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<br /> LABOR & MATERIAL PAYMENT BOND O
<br /> a THIS BOND IS ISSUED SIMULTANEOUSLY WITH PERFORMANCE BOND IN FAVOR O
<br /> OWNER CONDITIONED ON THE FULL AND FAITHFUL PERFORMANCE OF THE CONTRACT
<br /> KNOW ALL MEN BY THESE PRESENTS:
<br /> That L&RAMM CM0131MCg11,15 CQ&ANY =.
<br /> (Here insert full name and address or legal title of Contractor)
<br /> P.O. Boat ]60 DMIUM VA 24
<br /> as Principal, hereinafter called Principal, and 20 AHICAN IMURANCa X10 =50 XUA ft=oets
<br /> (Here insert full name and address or legal title of Surety)
<br /> FAWAX9 VA 22030 as Surety, hereinafter called Surety, are held and firmly bound unto
<br /> COMM OF d1iA1M N�ORTH CAROLII�1
<br /> 304 West Btrest, 91=M W=9 N.C. VM
<br /> (Here insert full name and address or legal title of Owner)
<br /> as Obli ee hereinafter called Owner, for the use and benefit of claimants as hereinbelow defined in the amount of
<br /> Ong A FOUR 'M I MMED9 NM H[ tY AM N0110-0- - - ollars ($ 1 :990D00 ),
<br /> (Here insert a sum equal to at least one-half of the contract price)
<br /> for the payment whereof Principal and Suretv bind themselves, their heirs, executors, administrators, successors and
<br /> assigns, jointly and severally, firmly by these presents. P 2 107
<br /> WHEREAS, Principal has by written agreement drat -
<br /> entered into a contract with Owner for_ V= COMMM PAM
<br /> in accordance with drawings and specifications prepared by
<br /> (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 THIS OBLIGATION is such that, if Principal shall promptly make payment to all claimants as
<br /> hereinafter defined, for all labor and material used or reasonably required for use in the performance of the Contract, then this obli-
<br /> gation shall be void; otherwise it shall remain in full force and effect, subject, however, to the following conditions:
<br /> 1. A claimant is defined as one having a direct contract with the Principal or with a Subcontractor of the Principal for labor, material,
<br /> or both, used or reasonably required for use in the performance of the Contract, labor and material being construed to include that
<br /> part of water, gas, power, light, heat, oil, gasoline, telephone service or rental of equipment directly applicable to the Contract.
<br /> 2. The above named Principal and Surety hereby jointly and severally agree with the Owner that every claimant as herein defined,
<br /> who has not been paid in full before the expiration of a period of ninety (90) days after the date on which the last of such claimant's
<br /> work or labor was done or performed, or materials were furnished by such claimant, may sue on this bond for the use of such
<br /> claimant, prosecute the suit to final judgment for such sum or 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 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 Principal, shall have given written notice to any two of the follow-
<br /> ing: The Principal, the Owner, or the Surety above named, within ninety (90) days after such claimant did or performed the last of the
<br /> work or labor, or furnished the last of the materials for which said claim is made, stating with substantial accuracy the amount claimed
<br /> and the name of the party to whom the materials were furnished, or for whom the work or labor was done or performed. Such notice
<br /> shall be served by mailing the same by registered mail or certified mail, postage prepaid, in an envelope addressed to the Principal,
<br /> Owner or Surety, at any place where an office is regularly maintained for the transaction of business, or served in any manner in
<br /> which legal process may be served in the state in which the aforesaid project is located, save that such service need not be made by a
<br /> public officer.
<br /> b) After the expiration of one (1) year following the date on which Principal ceased Work on said Contract, it being understood,
<br /> however, that if any limitation embodied in this bond is prohibited by any law controlling the construction hereof such limitation shall
<br /> be deemed to be amended so as to be equal to the minimum period of limitation permitted by such law.
<br /> (c) Other than in a state court of competent jurisdiction in and for the county or other political subdivision of the state in which the
<br /> Project, or any part thereof, is situated, or in the United States District Court for the district in which the Project, or any part thereof, is
<br /> situated, and not elsewhere.
<br /> 4. The amount of this bond shall be reduced by and to the extent of any payment or payments made '-n goad faith hereunder, in-
<br /> clusive of the payment by Surety of mechanics' liens which may be filed of record against said improvement, whether or not claim
<br /> for the amount of such lien be presented under and against this bond.
<br /> Signed and sealed this 200 day of y0mmm _ A.D. 19 ft
<br /> LAVAHM CQ A TOM 117�1 �C
<br /> (Principal) (Seal)
<br /> (Witness)
<br /> /J (Title)
<br /> ,� '1H� AD�i E C01lANY
<br /> (Surety) (Seal)
<br /> A
<br /> i (Witness)
<br /> 360533-4.78 13y
<br /> Attorney-in-Fact
<br />
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