuation certificate for additional periods from the expiry date hereof. However, neither: (a) the Surety's decision not to issue a continuation certificate, nor (b) the failure or inability of the Principal to file a replacement bond or other security in the event the Surety exercises its right to not renew, shall itself constitute a loss to the Obligee recoverable under this Bond or any extension thereof. 2. The above referenced Contract has a term ending October 31, 2016 Regardless of the number of years this Bond is in force or the number of continuation certificates issued, this Bond shall not be extended beyond October 31, 2016 , unless earlier nonrenewed pursuant to paragraph 1 above. 3. No claim, action, suit or proceeding, except as hereinafter set forth, shall be had or maintained against the Surety on this instrument unless such claim, action, suit or proceeding is brought or instituted upon the Surety within one year from termination or expiration of the bond term. 4. Regardless of the number of years this Bond is in force or the number of continuation certificates issued, the liability of the Surety shall not be cumulative in amounts from period to period and shall in no event exceed the amount set forth above, or as amended by rider. 5. Any notice, demand, certification or request for payment, made under this Bond shall be made in writing to the Surety at the address specified below. Any demand or request for payment must be made prior to the expiry date of this Bond. Surety Address: Aspen American Insurance Company 175 Capital Boulevard Rocky Hill, CT 06067 Attn: Mathew Raino 6. If any conflict or inconsistency exists between the Surety's obligations or undertakings as described in this Bond and as described in the underlying Contract, then the terms of this Bond shall prevail. CLEAR CHANNEL ADSHEL, INC. SIGNED, SEALED AND DATED this 1st day of August 2012 71 tersign fyr.. wS _' - -, Principal f wk "; ��tr, , ' - Aspen Am r Ins ce Company Clau ette A. Hunt FL Resident Agen � p _ B y =� Marg ret Buboltz , Attor y -in -Fact ASPEN Aspen American Insurance Company 175 Capital Boulevard, Rocky Hill, CT 06067 POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, THAT Aspen American Insurance Company, a corporation duly organized under the laws of the State of Texas, and having its principal offices in Rocky Hill, Connecticut, (hereinafter the "Company ") does hereby make, constitute and appoint: Michael J. Herrod; Wendy Stuckey; Margaret Buboltz; Lupe Tyler; Lisa A. Ward; of AON Risk Services its true and lawful Attorney(s) -in -Fact, with full power and authority hereby conferred to sign, execute and acknowledge on behalf of the Company, at any place within the United States, the following instrument(s) by his/her sole signature and act: any and all bonds, recognizances, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking and any and all consents incident thereto, and to bind the Company thereby as fully and to the same extent as if the same were signed by the duly authorized officers of the Company. All acts of said Attorney(s) -in -Fact done pursuant to the authority herein given are hereby ratified and confirmed. This appointment is made under and by authority of the following Resolutions of the Board of Directors of said Company effective on April 7, 2011, which Resolutions are now in full force and effect; VOTED: All Executive Officers of the Company (including the President, any Executive, Senior or Assistant Vice President, any Vice President, any Treasurer, Assistant Treasurer, or Secretary or Assistant Secretary) may appoint Attorneys -in -Fact to act for and on behalf of the Company to sign with the Company's name and seal with the Company's seal, bonds, recognizances, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking, and any of said Executive Officers at any time may remove any such appointee and revoke the power given him or her. VOTED: The foregoing authority for certain classes of officers of the Company to appoint Attomeys -in -Fact by virtue of a Power of Attorney to sign and seal bonds, recognizances, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking, as well as to revoke any such Power of Attomey, is hereby granted specifically to the following individual officers of Aspen Specialty Insurance Management, Inc.: Michael Toppi, Executive Vice President, Scott Sadowsky, Senior Vice President, James Mercier, Senior Vice President, Mathew Raino, Vice President, Scott Mandeville, Vice President and Ryan Field, Assistant Vice President. This Power of Attorney may be signed and sealed by facsimile (mechanical or printed) under and by authority of the following Resolution voted by the Boards of Directors of Aspen American Insurance Company, which Resolution is now in full force and effect: VOTED: That the signature of any of the Officers identified by title or specifically named above may be affixed by facsimile to any Power of Attorney for purposes only of executing and attesting bonds and undertakings and other writings obligatory in the nature thereof; and any and all consents incident thereto, and any such Power of Attorney or certificate bearing such facsimile signature or facsimile seal shall be valid and binding upon the Company. Any such power so executed and certified by such facsimile signature and /or facsimile seal shall be valid and binding upon the Company with respect to any bond or undertaking so executed. IN WIT/NJ�E /SS WHEREOF, Aspen American Insurance Company has caused this instrument to be signe and its corporate seal to be hereto affixed this17 day of . � // en American Insyrance Company STATE OF CONNECTICUT SS. ROCKY HILL — COUNTY OF HARTFORD Ryan Field sistant Vice President On this/'7 '7 day of ddlf before me personally came Ryan Field to me known, who being by me duly sworn, did depose and say; that he /sltcis A�s ice. President, of Aspen American Insurance Company, the Company described in and which executed the above instrument; that he/she knows the seal Qf�ri�d cq�ot $Fi. the seal affixed to the said instrument is such corporate seal; and that he/she executed the said instrument on behalf ofthe Company by authority of his/her.of rTt�e!kZr Llie ab�' % �YJ solutions thereof. Notary Public i 5 My commission expires: j /w /da0 `" � i o ° CERTIFICATE I, the undersigned, Ryan Field of Aspen American Insurance Company, a stock corporation of the State of Texas, do hereby certify that the forego�rr�Pow,erof - Attorney remains in full force and has not been revoked; and furthermore, that the Resolutions of the Boards of Directors, as set forth above, are now and'}criain' in full force and effect. Given under my hand and seal of said Company, in Rocky Hill, Connecticut, this 1 st'day of August 2012 B Name: Ryan Field, Assistant Vice President r i - * For verification of the authenticity of the Power of Attorney you may call (860) 760 -7728 or email: Patricia .Taber @aspenspecialty.com ` "