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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 claimants
<br />as hereinafter defined, for all labor and material used or reasonably required for use in the performance of the Contract, then this
<br />obligation shall be void; otherwise it shall remain in full force and effect, subject, however, to the following conditions:
<br />1. A claimant is defined as one having a direct contract'
<br />with the Principal or with a Subcontractor of the principal for
<br />labor, material, or both used or reasonably required for use
<br />in the performance of the Contract, labor and material being
<br />construed to include that part of water, gas, power, light, heat,
<br />oil, gasoline, telephone service or rental equipment directly
<br />applicable to the Contract.
<br />2. The above named Principal and Surety hereby jointly
<br />and severally agree with the Owner that every claimant as
<br />herein defined, who has not been paid in full before the
<br />expiration of a period of ninety (90) days after the date on
<br />which the last of such claimants work or labor was done or
<br />performed, or materials were fumished by such claimant, may
<br />sue on this bond for the use of such claimant, prosecute the
<br />suit to final judgment for such sum or sums as may be justly
<br />due claimant, and have execution thereon. The owner shall
<br />no be liable for the payment of any costs or expenses of any
<br />such suit.
<br />3. No suit or action shall be commenced hereunder by
<br />any claimant:
<br />a) Unless claimant, other than one having a direct contract
<br />with the Principal, shall have given written notice to any two
<br />of the following: the Principal, the Owner, or the Surety above
<br />named, within ninety (90) days after such claimant did or
<br />performed the last of the work or labor, or fumished the last
<br />of the materials for which said claim is made, stating with
<br />substantial accuracy the amount claimed and the name of the
<br />party to whom the materials were furnished, or for whom the
<br />work or labor was done or performed. Such notice shall be
<br />served by mailing the same by .registered mail or certified
<br />mail, postage prepaid, in an envelope addressed to the
<br />Principal, Owner or Surety, at any place where an office is
<br />regularly maintained for the transaction of business, or served
<br />in any manner in which legal process may be served in the
<br />state in which the aforesaid project is located; save that such
<br />service need not be made by a public officer..
<br />b) After the expiration of one (1) year following the date on
<br />which principal ceased Work on said Contract, it being
<br />understood, however, that if any limitation embodied iri this
<br />bond is prohibited by any law controlling the construction
<br />hereof such limitation shall be deemed to be amended so as
<br />to be equal to the minimum period of limitation permitted by
<br />such law.
<br />c) Other than in a state court of competent jurisdiction in and
<br />for the county or other political subdivision of the state in
<br />which the Project, or any part thereof, is situated, or in the
<br />United States District Court for the district in which the
<br />Project,. or any part thereof, is situated, and not elsewhere.
<br />4. The amount of this bond shall be reduced by and to
<br />the extent of any payment or payments made in good faith
<br />hereunder, inclusive of the payment by Surety of mechanics'
<br />liens which may be filed of record against said improvement,
<br />whether or not claim for the amount of such lien be presented
<br />under and against this bond.
<br />Signed and sealed this 3 DAY OF NOVEMBER 1999
<br />OWENS ROOFING, INC.
<br />(Principal) (Seal)
<br />(Witness)
<br />
<br />Continental Casualty Company
<br />(Surety)
<br />(Witness)
<br />(Seal)
<br />.Mary N. Burns ~'fTORNEYIN FACT
<br />AIA DOCUMENTA311 - PERFORMANCE80ND AND LABORAND MATERIALPAYMENTBOND - AIA'»
<br />FEBRUARY1970 ED. -THE AMERICAN INSTITUTEOF ARCHITECT5,1735 N.Y. AVE., N.W., WASHINGTON, D.C. 20006 4
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