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<br /> Bond No. 108005982
<br /> LAE30R AND MATERIAL PAYMENT BOND
<br /> THIS 501,14D IS ISSUED SIMULTANEOUSL'� «TTlf PERFORUMANCE BOND IN FAVOR OF THE
<br /> ON4NFR CONDITIONED ON THE Ftf".�No F:tI7EIFUL PERFQRhLANcF of THE CONMA CT
<br /> IT IS HEREBY AGREED that (Insert full name and address of Contractor)
<br /> Lomax, Incorporated
<br /> P.O. Box 35169
<br /> Greensboro, NC 27425
<br /> as Principal,hereinafter called"Principal,"and, (Insert full name and address of Surety)
<br /> Travelers Casualty and Surety Company of America
<br /> One Tower Square
<br /> Hartford, CT 061.83
<br /> as Surety,hereinafter called"Surety,"are held and firmly bound unto the
<br /> Orange County Board of Education
<br /> 200 East King St.
<br /> Hillborough, NC 27278
<br /> Four Million Seven Hundred Ninety Five Thousand & 00/100 Dollars
<br /> as Obligee,hereinafter called Owner,for the use and benefit of claimants as hereinbelow defined,in the amount of $4,795,000.00
<br /> ror the payment whereof Principal and Surety bind themselves, their heirs, executors, administrators, successors and
<br /> assigns,jointly and severally, firmly by these obligations.
<br /> WHEREAS.Principal has by written agreement dated April 10 -)0 24
<br /> entered into a contract with Owner for the construction of (Insert the name of the Project)
<br /> Eifand Cheeks Elementary School -General Renovations
<br /> in accordance with Drawings and Specifications prepared by (Insert fitll name and address of Architect Engineer)
<br /> Sud Associates, P.A"
<br /> 1813 Chapel Hill Rd
<br /> Durham, NC 27707
<br /> which contract is by reference trade 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
<br /> payment to all claimants as hereinafter defined, for all labor and material used or reasonably required for use in the
<br /> performance of the Contract,then this obligation shall be void; otherwise it shall remain in full force and effect,subject,
<br /> however,to the following conditions:
<br /> 1. A claimant is defined as one having a direct.contract with die principal or with a. Subcontractor of the
<br /> Principal for labor, material, or both, used or reasonably required for use in the performance of the Contract, labor and
<br /> material being construed to include that part of water,gas.power,light,heat, oil,gasoline,telephone service or rental of
<br /> equipment directly applicable to the Contract.
<br /> 3. The above named .Principal and Surety hereby jointly and severally agree with die Owner that every
<br /> claimant as herein defined, who has not been paid in full before the expiration of period ofninety (90) days after the
<br /> date on which the last of such claimants wort: or labor was done or performed, or materials were furnished by such
<br /> claimant,may sue on this bond for the use of such claimanL prosecute the suit to final judgment forsuch sum or sums as
<br /> may be justly due claimant, and have execution thereon" The Owner shall not be liable for the payment of any cosrs or
<br /> expenses of any such suit.
<br /> 3" No suitor action sliall be commenced hereunder by any claimant:
<br /> a) Unless claimant, other than one havirig a direct contract with the Principal. shall have given written notice
<br /> to any two of the following:the Principal,the Owner, or the Surety above named,within ninety(90)days,after such
<br /> claimant did or performed the last of the work-or labor,or furnished the last of the materials for which said claitrt is
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