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� I ICITY OF SUNNY ISLES BEACH PARKS /MEDIANS /RIGHT -OF -WAY MAINTENANCE Whenever CONTRACTOR shall be, and declared by OWNER to be, in default under the Contract, the OWNER having performed OWNER'S obligations thereunder, the Surety may promptly remedy the default, or shall promptly: ' 4.1 Complete the Contract in accordance with its terms and conditions; or 4.2 Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by Surety of the best, lowest, qualified, responsible and responsive Bidder, or, if the OWNER elects, upon determination by the OWNER, and Surety ' jointly of the best, lowest, qualified, responsible and responsive Bidder, arrange for a contract between such Bidder and Owner, and make available as work progresses (even though there should be a default or a succession of defaults under the Contract or Contracts ' of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the Contract price; but not exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph ' hereof. The term "balance of the Contract price." as used in this paragraph, shall mean the total amount payable by OWNER to CONTRACTOR under the Contract and any amendments thereto, less the amount properly paid by OWNER to CONTRACTOR. ' No right of action shall accrue on this Bond to or for the use of any person or corporation other than the OWNER named herein and those persons or corporations provided for in Section 255.005, ' Florida Statutes, or heirs, executors, administrators or successors. Any action under this Bond must be instituted in accordance with the Notice and Time Limitations rprovisions prescribed in Section 255.05(2), Florida Statutes. The Surety hereby waives notice of and agrees that any changes in or under the Contract Documents and compliance or noncompliance with any formalities connected with the Contract or the changes do not affect Surety's obligation under this Bond. Signed and sealed this day of 719 ' WITNESSES: (Name of Corporation) i BIDDERS NAME: ' COMPANY NAME: