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20 <br /> Bond No. 108005982 <br /> PERFORMANCE BOND <br /> FT IS HEREBY AGREED that tlr vnrulIna=and addr= FCon==,) <br /> Lomax, Incorporated <br /> P.O, Box 35169 <br /> Greensboro, NC 27425 <br /> as Principal, hereinafter called Contractor, and, (Inxcr MIiamrs and addrezOrSLWCF,) <br /> Travelers Casualty and Surety Company of America <br /> One Tower Square <br /> Hartford, CT 06183 <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 /> as Obligee,hereinafter called Ovmer, in the amount of Four Million Seven Hundred Ninety <br /> Five Thousand and 00/1 OD Dollars ($4,795,000.00 ) for the <br /> payment whereof Contractor and Surety bind themselves. their heirs; executors, administrators, <br /> successors and assigns,jointly and severally, firmly by these obligations. <br /> WHEREAS. Contractor has by written agreement dated April 10 2024 , entered <br /> into a contract With Owner for the construction of [nscr nc name nl the Prgccl <br /> Elfand CHeeks Elementary School -General Renovations <br /> in accordance with Drawings and Specifications prepared by ilr3tn roll name ar,d addresorA ehiresx•Ere in rr, <br /> Sud Associates, P.A. <br /> 1813 Chapel Hill Rd <br /> Durham, NC 27707 <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 <br /> shall promptly and faithfully perform said Contract, then this obligation shall be null and void; <br /> otherwise it shall remain in full force and effect. The Surety hereby waives notice of any <br /> 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 <br /> Owner having performed Owner's obligations thereunder, the Surety may promptly remedy the <br /> 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 <br /> conditions. and upon determination by Surety of the lowest responsible bidder, or. if the <br /> Owner elects, upon determination by the Owner and the Surety jointly of the lowest <br /> 1 <br />