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29 <br />PAY-MENT BOND <br />KNOW ALL IvIDN 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 ORAI~TGE COUNTY, 200 South Cameron Street, <br />Hillsborough, North Carolina, 27278, hereinafter called OWNER, in-the penal sum of <br />Dollars ($ ) in lawful money of the United States, for <br />the P4yment of w~uch sum well and truly to be made, we bind ourselves, successors, and assigns, jointly and <br />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 promptly make payment to all-persons, firms, SUBCONTRACTORS, <br />and corporations furnishing materials for or performing labor in the prosecution of the WORK provided for in such <br />contract, and any authorized extension or modif cation thereoiy including all amounts-due for materials, lubricants, <br />oil, gasoline, coat and coke, repairs on machinery; equipment and tools; consumed or used in connection with the <br />construction of such W-0RK, and insurance premiums on said WORK, and for alI labor, performed in such WORK <br />whether by SUBCONTRACTOR or otherwise, then this obligation shall be void; otherwise to remain in full force <br />and effect. <br />PROVIDED, FUP,THER, u at the said Surety for value received hereby stipulates and agrees.that no change, <br />extension of time, alteration or addition to the terms of the contractor 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 contractor 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 />119 <br />