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PERFORMANCEBOND <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 fts 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 fora 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 3 DAY OF NOVEMBER 1999 <br />OWENS ROOFING, INC. - <br />. (Pririclpal) (Seal) <br /> <br />Continental Casualty Company <br />~ (Surety) (Seal) <br />(Witness) ~/ <br />~~l ~ <br />Mary N. Burns VATTORNEYIN FACT <br />AIA DOCUMENT A311 -PERFORMANCE 80ND AND LABOR AND MATERIALPAYMENTBOND -AIA <br />FEaRUARY1970 ED. -THE AMERICANINSTITUTEOF ARCHITECTS,1735 N.Y. AVE., N.W., WASHINGTON,D.C. 20008 2 <br />