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Selective Insurance Company of America
<br />40 Wantage avenue, Bond SBU
<br />Branchville, New Jersey 07890
<br />973-948-3000
<br />PERFORMANCE BOND
<br />Queen Construction, Inc
<br />KNOW ALL MEN BY THESE PRESENTS, that (Here insert full name and address or legal title of Contractor)
<br />McQueen Construction, Inc.
<br />Of 619 Patrick Rd., Bahama, NC 27503
<br />as Principal, hereinafter called Contractor, and, (Here insert full name and address of legal title of Surety)
<br />SELECTIVE INSURANCE COMPANY OF AMERICA, Wantage Avenue, Branchville, NJ 07890
<br />as Surety, hereinafter called Surety, are held and firmly bound unto (Here insert full name and address or legal title of Owner)
<br />Orange County, PO Box 8181, Hillsborough, NC 27278
<br />as Obligee, hereinafter called Owner, in the amount of
<br />Four Hundred Ninety Eight Thousand Nine Hundred Ninety Two Dollars Dollars (~ q9e, 992. o0
<br />for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and
<br />assigns, jointly and severally, finely by these presents.
<br />WHEREAS,
<br />Contractor has by written. agreement dated oeee~er 17 Zoos ,entered into a contract with Owner for
<br />Twin Creeks Greenway
<br />in accordance with Drawings and specifications prepared by (Here insert full name and address or legal title of Architect)
<br />which contract is by reference made a part hereof, and is hereinafter referred to as the Contract.
<br />NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION
<br />is such that, if Contractor shall promptly and faithfully perform said
<br />Contract then this obligation shall be null and void, otherwise it shall
<br />remain in full force and effect.
<br />The Surety hereby waives notice of any alteration or extension of
<br />time made by the Owner.
<br />Whenever Contractor shall be, and declared by owner to be in
<br />default under the Contract, the Owner having performed Owner's
<br />obligations thereunder and having provided Surety with notice of said
<br />default, the Surety may promptly remedy the default, or shall promptly
<br />1) Complete the Contract in accordance with its terms and
<br />conditions, or
<br />2) Obtain a bid or bids for completing the Contract in
<br />accordance with its terms and conditions, and upon determination by
<br />Surety of the lowest responsible bidder, or, if the Owner elects,
<br />upon determination by the Owner and the Surety jointly of the lowest
<br />responsible bidder, arrange for a contract between such bidder and
<br />Signed and Sealed this ~~
<br />Owner, and make available as Work progresses (even though there
<br />should be a default or a succession
<br />of defaults under the contract or contracts of completion arranged
<br />under this paragraph) sufficient funds to pay the cost of completion
<br />less the balance of the contract price; but not exceeding, including other
<br />costs and damages for which the Surety may be liable hereunder, the
<br />amount set forth in the first paragraph, hereof. The teen "balance of
<br />the contract price," as used in this paragraph, shall mean the total
<br />amount payable by owner to Contractor under the Contract and any
<br />amendments thereto, less the amount properly paid by Owner to
<br />Contractor.
<br />Any suit under this bond must be instituted before the expiration of
<br />two (2) years from the date on which final payment under the Contract
<br />falls due.
<br />No right of action shall accrue on this bond to or for the use of any
<br />person or corporation other than the Owner named herein or the heirs,
<br />executors, administrators or successors of the Owner.
<br />day of December
<br />i
<br />(Witness)
<br />(Witness)
<br />Bond No. Bl°78521
<br />2009
<br />(Princip (Seai)
<br />l1 ~`
<br />(Ti e)
<br />Selective Insurance Company of America
<br />Surety) (S 1)
<br />r
<br />(Title) torney-in-Fact Chavonne C. Hill
<br />SENQ ALL CLAIM NOTICES TO:
<br />Selective Insurance Co. of America
<br />Bond Claims
<br />40 Wantage Avenue
<br />Branchville, NJ 07890
<br />B207 (09/04)
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