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<br />,/ <br /> <br />PERFORMANCE BOND <br /> <br />NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully <br />perform said Contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect. <br /> <br />The Surety 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 <br />to be in default under the Contract, the Owner having <br />performed Owner's obligation thereunder, the Surety may <br />promptly 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 term 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 <br />the Surety jointly of the lowest responsible bidder, arrange <br />for a 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 <br /> <br />Signed and sealed this <br /> <br />day of <br /> <br />(wr/f~(/~ <br /> <br /> <br />under the contract or contracts of completion <br />arranged under this paragraph) sufficient funds to pay the <br />cost of completion less the balance of the contract price; but <br />not exceeding, including other costs and damages for which <br />the Surety may be liable hereunder, the amount set forth in <br />the first paragraph hereof The term "balance of the <br />contract price," as used in this paragraph, shall mean the <br />total mount payable by Owner to Contractor under the <br />Contract and any amendments thereto, less the amount <br />properly paid by Owner to Contractor, <br /> <br />Any suit under this bond must be instituted before <br />the expiration of two (2) years from the date on which final <br />payment under the Contract falls due, <br /> <br />No right of action shall accrue on this bond to or <br />for the use of any person or corporation other than the <br />Owner named herein or the heirs, executors, administrators <br />or successors of the Owner. <br /> <br />2004. <br /> <br /> <br />(Seal) <br /> <br />Carolina 'Casualty Insurance Companv <br />(S/? <br />~;J,~ ____ <br /> <br />Charles D. Nielson, Attorney-In-Fact and Florida Resident Agent <br /> <br />AlA DOCUMENT A311 . PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND' AlA @ <br />FEBRUARY 1970 ED. THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NY AVE, NW, WASHINGTON, DC. 20006 2 <br />