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jointly1. The Contractor and Surety, r, executors,themselves, their heirs, ♦ !, Contract, which is incorporated herein by reference. 2. if the Contractor per -forms the Construction Contract, Surety and the Contractor shall have no obligation under t ! ^♦:.hen anlicable to yarticiv-ate in a cc provided in Paragraph 3. 3. if there is no Owner Default underthe Construction the Surety's obligation under this Bond shall arise aftei I 3.1 The Owner first provides notice to the Contractor and the Surety that the Owner is considering declaring # ♦ M' ♦ ri Owner is requesting a conference among the Owner, Contractor, and Surety to discuss the Contractor's performance. If the Owner does not request a conference, requeststimely the Owner agrees otherwise, any conference requested Constructionunder this Paragraph 3.1 shall be held within ten (10) If the Owner, the Contractor, and the Surety agree, the "♦I waive the Owner's right, if any, subsequently declare ContractorDefault; 3.2 The Owner declares a Contractor Default, terminates the Construction Contract and notifies the Surety; and 3.3 The Owner has agreed to pay the Balance of tM Contract Price in accordance ConstructionM the Surety or to a contractor selected♦ perform ! Paragraph4. Failure on the part of the Owner to comply with the notice requirement in ♦constitute ♦!extent the Surety demonstrates pr 5. When the Owner has satisfied the conditions of Paragraph 3, the following 5.1 Arrange forthe Contractor, • 5.2 Undertake to perform and complete Construction•ntract itself, through its agents or independent 12 5.3 Obtain bids or '! proposals from qualified contractors ♦ the Owner forcontract contractorOwner and a ! with the Owners Contractorjigliging, to be secured with 4erformance and iagmen) as a result of the M• or 5.4 Waive its right to perform ! complete, for ! obtain ♦ ♦ : , and with reasonable promptness 5.4.1 determine ♦ which it may be liable to the Owner and, as soon practicable after the amount payment to the Owner; or Owner,5.4.2 Deny liability in whole or in part and notify tM denial. ! ' ♦ � 1i V, litA is . ! ! ♦ ♦ ♦ ! in part, without further notice the Owner shall be entitled to enforcee to the Owner. those7. If the Surety elects to act under Paragraph 5.1, 5.2, or 5.3, greater than +ntractor under the Construction ♦ !the Ownertothe Contract.M the commitment by the Owner to pay the r ♦ ! }�urep- is ♦! ! duplication for: 7.1 the responsibilities of the Contractor for♦.., of defective work and completion of the Construction 7.2 additional ♦ M and delay •! ^ ! Paragraphfrom the actions or failure to act of the Surety under 7.3 liquidated damages, or if no liquidated !' "1 ! !:i caused by delayed performance or non-performance of the Contractor.