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<br />Obtain a Proposal or Proposals for completing the Contract in accordance with its terms and conditions, <br />and upon determination by Surety of the lowest responsible Proposer, or, if the City elects. upon <br />determination by the City and Surety jointly of the lowest responsible Proposal, arrange for a Contract <br />between such Proposer and City, and make available as work progresses (even though there should be a <br />default or a succession of defaults under the Contract or Contracts of completion arranged under this <br />paragraph) sufficient funds to pay the cost of completion less the balance of the Contract price; but not <br />exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount set <br />forth in the first paragraph hereof. The term "balance of the Contract price," as used in this paragraph, shall <br />mean the total amount payable by City to contractor under the Contract, change orders and any <br />amendments thereto, less the amount properly paid by City to contractor, <br /> <br />No right of action shall accrue on this bond to or for the use of any person or corporation other than the <br />City named herein and those persons or corporations provided for in Section 255,05, Florida Statutes, or <br />their heirs, executors, administrators or successors. <br /> <br />Any action under this Bond must be instituted in accordance with the Notice and Time Limitations <br />provisions prescribed in Section 255.05(2), Florida Statutes. <br /> <br />Signed and sealed this _ day of <br /> <br />W1TNESS: <br /> <br />(Corporate Seal) <br /> <br />BY: <br /> <br />(Signature) <br /> <br />IN THE PRESENCE OF: <br /> <br />(Typed Name and Title <br /> <br />INSURANCECOMYA~~: <br /> <br />BY: <br /> <br />Agent and Attorney-in-Fact <br /> <br />Street Address <br /> <br />City/State/Zip Code <br /> <br />Telephone Number <br /> <br />-7 <br /> <br />SIB <br />