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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 <br />or extension of time made by the Owner. <br />Whenever Contractor shall be, and declared by Owner <br />to be in default under the Contract, the Owner having <br />performed Owner's obligations thereunder, the Surety may <br />promptly remedy the default, or shall promptly <br />1) Complete the Contract in accordance with its terms and <br />conditions, or <br />2) Obtain a bid or bids for completing the Contract in <br />accordance with its terms and conditions, and upon <br />determination by Surety of the lowest responsible bidder, or, <br />if the Owner elects, upon determination by the Owner and the <br />Surety jointly of the lowest responsible bidder, arrange for a <br />contract between such bidder ,and Owner, and make <br />available as Work progresses (even though there should be <br />a default or a succession of defaults under the contract or <br />contracts of completion arranged under this paragraph) <br />sufficient funds to pay the cost of completion less the balance <br />of the contract price; but not exceeding, including other costs <br />and damages for which the Surety may be liable hereunder, <br />the amount set forth in the first paragraph hereof. The term <br />"balance of the contract price," as used in this paragraph, <br />shall mean the total amount payable by Owner to Contractor <br />under the Contract and any amendments thereto, less the <br />amount properly paid by Owner to Contractor. <br />Any suit under this bond must be instituted before the <br />expiration of two (2) years from the date on which final <br />payment under the Contract falls due. <br />No right of action shall accrue on this bond to or for the <br />use of any person or corporation other than the Owner <br />named herein or the heirs, executors, administrators or <br />successors of the Owner. <br />BOND PREMIUM BASED ON <br />FINAL CONTRACT PRICE <br />Signed and sealed this 3 DAY OF NOVEMBER 1999 <br /> <br />OWENS ROOFING, INC. <br />(Principal) (Seal) <br />Continental Casualty Company <br />I (Surety) (Seal) <br />(Witness) <br /> <br />tl¢I ~ <br />Mary N. Burns A ORNEYIN FACT <br />AIA DOCUMENTA311 - PERFORMANCEBOND AND LABORAND MATERIALPAYMENTBOND -AIA® <br />FEBRUARY 7 970 ED. -THE AMERICAN INSTITUTEOF ARCHITECTS,1736 N.Y. AVE.. N.W., WASHINGTON, D.C. 20006 <br />2 <br />