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LABOR AND MATERIAL PAYMENT BOND
<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
<br /> Contract,then this obligation shall be void, otherwise it shall remain in full force and effect subject, however,to the following
<br /> conditions:
<br /> 1. A claimant is defined as one having a direct and the name of the party to whom the materials were
<br /> contract with the Principal or with a Subcontractor of the furnished, or for whom the work or labor was done or
<br /> Principal for labor, material, or both, used or reasonably performed. Such notice shall be served by mailing the
<br /> required for use in the performance of the Contract, labor same by registered mail or certified mail, postage prepaid,
<br /> and material being construed to include that part of water, in an envelope addressed to the Principal,Owner or Surety,
<br /> gas, power, light heat oil, gasoline, telephone service or at any place where an office is regularly maintained for the
<br /> rental of equipment directly applicable to the Contract transaction of business, or served in any manner in which
<br /> 2. The above named Principal and Surety hereby jointly legal process may be served in the state in which the
<br /> and severally agree with the Owner that every claimant as aforesaid project is located,save that such service need not
<br /> herein defined, who has not been paid in full before the be made by a public officer.
<br /> expiration of a period of ninety (90) days after the date on b) After the expiration of one(1)year following the date on
<br /> which the last of such claimant's work or labor was done or which principal ceased Work on said Contract, it being
<br /> performed, or materials were furnished by such claimant, understood, however, that if any limitation embodied in this
<br /> may sue on this bond for the use of such claimant bond is prohibited by any law controlling the construction
<br /> prosecute the suit to final judgment for such sum or sums hereof such limitation shall be deemed to be amended so
<br /> as may be justly due claimant and have execution thereon. as to be equal to the minimum period of limitation permitted
<br /> The owner shall not be liable for the payment of any costs by such law.
<br /> or expenses of any such suit c) Other than in state court of competent jurisdiction in
<br /> 3. No suit or action shall be commenced hereunder by and for the county or other political subdivision of the state
<br /> any claimant: in which the Project, or any part thereof, is situated, or in
<br /> a) Unless claimant other than one having a direct the United States District Court for the district in which the
<br /> contract with the Principal, shall have given written notice to Project,or any part thereof, is situated,and not elsewhere.
<br /> any two of the following: the Principal, the Owner, or the 4. The amount of this bond shall be reduced by and
<br /> Surety above named, within ninety (90) days after such to the extent of any payment or payments made in good
<br /> claimant did or performed the last of the work or labor, or faith hereunder, inclusive of the payment by Surety or
<br /> furnished the last of the materials for which said claim is mechanics' liens which may be filed of record against said
<br /> made, stating with substantial accuracy the amount improvement whether or not claim for the amount of such
<br /> claimed lien be presented under and against this bond.
<br /> Signed and sealed this 19th day of February, 2008
<br /> ATTEST: Clancy & Theys Construction Company
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<br /> WITNESS: Travelers Casualty and Surety Company of America
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<br /> Kitara mith ^7e) Attorney-in-Fact
<br /> ALA DOCUMENT A311 PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND AIA
<br /> FEBRUARY 1870 E0. THE AMERICAN INSTITUTE OF ARCHITECTS,1735 N.Y.AVE,N.W,WASHINGTON,D.C.20006
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