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27 <br />PERFORMANCE BOND <br />KNOW ALL MEN BY THESE PRESENT: that <br />(Name of Contractor) <br />{Address of Contractor) <br />hereinafter called Principal, and <br />(Name of Surety) <br />(Address of Surety) <br />hereinafter called Surety, are held and firmly bound unto ORANGE COUNTY, 200 South Cameron Street, <br />Hillsborough, North Carolina, 27278, hereinafter called OWNER, in the penal sum of <br />Dollars ($ } in lawful <br />money of the United States, for the Payment of which sum _well and truly to be made, we bind ourselves, successors, <br />and assigns, jointly and severally, firmly by these presents. <br />THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into•a certain contract with <br />the OWNER, dated the day of 20 - , a copy <br />of which is hereto attached and made-a part hereof for the construction of <br />NOW THEREFORE, if the Principal shall well, truly, and faithfully perform its duties, all the undertakings, <br />covenants, terms, conditions, and agreements of said contract during the original term thereof; and any extensions <br />thereof which may be granted by the OWNER, with or without notice to the Surety and during the one year guaranty <br />period, and if he shall satisfy all claims and demands incurred under such contract, and shalt fully indemnify and <br />save harmless the OWNER from all costs and damages which it may suffer.by reason of failure to do so, and shall <br />reimburse and. repay the OWNER all outlay atid expense which the OWNER may incur in making good any default, <br />then this obligation shall be void, otherwise to remain in full force and - effect. <br />PROVIDED, FURTHER, that the said Surety for value received hereby stipulates and agrees that no change, <br />extension of tune, alteration or addition to the terms of the contract or to WORK to be performed thereunder or the <br />Specifications accompanying the same shall in any wise affect its obligation on this BOND, and it does hereby <br />waive notice of any such change, extension of time, alteration or addition to the terms of the contract or to the <br />WORK or to the SPECIFICATIONS. <br />PROVIDED, FURTHER, that no final settlement between the OWNER and the CONTRACTOR shall abridge the <br />right of any beneficiary hereunder, whose claim may be unsatisfied. <br />117 <br />