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Bond No.
<br />RELIANCE INSURANCE COMPANY
<br />MEAD OFFICE. PHILADELPHIA, PENNSYLVANIA
<br />PERFORMANCE BOND
<br />The American Institute of Architects, A I A Document A311, February 1970 Edition,
<br />KNOW ALL MEN BY THESE PRESENTS' that (Here insert full name and addressor legal title of Contractor)
<br />Lee Air Conditioners, Inc.
<br />5109 Neal Road
<br />P. 0. Box 2895, Durham, NC 27705
<br />as Principal, hereinafter called Contractor, and, RELIANCE INSURANCE COMPANY, a corporation of the State of Pennsylvania, with
<br />its Head Office at Philadelphia, Pennsylvania, as Surety, hereinafter called Surety, are held and firmly bound unto (Here insert full name
<br />and address or legal title of Owner)
<br />County of Orange, North Carolina
<br />132 E. Kings Street
<br />Hillsborough North Carolina 27278
<br />as obligee, herelnafte called Owner, in the amount of One Hundred Fifty Nine Thousand One Hundred Thirty Six
<br />and No /100 ----------------------- - - - - -- Dollars ($ 159,136.00 ), for the payment whereof Contractor
<br />and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
<br />WHEREAS, Contractor has by written agreement dated June 25th 19 91 , entered into a contract with Owner for
<br />Orange County Government Services Center
<br />Hillsborough, North Carolina
<br />in accordance with Drawings and Specifications prepared by (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 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 extension of time made by the Owner.
<br />Whenever Contractor shall be, and declared by Owner to be in default under the Contract, the Owner having performed Owner's
<br />obligations thereunder, the Surety may promptly remedy the default, or shall promptly
<br />1) Complete the Contract in accordance with its terms and conditions, or
<br />2) Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by Surety
<br />of the lowest responsible bidder, or, if the Owner elects, upon determination by the Owner and the Surety jointly of the lowest responsible
<br />bidder, arrange for a contract between such bidder and Owner, and make available as Work progresses (even though there should be a de-
<br />fault or a succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the
<br />cost of completion less the balance of the contract price; but not exceeding, including other costs and damage, for which the Surety may
<br />be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance of the contract price," as used in this paragraph,
<br />shall mean the total amount payable by Owner to Contractor under the Contract and any amendments thereto, less the amount properly
<br />paid by Owner to Contractor.
<br />Any suit under this bond must be instituted before the expiration of two (2) years from the date on which final payment under the
<br />contract falls due.
<br />No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner named herein or
<br />the heirs, executors, administrators or successors of Owner.
<br />Signed and sealed this 25th
<br />(witness)
<br />Performance Bo (witness)
<br />Revised to February, 1970
<br />SS 5715ax (1) Printed in U.S.A.
<br />BOR -2304 ED, 7.71
<br />day of June 19 91
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