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Bond No
<br />UNITED PACIFIC CDWPANY
<br />HOME OFFICE, TACOMA, WASHINGTON
<br />PERFORMANCE BOND
<br />The American Institute of Architects, AIA Document A311, February 1970 Edition.
<br />KNOW ALL MEN BY THESE PRESENTS: that (Here insert full name and address or legal title of Contractor)
<br />Cyclone Roofing Company
<br />Post Office Box 1279, Matthews, North Carolina 28106
<br />as Principal, hereinafter called Contractor, and, UNITED PACIFIC INSURANCE COMPANY, a corporation of the State of Washington,
<br />with its Home Office at Tacoma, Washington, as Surety, hereinafter called Surety, are held and firmly bound .unto (Here insert full name
<br />and address or legal title of Owner) County of Orange, North Carolina
<br />Hillsborough, North Carolina
<br />as Obligee, hereinafter called Owner, in the amount of Twenty -seven Thousand Three Hundred and No /1UO
<br />Dollars ($ 27 ,300.00 ----- ), 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 January 21 19 92 , entered into a contract with Owner for
<br />Orange County Recreation Center, Hillsborough, N.C.
<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 damages 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
<br />21st
<br />Z
<br />�9, -
<br />itness)
<br />fitness)
<br />Performance Bond
<br />Revised to February, 1970
<br />SB 5715ax (1) Printed in U.S.A-
<br />G'7)1.I ?pnp F -7.71
<br />day of Janaury
<br />CYCLONE ROOFING COMPANY
<br />jx--/ (Principal)
<br />resident
<br />R. Wayne COpke (Title) _
<br />ITE IFIC INSURANCE_CQ.kAFANY
<br />(Title) " -
<br />Attorney -Fact
<br />1992
<br />(Seal)
<br />
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