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PERFORMANCEBOND <br /> NOW,THEREFORE,THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform said <br /> Contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect. <br /> The Surety hereby waives notice of any alteration or contracts of completion arranged under this paragraph) <br /> extension of time made by the Owner. sufficient funds to pay the cost of completion less the balance <br /> of the contract price; but not exceeding, including other costs <br /> Whenever Contractor shall be, and declared by Owner and damages for which the Surety may be liable hereunder, <br /> to be in default under the Contract, the Owner having the amount set forth in the first paragraph hereof. The term <br /> performed Owner's obligations thereunder, the Surety may "balance of the contract price," as used in this paragraph, <br /> promptly remedy the default, or shall promptly shall mean the total amount payable by Owner to Contractor <br /> under the Contract and any amendments thereto, less the <br /> 1) Complete the Contract in accordance with its terms and amount properly paid by Owner to Contractor. <br /> conditions, or <br /> Any suit under this bond must be instituted before the <br /> 2) Obtain a bid or bids for completing the Contract in expiration of two (2) years from the date on which final <br /> accordance with its terms and conditions, and upon payment under the Contract falls due. <br /> determination by Surety of the lowest responsible bidder, or, <br /> if the Owner elects,upon determination by the Owner and the No right of action shall accrue on this bond to or for the <br /> Surety jointly of the lowest responsible bidder, arrange for a use of any person or corporation other than the Owner <br /> contract between such bidder and Owner, and make named herein or the heirs, executors, administrators or <br /> available as Work progresses (even though there should be successors of the Owner. <br /> a default or a succession of defaults under the contract or <br /> BOND PREMIUM BASED ON <br /> FINAL CONTRACT PRICE <br /> Signed and sealed this 10 DAY OF JULY 2002 <br /> OWENS ROOFING,INC. <br /> (Principal) (Seal) <br /> fitness / � <br /> (Title) <br /> American Casualty Company of Reading, PA <br /> Q (Surety) (Seal) <br /> (Witness) <br /> itle) <br /> Wendy M. Lands ATTORNEY IN FACT <br /> AIA DOCUMENT A311-PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND-AIA <br /> FEBRUARY 1970 ED.-THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 N.Y.AVE.,N.W.,WASHINGTON, D.C. 20006 2 <br />