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UNITED PACIFIC INSURANCE CCmPANY
<br />HOME OFFICE, TACOMA, WASHINGTON
<br />LABOR AND MATERIAL PAYMENT BOND
<br />The American Institute of Architects, AIA Document A311, February 1970 Edition, _ =
<br />THIS BOND IS ISSUED SIMULTANEOUSLY WITH PERFORMANCE BOND IN FAVOR OF'.) HE`-
<br />OWNER CONDITIONED ON THE FULL AND FAITHFUL PERFORMANCE OF THE CONTRACT.
<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
<br />Matthews, North Carolina 28106
<br />as Principal, hereinafter called Principal, 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 _
<br />name and address or legal title of Owner)
<br />County of Orange, Hillsborough, North Carolina
<br />as Obligee, hereinafter called Owner, for the use and benefit of claimants as hereinbelow defined, in the amount of
<br />Twenty -seven Thousand Three Hundred and No /100 --- - - - - -- Dollars (s27,300.00 = - - -),
<br />for the payment whereof Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly
<br />and severally, firmly by these presents.
<br />WHEREAS, Principal has by written agreement dated January 21 19 92 entered into a contract with
<br />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 Principal shall promptly make payment to all -
<br />claimants as hereinafter defined, for all labor and material used or reasonably required for use in the performance of the Contract,
<br />then this obligation 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,
<br />material, or both, used or reasonably required for use in the performance of the Contract, labor and material being construed to in-
<br />clude that part of water, gas, power, light, heat, oil, gasoline, telephone service or rental of equipment directly applicable to the
<br />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 claimant,
<br />prosecute the suit to final judgment for such sum or sums as may be justly due claimant, and have execution thereon. The Owner shall
<br />not be liable for the payment of any costs or expenses of any such suit-
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