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12 <br />PERFORMANCE BOND <br />NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform <br />said 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 <br />extension of time made by the Owner. <br />Whenever Contractor shall be, and declared by Owner <br />to be in default under the Contract, the Owner having <br />performed Owner's obligations thereunder, the Surety <br />may promptly remedy the default, or shall promptly <br />1) Complete the Contract in accordance with its terms <br />and conditions, or <br />2) Obtain a bid or bids for completing the Contract in <br />accordance with Its terms and conditions, and upon de- <br />termination by Surety of the lowest responsible bidder, <br />or, if the Owner elects, upon determination by the <br />Owner and the Surety jointly of the lowest responsible <br />bidder, arrange for a contract between such bidder and <br />Owner, and make available as Work progresses (even <br />though there should be a default or a succession of <br />Signed and sealed this 20th. day of <br />defaults under the contract or contracts of completion <br />arranged under this paragraph) sufficient funds to pay the <br />cost of completion less the balance of the contract pace; <br />but not exceeding, including other costs and damages <br />for which the Surety may be liable hereunder, the amount <br />set forth in the first paragraph hereof. The term "balance <br />of the contract price," as used in this paragraph, shall <br />mean the total amount payable by Owner to Contractor <br />under the Contract and any amendments thereto, less <br />the amount properly paid by Owner to Contractor. <br />Any suit under this bond must be instituted before <br />the expiration of two (2) years from the date on which <br />final payment under the Contract falls due. <br />No right of action shall accrue on this bond to or for <br />the use of any person or corporation other than the <br />Owner named herein or the heirs, executors, adminis- <br />trators or successors of the Owner. <br />F, <br />March, 19 91 <br />Trout <br />& Riggs Construction Co., Inc. <br />I <br />Prineip.�l! <br />(Seal) <br />I Wilnrsx) <br />� illcl r <br />Great <br />American Insurance Company <br />rsl�rtty) <br />�s�.�i� <br />COU <br />.,•.� �.: <br />Wa ter <br />J. ni er IT;Ifr�l ttorney <br />L.It;e�ed Resident <br />Agent • <br />AIA DOCUMENT A311 • PERroeMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND • AIA 0 <br />rEBRUARY IWO ED. • THE AMERICAN INSTITUTE Of ARCHITECTS, 1735 N.Y. AVE., N.W., WASHINGTON, D. C. MW <br />