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Selective Insurance Company of America
<br />40 Wantage Avenue, Bond SBU
<br />Branchville, New Jersey 07890
<br />973-948-3000 Bond No. B1o 74521
<br />LABOR AND MATERIAL PAYMENT BOND
<br />THIS BOND IS ISSUED SIMULTANEOUSLY WITH PERFORMANCE BOND IN FAVOR OF THE
<br />OWNER CONDITIONED ON THE FULL AND FAITHFUL PERFORMANCE OF THE CONTRACT
<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 Principal, and, (Here insert full name and address or 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, for the use and benefit of claimants as hereinbelow defined, in the amount of
<br />Four Hundred Ninety Eight Thousand Nine Hundred Ninety Two Dollars DOllarS ($ 498,992.00
<br />for the payment whereof Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns,
<br />jointly and severally, firmly by these presents.
<br />WHEREAS,
<br />Principal has by written agreement dated December 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 TH1S OBLIGATION is
<br />such that, if Principal shall promptly make payment to all claimants as
<br />hereinafter defined, for all labor and material used or reasonably
<br />required for use in the performance of the contract, then this
<br />obligation shall be void; otherwise it shall remain in full force and
<br />effect, subject, however, to the following conditions:
<br />1. A claimant is defined as one having a direct contract with the
<br />Principal or with a Subcontractor of the Principal for labor, material,
<br />or both, used or reasonably required for use in the performance of
<br />the Contract, labor and material being construed to include that part
<br />of water, gas, power, light, heat, oil, gasoline, telephone service or
<br />rental of equipment directly applicable to the Contract.
<br />2. The above named Principal and Surety hereby jointly and
<br />severally agree with the Owner that every claimant as herein.
<br />defined, who has not been paid in full before the expiration of a
<br />period of ninety (90) days after the date on which the last of such
<br />claimant's work or labor was done or performed, or materials were
<br />furnished by such claimant, may sue on this bond for the use of
<br />such claimant, prosecute the suit to final judgment for such sum or
<br />sums as may be justly due claimant, and have execution thereon. The
<br />owner shall not be liable for the payment of any costs or expenses of
<br />any such suit.
<br />3. No suit or action shall be commenced hereunder by any claimant:
<br />a) Unless claimant, other than one having a direct contract with the
<br />Principal, shall have given written notice to any two of the following:
<br />the Principal, the Owner, or the Surety above named, within ninety
<br />Signed and Sealed this I' day of December
<br />~~
<br />(Witness)
<br />(Witness)
<br />(90) days after such claimant did or performed the last of the work or
<br />labor, or famished the last of the materials for which said claim is made,
<br />stating with substantial accuracy the amount claimed and the name of the
<br />party to whom the materials were furnished, or for whom the work or
<br />labor was done or performed, such notice shall be served by mailing the
<br />same by registered mail or certified mail, postage prepaid, in an envelope
<br />addressed to the Principal, Owner or Surety, at any place where an
<br />office is regularly maintained for the transaction of business or served
<br />in any manner in which legal process may be served in the state in which
<br />the aforesaid project is located, save that such service need not be made
<br />by a public officer.
<br />b) After the expiration of one (1) year after the day on which the
<br />last of the labor was performed or material was supplied by claimant, it
<br />being understood, however, that if any limitation embodied in this bond
<br />is prohibited by any law controlling the construction hereof such
<br />limitation shall be deemed to be amended so as to be equal to the
<br />minimum period of limitation permitted by such law:
<br />c) Other than in a state court of competent jurisdiction in and for
<br />the county or other political subdivision of the state in which the Project,
<br />or any part thereof, is situated, or in the United States District Court
<br />for the district in which the project, or any part thereof, is situated, and
<br />not elsewhere.
<br />4. The amount of this bond shall be reduced by and to the extent
<br />of any payment or payments made in good faith hereunder, inclusive of
<br />the payment by Surety of mechanics' liens which may be filed of record
<br />against said improvement, whether or not claim for the amount of such
<br />lien be presented under and against this bond.
<br />Mcf~ueen Construction, Inc
<br />2009
<br />(Princip (Seal).
<br />Pis- _
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<br />Sele tive Insurance Com an m_e.,rica
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<br />itle) `Attorney-in-Fact ~~~~nne ~. _x, li
<br />B207 (09/04) 2,
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