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<br />NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION Is such that, If Contractor shan promptly and faithfully perform said <br />Contract, then this oblisatlon shan be nun and void; otherwise It shaD remain In full force and effect. <br /> <br />The Surely hereby waives notice of any alteration or <br />extension of time made by the Owner. <br /> <br />Whenever Contractor shall be, and declared by Owner to <br />be In default under the Contract, the Owner having performed <br />Owner's obIIsations thereunder, the Surety may promptly <br />remedy the default, or shall promptly <br /> <br />1) Complete the Contract In accordance with its terms and <br />conditions, or <br /> <br />2) Obtain a bid or bids for completing the Contract in <br />accordance with Its terms and conditions, and upon <br />determination by Surely of the lowest responsible bidder, or, If <br />the Owner .elects, upon determination by the Owner and the <br />Sureoty jointly of the lowest responsible bidder, arrange for a <br />contract between such bidder and Owner, and make available <br />as Wofk progresses (even though there should be a default or <br />a succession of defaults under the contract or contracts of <br /> <br />Signed and sealed this <br /> <br />day of <br /> <br />19th <br /> <br />(Wit....) <br /> <br />(Witness) <br /> <br />completion arranged under this paragraph) sufficient funds to <br />pay the cost of completion less the balance of the contract <br />price; but not exceeding. Including other costs and damages <br />for which the Surely may be liable hereunder, the amount set <br />forth in the first paragraph hereof. The term "balance of the <br />contract price: as used in this paragraph, shall mean the total <br />amount payable by Owner to Contractor under the Contract <br />and any amendments thereto, less the amount properly paid <br />by Owner to Contractor. <br /> <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 fans due. <br /> <br />No right of action shall accrue on this bond to or for the use <br />of any person or corporation other than the Owner named <br />herein dr the heirs, executors, administrators or successors of <br />the Owner. <br /> <br />February, 2002 <br /> <br />('.C Coo"ructoo <br /> <br />(Principlll) <br /> <br />(SNI) <br /> <br />(Title) <br /> <br />Great American Insurance Com pany <br />(Surely) <br /> <br />(S8II) <br /> <br /> <br />.>--- <br />Attorney-in-Fact <br /> <br />WCA-1218 . PERI'OAMANœ BOND AND LABOR AND MATERIAL PAYMeNT BOND" 1>JA œ <br />PEIIRUAAY1870 ED. "THE AMEAlCANINS1TT\JTI! OF AACHTECTS. 17S5 N."'. AVE., N.W., WASHINGTON, D.C. 2OCO8 <br /> <br />2 <br />