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LABOR AND MATERIAL PAYMENT BOND
<br />NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Principal shall promptly make payment to all
<br />claimants as hereinafter defined, for all labor and material used or reasonably required for use in the performance of the
<br />Contract, then this obligation shall be void; otherwise it shall remain in full force and effect, subject, however, to the fol-
<br />lowing conditions:
<br />1. A claimant is defined as one having a direct con-
<br />tract with the Principal or with a Subcontractor of the
<br />Principal for labor, material, or both, used or reasonably
<br />required for use in the performance of the Contract,
<br />labor and material being construed to include that part of
<br />water, gas, power, light, heat, oil, gasoline, telephone
<br />service or rental or equipment directly applicable to the
<br />Contract.
<br />2. The above named Principal and Surety hereby
<br />jointly and severally agree with the Owner that every
<br />claimant as herein defined, who has not been paid in
<br />full before the expiration of a period of ninety (90)
<br />days after the date on which the last of such claimant's
<br />work or labor was done or performed, or materials were
<br />furnished by such claimant, may sue on this bond for
<br />the use of such claimant, prosecute the suit to final
<br />judgement for such sum or sums as may be justly due
<br />claimant, and have execution thereon. The Owner shall not
<br />be liable for the payment of any costs or expenses
<br />of any such suit.
<br />3. No suit or action shall be commenced hereunder
<br />by any claimant:
<br />a) Unless claimant, other than one having a direct
<br />contract with the Principal, shall have given written
<br />notice to any two of the following: the Principal, the
<br />Owner or the Surety above named, within ninety (90)
<br />days after such claimant did or performed the last of
<br />the work or labor, or furnished the last of the materials
<br />for which said claim is made, stating with substantial
<br />Signed and sealed this 2"d day of September, 2008.
<br />fitness)
<br />Je ' er S. Beasley
<br />accuracy the amount claimed and the name of the party
<br />to whom the materials were furnished, or for whom
<br />the work or labor was done or performed. Such notice
<br />shall be served by mailing the same by registered mail
<br />or certified mail, postage prepaid, in an envelope ad-
<br />dressed to the Principal, Owner or Surety, at any place
<br />where an office is regularly maintained for the trans-
<br />action of business, or served in any manner in which
<br />legal process may be served in the state in which the
<br />aforesaid project is located, save that such service need
<br />not be made by a public officer.
<br />b) After the expiration of one (1) year following the
<br />date on which Principal ceased Work on said Contract,
<br />it being understood, however, that if any limitation em-
<br />bodied in this bond is prohibited by any law controlling
<br />the construction hereof such limitation shall be deemed
<br />to be amended so as to be equal to the minimum period
<br />of limitation permitted by such law.
<br />c) Other than in a state court of competent jurisdiction
<br />in and for the county or other political subdivision of
<br />the state in which the Project, or any part thereof, is
<br />situated, or in the United States District Court for the
<br />district in which the Project, or any part thereof, is sit-
<br />uated, and not elsewhere.
<br />4. The amount of this bond shall be reduced by and
<br />to the extent of any payment or payments made in good
<br />faith hereunder, inclusive of the payment by Surety of
<br />mechanics' liens which may be filed of record against
<br />said improvement, whether or not claim for the amount
<br />of such lien be presented under and against this bond.
<br />0J~1.DING
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<br />The Resolute Buildina Comaanv ~~.'. ~
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<br />Travelers Cas al and Sure Com an of America
<br />(Surety) (Seal)
<br />Scott D. Mathers, Attorney-In-Fact (ride)
<br />AIA DOCUMENT A311 • PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND •AIA
<br />FEBRUARY 1970 ED. • THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVE:, N.W., WASHINGTON, D.C. 20006
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