Exhibit M, Endowment Bond - Laserfiche WebLink

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EXHIBIT M ENDOWMENT BOND KNOW ALL PERSONS BY THESE PRESENTS, THAT THE UNDERSIGNED CalMat Co., doing business as Vulcan Materials Company, 3200 San Fernando Road, Los Angeles, CA 90065, a corporation organized and existing under the laws of the State of Delaware (hereafter "Principal") and (Name of Surety Company, whose address for service is:) (Street Address) (City) (State) (Zip Code) > organized and existing under the laws of the State of and licensed to do business in California, as Surety, are held firmly bound unto the [United States Fish and Wildlife Service ("USFWS) approved entity] as Obligee., We, Principal and Surety are bound unto Obligee, in the penal sum of DOLLARS ($ 1, for payment of which sum we hereby jointly and severally bind ourselves, our successors, and assigns. In the event of forfeiture by the Principal, the Obligees agree that they shall not demand in excess of the penal sum of this bond. THE CONDITIONS OF THIS OBLIGATION ARE SUCH THAT: Whereas, this bond concerns an obligation under the Colton Dunes Conservation Bank Agreement ("Agreement") between Principal and USFWS-dated , 2005. Whereas, Section 5.2 of the Agreement requires this Endowment Bond. Whereas, this sum is due and payable to Obligee to cover the Target Amount for the Endowment Fund, as defined in the Agreement, should Owner default on its obligation to fully fund the Endowment Fund as required under the Agreement. The intent of the Endowment Fund is to cover long-term management costs of the Conservation Bank and inflation. Whereas, the Principal is filing this Endowment Bond as a guarantee that the Endowment Fund remain fully funded. Whereas, the Surety and their successors and assigns agree to guarantee the obligation and to indemnify the [USFWS designee] from the failure of the Principal to fully fund the Endowment Fund. NOW THEREFORE, if Principal fully funds the Endowment Fund to the Target Amount, then this obligation shall terminate, otherwise it shall remain in full force and effect. The failure of the Principal to fully fund the Endowment Fund when due under the Agreement will result in the forfeiture of funds from this Endowment Bond sufficient to cover the deficiency. This bond can be revised after five (5) years to account for inflation and experience on the Conservation Bank