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PERFORMANCE BOND <br /> NOW , THEREFORE , THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform said <br /> 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 contracts of completion arranged under this paragraph) <br /> or extension of time made by the Owner . sufficient funds to pay the cost of completion less the balance <br /> of the contract price ; but not exceeding , including other costs <br /> Whenever Contractor shall be , and declared by Owner and damages for which the Surety may be liable hereunder , <br /> to be in default under the Contract, the Owner having the amount set forth in the first paragraph hereof . The term <br /> performed Owner's obligations thereunder , the Surety may " balance of the contract price , " as used in this paragraph , <br /> promptly remedy the default, or shall promptly shall mean the total amount payable by Owner to Contractor <br /> under the Contract and any amendments thereto , less the <br /> 1 ) Complete the Contract in accordance with its terms and amount properly paid by Owner to Contractor . <br /> conditions , or <br /> Any suit under this bond must be instituted before the <br /> 2) Obtain a bid or bids for completing the Contract in expiration of two (2) years from the date on which final <br /> accordance with its terms and conditions , and upon payment under the Contract falls due . <br /> determination by Surety of the lowest responsible bidder , or, <br /> if the Owner elects , upon determination by the Owner and the No right of action shall accrue on this bond to or for the <br /> Surety jointly of the lowest responsible bidder , arrange for a use of any person or corporation other than the Owner <br /> contract between such bidder and Owner , and make named herein or the heirs , executors , administrators or <br /> available as Work progresses (even though there should be successors of the Owner . <br /> a default or a succession of defaults under the contract or <br /> BOND PREMIUM BASED ON <br /> FINAL CONTRACT PRICE <br /> Signed and sealed this 15 DAY OF NOVEMBER2010 <br /> OWENS ROOFING , _ <br /> ( Principal ) <br /> Witness ` <br /> (Title) <br /> Western Surety Company NCR <br /> Surety) ( Seal ) <br /> rd <br /> f (Witness) <br /> (Title) <br /> Amy R . Waugh ATTORNE IN FACT <br /> AIA DOCUMENT A311 - PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND - AIA o <br /> FEBRUARY 1970 ED . - THE AMERICAN INSTITUTE OF ARCHITECTS , 1735 N . Y . AVE . , N . W . WASHINGTON , D . C. 20006 2 <br />