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PAYMENT BOND <br /> KNOW ALL MEN BY THESE PRESENT: that <br /> (Name of Contractor) <br /> (Address of Contractor) <br /> a 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 money of the United States,for <br /> the Payment of which 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 >2C ,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 modification thereof,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 WORK,and insurance premiums on said WORK,and for all 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,FURTHER,that 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 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 /> 119 <br />