Loading...
HomeMy WebLinkAboutResolution - 2328 - Contract- Derr Construction Company- Roof Structure Repairs, Municipal Coliseum - 05_22_1986Resolution #2328 May 22, 1986 Agenda Item #28 MH:js RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock BE and is hereby authorized and directed to execute for and on behalf of the City of Lubbock a Contract by and between the City of Lubbock and Derr Construction Company for roof structure repairs for the Lubbock Municipal Coliseum, attached herewith, which shall be spread upon the minutes of the Council and as spread upon the minutes of this Council shall constitute and be a part of this Reso- lution as fully copied herein in detail. Passed by the City Council this 22nd day of May , 1986. B. C. McMINN, MAYOR ATTEST: jj__Rianetttb—Boyd, City APP D AS TO CONTENT: m Weston, Director of Community Facilities APPROVED AS TO FORM: Miche e Hart, Assistant City Attorney 0 Resolution #2328 21 CONTRACT STATE OF TEXAS COUNTY OF LUBBOCK MdT HIS AGREEMENT, made and entered into this 22nd_ day of A. D. 19—_, by and between the City of Lubbock, County of Lubbock, State of Texas, acting by and through --B. C. McMinn ------------------------------------ Mayor, thereunto authorized to do so, hereinafter referred to as OWNER, and Derr Construction Co., Inc. P. 0. Box 637 of the City of ______ Euless ------, County of Tarrant and the State of --- Texas ___--_____, hereinafter termed CONTRACTOR. WITNESSETH: That for and in consideration of the payments and agreements hereinafter mentioned, to be made and performed by the OWNER and under the conditions expressed in the bond bearing even date herewith (if any) the CONTRACTOR hereby agrees with OWNER to commence and complete the construction of certain improvements described as follows: Roof structure repairs for Lubbock Municipal Coliseum as per City of Lubbock Bid No. 8985 for base bid @ $95,100.00. and all extra work in connection therewith, under the terms as stated in the contract documents and at his (or their) own proper cost and expense to furnish all materials, supplies, machinery, equipment, tools, superintendence, labor, insurance and other accessories and services necessary to complete the said construction in accordance with the contract documents as defined in the General Condition of Agreement. The CONTRACTOR hereby agrees to commence work within ten days after the date written notice to do so shall have been given to him and to substantially complete same within the time specified in the contract documents. The OWNER agrees to pay the CONTRACTOR in current funds for the performance of the contract in accordance with the proposal submitted therefore, subject to additions and deductions, as provided in the contract documents and to make payment on account thereof as provided therein. 22 IN WITNESS WHEREOF, the parties to these presents have executed this agreement in -------------------------- in the -------------- year and day first above written. CITY OF LUBBOCK, TEXAS ( OWNER) By: _!I1___1! cll�1—------- B. C. McMinn, MAYOR AT ST' Ran 1 : !e c -- a - - - - - - - - -- --- — -------------------- ROVED AS TO CONTENT: APPROVED AS TO FORM: ---Derr Construction Comp aLay ...... ------------- C�ONTRACTOR TITLE: President _ ------------- ATTEST: ------------- S etary COMPLETE ADDRESS: P.O. Box 637 Euless, Texas 76039 The FIDELITY AND DEPOSIT COMPANY OF MARYLAND W FIDELITY AND DEPOSIT COMPANY Companies HOME OBPmus: BALTIMORE, MD. 21203 Labor and Material Payment Bond Note: This bond is issued simultaneously with Performance Bond in favor of the owner conditioned on the full and faithful performance of the contract. KNOW ALL MEN BY THESE PRESENTS: That ............ 1)vrr __QQ_us txu_cti_an_. Qoa_,....__.P,---Q___BDx..b37,-_-Euless,---Texas-----Ifi039--------------- (Here insert the name and address or legal title of the contractor) ------------------------------------------------------------------------------------------------ as Principal, hereinafter called Principal, and ---- ___________________________________ a corporation of the State of Maryland, (here insert the name of the Surety) with its home office in the City of Baltimore, Maryland, U.S.A., as Surety, hereinafter called Surety, are held and firmly bound unto --------- ityof_ Lubbock,Texas___________________ ----- ----••----••-----------------•-•••----•----- (Here Insert the name and address or legal title of She Owner) as Obligee, hereinafter called Owner, for the use and benefit of claimants as hereinbelow defined, in the amount of..__)Iine_ty._£iue__tltausand,---ane__hunslxesl--&--QD11DQ--* _*-- *-_*-•*-_*-_*--# • *-_*. .................. -- ............................. ------• -----•---_...-----------•--_._...•----------------•-----------...•---._.._...._...------••--------•-•---•-•--••---•••------- (Here insert a sum equal to at least one-half of the contract price) Dollars($.......9Sxi99,9.Q........... ............. ), for the payment whereof Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, Principal has by written agreement dated ...... bay __Z2____--------------------------------------------- 19. _., entered into a contract with Owner for -------- _______________ .................... Coliseum._..._ Jek..#.$9$S........................................................ ... ••.. ........ ........ •---••---.. in accordance with drawings and specifications prepared by .......... Eyan__Roberts,__Arehitgct__&_______________ --------------•--- -•----.._---•-----•----•-•--•---....-----------•-----.._...------•-•-•-----•-------......--•--------.......... (Here insert full name, title and address) which contract is by reference made a part hereof, and is hereinafter referred to as the Contract. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Principal shall promptly make pay- ment to all claimants as hereinafter defined, for all labor and material used or reasonably required for use in the performance of the Contract, then this obligation shall be void; otherwise it shall remain in full force and effect, subject, however, to the following conditions: 1. A claimant is defined as one having a direct contract with the Principal or with a subcontractor of the Principal for labor, material, or both, used or reasonably required for use in the performance of the contract, labor and material being construed to include that part of water, gas, power, light, heat, oil, gasoline, telephone service or rental of equipment directly applicable to the Contract. 2. The above named Principal and Surety hereby jointly and severally agree with the Owner that every claimant as herein defined, who has not been paid in full before the expiration of a period of ninety (90) days after the date on which the last of such claimant's work or labor was done or performed, or materials were furnished by such claimant, may sue on this bond for the use of such claimant, prosecute the suit to final judgment for such sum or sums as may be justly due claimant, and have execution thereon. The Owner shall not be liable for the payment of any costs or expenses of any such suit. 3. No suit or action shall be commenced hereunder by any claimant: (a) Unless claimant, other than one having a direct contract with the Principal, shall have given written notice to any two of the following: The Principal, the Owner, or the Surety above named, within ninety (90) days after such claimant did or performed the last of the work or labor, or furnished the last of the materials for which said claim is made, stating with substantial accuracy the amount claimed and the name of the party to whom the materials were furnished, or for whom the work or labor was done or performed. Such notice shall be served by mailing the same by registered mail or certified mail, postage prepaid, in an envelope addressed to the Principal, Owner or Surety, at any place where an office is regularly main- tained for the transaction of business, or served in any manner in which legal process may be served in the state in which the aforesaid project is located, save that such service need not be made by a public -officer. (b) After the expiration of one (1) year following the date on which Principal ceased work on said Contract, it being understood, however, that if any limitation embodied in this bond is prohibited by any law controlling the construction hereof such limitation shall be deemed to be amended so as to be equal to the minimum period of limitation permitted by such law. (c) Other than in a state court of competent jurisdiction in and for the county or other political subdivision of the state in which the project, or any part thereof, is situated, or in the United States District Court for the district in which the project, or any part thereof, is situated, and not elsewhere. 4. The amount of this bond shall be reduced by and to the extent of any payment or payments made in good faith here- under, inclusive of the payment by Surety of mechanics' liens which may be filed of record against said improvement, whether or not claim for the amount of such lien be presented under and against this bond. Signed and sealed this-Llth ......... ........................... day of -------------- une-------------------------A.D. 19-a5-- In the presence of: k4_ ---•------(SEAL) Principal President ......... • Title ❑ FIDELITY AND DEPOSIT COMPANY OF MARYLAND ❑x FIDELITY AND DEPOSIT COMPANY ; Surety ------•-•-•- B --- %GLQc.. �............... - .......... (SEAL) Attorney —in —Fact -- Title — -- C309%(TX)-3M.4-93 217421 Approved by The American Institute of Architects. A.I.A. Document No. AJ11 February 1970 Edition - - Fidelity and Deposit Company OF MARYLAND Fidelity and Deposit Company HOME OFFICES: BALTIMORE Labor and Material Payment Bond No------------------------ ------------ $------------------------------- ON BEHALF OF -------------------------------------------------------- TO -------------------------------------------------------- --------------------------------------------------------- The FIDELITY AND DEPOSIT COMPANY OF MARYLAND o D FIDELITY AND DEPOSIT COMPANY Companies HOME OFFICES: BALTIMOKE, MD.21203 POWER`OF AT`I'bRNtt KNOW ALL MEN BY THESE PRESENTS: That the FIDELITY AND DEPOSIT COMPANY OF MARYLAND, and the FIDELITY AND DEPOSIT COMPANY, corporations of the State of Maryland, by ' C. M. PECOT� a Vice -President, and C. W. ROBBINS , Assistant Secretary, in pursuance of authority granted by Article VI, Section 2 of the respective By -Laws of said Companies, which are set forth on the reverse side hereof and are hereby certified to be in full force and effect of the date thereof, do hereby nominate, constitute, and appoint Walker W.. Derr, Gordon B. Fagg, Wanda A. Derr and Mark A. Derr, all of Irving, Texas, EACH............ t e true and lawful agent and Attorney -in -Fact of each, to make, execute, seal and deliver, for, and on its behalf as surety, and as its act and deed: any and all bonds and undertakings, each in a penalty not to exceed the sum of ONE MILLION DOLLARS ($1,000,000)...EXCEPT bonds on.behalf.of.. Independent Executors, Community Survivors and Community Guardians.............y . -nd the execution of such bonds or undertakings in pursuance of these presents, shall be as binding upon said Companies, as fully and amply, to all intents and purposes, as if they had been duly executed and acknowledged by the regularly elected officers of the respective Companies at their offices in Baltimore, Md., in their own proper persons. This power of attorney revokes that issued on behalf of Walker W. Derr, etal, dated, April 12, 1983. IN WITNESS WHEREOF, the said Vice -Presidents and Assistant Secretaries have hereunto subscribed their names and affixed the Corporate Seals of the said FIDELITY AND DEPOSIT COMPANY OF MARYLAND and the FIDELITY AND DEPOSIT COMPANY this .. - 18th.................................... day of ............... A.Aril...... A.D. 1984........... ATTEST: FIDELITY AND DEPOSIT COMPANY OF YLAND SEAL .........................................ry....___..........._.. By.........__...._----------- [. ------------------------ Assistant Secrets Vice -Resident SEAL FIDELITY ANDAw DEPO COMPANY cc) t2� �(� u.�o . _ - ,e Assistant Secrets ce-President STATE OF MARYLAND CITY OF BALTIMORE ss' On this 18tA day of April . A.D. 1984 , before the subscriber, a Notary Public of the State of Maryland, in and for the City of Baltimore, duly commissioned and qualified, came the above -named Vice -Presidents and Assistant Secretaries of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND and the FIDELITY AND DEPOSIT COMPANY, to me personally known to be the.individuals and officers described herein and who executed the preceding instrument, and they each acknowledged the execution of the same, and being byy me duly sworn, severally and each for himself deposeth and saith, that they are the said officers of the Companies aforesaid, and that the seals affixed to the preceding instrument are the Corporate Seals of said Companies, and that the said Corporate Seals and their signatures as such officers were duly affixed and subscribed to the said instrument by the authority and direction of the said Corporations. IN TESTIMONY W OF, I have hereunto set my hand and affixed my Official l� of B Iti re the day an ear first above written. ` �' +a - :+ i�,"�n�c. 7 Public My commission expires . J'A1X..1_,...1.98..6?....................... CERTIFICATE I, the undersigned Assistant Secretary of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND and the FIDELITY AND DEPOSIT COMPANY do hereby certify that the original Power of Attorney of which the foregoing is a full, true and correct copy, is in full force and effect on the date of this certificate; and I do further certify that the Vice -Presidents who executed the said Power of Attorney were Vice -Presidents sppeeciall�yr authorized by the Boards of Directors to appoint any Attorney -in -Fact as Provided in Article VI, Section 2 of the respective By -Laws of the FIDELITYt; AND DEPOSIT COMPANY OF MARYLAND and the FIDELITY AND DEPOSIT COMPANY. This certificate may be signed by facsimile under and by authority of resolutions of the Board of Directors of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND at a meeting duly called and held on the 16th day of July, 1969 and of the Board of Directors of the FIDELITY AND DEPOSIT COMPANY at a meeting duly called and held on the 2nd day of November, 1918. RESOLVED: "that the facsimile or mechanically reproduced signature ofany Assistant Secretary of the Company, whether made heretofore or hereafter, whenever appearing upon a certified copy of any power of attorney issued by the Company, shall be valid and binding upon the Company with the same force and effect as though manually affixed.' IN TESTIMONY WHEREOF, I have hereunto subscribed my nameand affixed the corporate seals of the said Companies, this ................................ dayof ................................................. 19.... ... Assistan eeretary L1419.(TX) —r.. f. 168-3110 FOR YOUR PROTECTION LOOK FOR THE F&D WATERMARK EXTRACT FROM BY-LAWS OF FIDELITY AND DEPOSIT COMPANY OF MARYLAND "Article VI, Section 2. The President,or any Executive Vice-Presidents,or any of the Senior Vice -Presidents or Vice -Presidents specially authorized so to do by the Board of Directors or by the Executive Committee, shall have power, by and with the concurr- ence of the Secretary or any one of Assistant Secretaries, to appoint Resident Vice -Presidents, Assistant Vice -Presidents, and At- tornies-in-Fact as the business of the Company may require, or to authorize any person or persons to execute on behalf of the Company any bonds, undertakings, recognizances, stipulations, policies, contracts, agreements, deeds, and releases, and, assignments of judgments, decrees, mortgages and instruments in the nature of mortgages, and also all oth@_r_instrumentsand documents.which the business of the Company may require, and to affix the seal of the Company thereto EXTRACT FROM BY-LAWS OF FIDELITY AND DEPOSIT COMPANY "Article VI, Section 2. The President, or any one of the Executive Vice -Presidents, or any one of the additional Vice -Presidents specially authorized so to do by the Board of Directors or by the Executive Committee, shall have power, by and with the con- currence of the Secretary or any one of the Assistant Secretaries, to appoint Resident Vice -Presidents, Assistant Vice -Presidents, Resident Assistant Secretaries and Attorneys -in -Fact as the business of the Company may require, or to authorize any person or per- sons to execute on behalf of the Company any bonds, undertakings, recognizances, stipulations, policies, contracts, agreements, deeds, and releases and assignments of judgments, decrees, mortgages and instruments in the nature of mortgages, and also all other in- struments and documents which the business of the Company may require, and to affix the seal of the Company thereto. The FIDELITY AND DEPOSIT COMPANY OF MARYLAND UFIDELITY AND DEPOSIT COMPANY Companies HOME OFFICES: BALTIMORE, MD. 21203 Performance Bond KNOW ALL MEN BY THESE PRESENTS: That_._Perr_ Construction_•Co._,,... Inc._,__ P,___0_.__ Box__637_,___Euless_,__.Texas____76039"_______________________ (Here insert the name and address or legal title of the Contractor) ------------------------------------------------------------------------------------------------as Principal, hereinafter called Principal, and ------ 09.1 _ty__&__Deposit__Company__________________________________ a corporation of the State of Maryland, (Here insert the name of the Surety) with its home office in the City of Baltimore, Maryland, U.S.A., as Surety, hereinafter called Surety, are held and firmly bound unto_____ City__ of Lubbockz--- Texas__________________________________________ ----...____...----•---•----•-•---------•----•-•-----•-•----•-----•--------•-----------------•------------••••---•--••--•-•------_...•---- -••----•---------------------------••---•-•- (Here insert the name and address or legal title of the Ow er) as Obligee, hereinafter called Owner, for the use and benefit of claimants as hereinbelow defined, in the amount of LXl9tY::_fi e..thmaaxxdi ...aue__bundreiLA..QS?1.1 •- - -•--- -- ------ - --- --• -•-•-- - --- (Here insert a sum equal to at [east one-half of the Contract price- ) Dollars ($ --- 95x100.00_........................... ), for the payment whereof Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, Principal has by written agreement dated __.______11&y__2.2---------------------------------------------- 19..8h_-, entered into a contract with Owner for --------- Roof _Structure Repairs, Lubbock _Municipal___ _-_ Coliseum. Job #8985. in accordance with drawings and specifications prepared by ........ ..h ................ -••••______________ Engineer-,_. Lubbocicx_,Texas__---•-•........ (Here insert full name, title and address) which contract is by reference made a part hereof, and is hereinafter referred to as the Contract. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform said contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect The Surety hereby waives notice of any alteration or extension of time made by the Owner. Whenever Contractor shall be, and declared by Owner to be in default under the Contract, the Owner having performed Owner's obligations thereunder, the Surety may promptly remedy the default, or shall promptly (1) Complete the Contract in accordance with its terms and conditions, or (2) Obtain a bid or bids for completing the Contract in accordance with its terms and condi- tions, and upon determination by Surety of the lowest responsible bidder, or, if the Owner elects, upon determination by the Owner and Surety jointly of the lowest responsible bidder, arrange for a contract between such bidder and Owner, and make available as work progresses (even though there should be a default or a succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract price; but not exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance of the contract price," as used in this para- graph, shall mean the total amount payable by Owner to Contractor under the Contract and any amendments thereto, less the amount properly paid by Owner to Contractor. Any suit under this bond must be instituted before the expiration of two (2) years from the date on which final payment under the contract falls due. No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner named herein or the heirs, executors, administrators or successors of Owner. Signed and sealed this ........... 1 th................. _.................... day of..-Jivne----_----•--------------- A.D. 1986--- In the presence of: // //[/,A`\) ----..._.�.!-.....,_..f �.---• -- Y--- ..x_-_-•--•.............(SEAL) Principal President s�r — Title ❑ FIDELITY AND DEPOSIT COMPANY OF MARYLAND :9 FIDELITY AND DEPOSIT COMPANk : - Surety -• -----•-�-----l.r`{,�C�Y- -- ------------------••---.. By.-_ ------- ----`--1h ----- - .-, _9"................... -\SEAL). 111 Attorney —in —Fact C309(TS)- 3M. 4.83 2I74 N1 _ - Approved by The American Institute of Architects. A.I.A. Document No. A-311 February 1970 Edition .----- - Fidelity and Deposit Company OF MARYLAND Fidelity and Deposit Company HOME OFFICES: BALTIMORE Performanee Bond No------------- ----------------------- $ -------------------------------- ON BEHALF OF -----------•---------------------------•---------------- TO ---------•---• •--------------------------------- ----•--------------------------•---------------------- The FIDELITY AND DEPOSIT COMPANY OF MARYLAND ffoFIDELITY AND DEPOSIT COMPANY Companies HOME OFFICES: BALTIMORE, MD. 21203 POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That the FIDELITY AND DEPOSIT COMPANY OF MARYLAND, and the FIDELITY AND DEPOSIT COMPANY, corporations of the State of Maryland, by C . M. PECOT, , JR Vice -President, and C. W. ROBBINS , Assistant Secretary, in pursuance of authority granted by Article VI, Section 2 of the respective By -Laws of said Companies, which are set forth on the reverse side hereof and are hereby certified to be in full force and effect of the date thereof, do hereby nominate, constitute, and appoint Walker W.. Derr, Gordon B. Fagg, Wanda A. Derr and Mark A. Derr, all of Irving, Texas, EACH............ t e truenwfulnt AonFact of each, tokl make, execute, seal and deliver, for, and on its behalf as surety, and as its act and deed: any and all bonds and - undertakings, each in a penalty not to exceed the sum of ONE MILLION DOLLARS ($1,000,000)...EXCEPT bonds on.behalf.of Independent Executors, Community Survivors and Community Guardians ..............+. the execution of such bonds or undertakings in pursuance of these presents, shall be as binding upon said Companies, as fully and amply, to all intents and purposes, as if they had been duly executed and acknowledged by the regularly elected officers of the respective Companies at their offices in Baltimore, Md., in their own proper persons. This power of attorney revokes that issued on behalf of Walker W. Derr, etal, dated, April 12, 1983. IN WITNESS WHEREOF, the said Vice -Presidents and Assistant Secretaries have hereunto subscribed their names and affixed the Corporate Seals of the said FIDELITY AND DEPOSIT COMPANY OF MARYLAND and the FIDELITY AND DEPOSIT COMPANY this ................... 18th............................. ... day of........... April...................................A.D. 1984....... ATTEST: FIDELITY AND DEPOSIT COMPANY OF YLAND .SEAL y..................... By----- L ......................... Assistant Secretar Dice -President SEAL FIDELITY AND DEPO COMPANY ---•.............................................................. By ........... ................ Assistant Secretary tee -President STATE OF MARYLAND CITY OF BALTIMORE as: On this 18tA day of April , A.D. 1984 , before the subscriber, a Notary Public of the State of Maryland, in and for the City of Baltimore, duly commissioned and qualified, came the above -named Vice -Presidents and Assistant Secretaries of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND and the FIDELITY AND DEPOSIT COMPANY, to me personally known to be the.individuals and officers described herein and who executed the preceding instrument, and they each acknowledged the execution of the same, and being by me duly sworn, severally and each for himself deposeth and saith, that they are the said officers of the Companies aforesaid, and that the seals affized to the preceding instrument are the Corporate Seals of said Companies, and that the said Corporate Seals and their signatures as such officers were duly affixed and subscribed to the said instrument by the authority and direction of the said Corporations. IN TESTIMONY W OF, I have hereunto set my hand and affixed my Official eat of B It' re the da an ear first above written. `- 4%MOrAaY��f L�.!ua.,c;� ry Public Foie"•`' My commission expires .Jlkl,y...1.,...19.86....................... CERTIFICATE 1, the undersigned Assistant Secretary of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND and the FIDELITY AND DEPOSIT COMPANY do hereby certify that the original Power of Attorney of which the foregoing isa full, true and correct copy, is in full force and effect on the date of this certificate; and 1 do further certify that the Vice -Presidents who executed the said Power of Attorney were Vice -Presidents sppecially�• authorized by the Boards of Directors to appoint any Attorney -in -Fact asprovided in Article VI, Section 2of the respective By -Laws of the FIDELITYti AND DEPOSIT COMPANY OF MARYLAND and the FIDELITY AND DEPOSIT COMPANY. This certificate may be signed by facsimile under and by authority of resolutions of the Board of Directors of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND at a meeting duly called and held on the 16th day of Iuly, 1969 and of the Board of Directors of the FIDELITY AND DEPOSIT COMPANY aI a meeting duly called and held on the 2nd day of November, 1978. RESOLVED: "chat the facsimile or mechanically reproduced signature of any Assistant Secretary of t he Company, whether made heretofore or hereafter, whenever appearing upon a certified copy of any power of attorney issued by the Company, shall be valid and binding upon the Company with the same force and effect as though manually affixed.' IN TESTIMONY WHEREOF, I have hereunto subscribed my name and affixed the corporate seals of the said Companies, this.. ............................. dayof ................................................. 19........... Amstar ecrdary L1419.ITXt—t,L 168-3110 FOR YOUR PROTECTION LOOK FOR THE F&D WATERMARK EXTRACT FROM BY-LAWS OF FIDELITY AND DEPOSIT COMPANY OF MARYLAND "Article VI, Section 2. The President, or any Executive Vice-Presidep.Morany of the Senior Vice -Presidents or Vice -Presidents specially authorized so to do by the Board of Directors or by the Executive Committee, shall have power, by and with the concurr- ence of the Secretary or any one of Assistant Secretaries, to appoint Resident, Vice -Presidents, Assistant Vice -Presidents, and At- tornies-in-Fact as the business of the Company may require, or toy authorize any person or persons to execute on behalf of the Company any bonds, undertakings, recognizances, stipulations, policies, contracts, agreements, deeds, and :releases and assignments of judgments, decrees, mortgages and instruments in the natureof mortgages, and also all othermstrpfnentsand documents whiich the business of the Company may require, and to affix the seal of the Company thereto." EXTRACT FROM BY-LAWS OF FIDELITY AND DEPOSIT COMPANY "Article VI, Section 2. The President, or any one of the Executive Vice -Presidents, or any one of the additional Vice -Presidents specially authorized so to _do by the Board of Directors or by the Executive Committee, shall have power, by and with the con- currence of the Secretary or any one of the Assistant Secretaries, to appoint Resident Vice -Presidents, Assistant Vice -Presidents, Resident Assistant Secretaries and Attorneys -in -Fact as the business of the Company may require, or to authorize any person or per- sons to execute on behalf of the Company any bonds, undertakings, recogniiances, stipulations, policies, contracts, agreements, deeds, and releases and assignments of judgments, decrees, mortgages and instruments in the nature of mortgages, and also all other in- struments and documents which the business of the Company may require, and to affix the seal of the Company thereto.