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PAYMENT BOND
<br />STATE OF TEXAS §
<br />§ KNOW ALL MEN BY THESE PRESENTS:
<br />COUNTY OF LAMAR §
<br />That , hereinafter
<br />called "Principal," and ,
<br />a corporation organized and existing under the laws of the State of
<br />, and fully licensed to transact business in the State of Texas,
<br />hereinafter "Surety," are held and firmly bound unto the CITY OF PARIS, TEXAS, a
<br />home-rule municipal corporation, hereinafter called "Beneficiary," and unto all
<br />persons, firms, and corporations who may furnish materials for, or perform labor
<br />upon the building or improvements described below, in the penal sum of
<br />DOLLARS ) in
<br />lawful money of the United States, to be paid in Lamar County, Texas, for the
<br />payment of which sum well and truly to be made, we bind ourselves, our heirs,
<br />executors, administrators and successors jointly and severally, firmly by these
<br />presents. This Bond shall automatically be increased by the amount of any Change
<br />Order or Supplemental Agreement which increases the Contract price, but in no
<br />event shatl a Change Order or Supplemental Agreement which reduces the Contract
<br />price decrease the penal sum of this Bond.
<br />THE OBLIGATION TO PAY SAME is conditioned as follows: Whereas, the
<br />Principal entered into a certain written Contract with the Beneficiary, dated the
<br />day of , , A.D. which is made a part hereof by
<br />reference, for the construction of certain public improvements that are generally
<br />described as follows: Trail de Paris Expansion, SE 8th St. to SE 12th St.
<br />NOW, THEREFORE, if the Principal shall well, truly and faithfully perform its
<br />~ duties and make prompt payment to all persons, firms, subcontractors, corporations
<br />and claimants supplying labor and/or material in the prosecution of the Work
<br />provided for in said Contract and any and all duly authorized modifications of said
<br />~ Contract that may hereafter be made, notice of which modification to the Surety is
<br />hereby expressly waived, then this obligation shall be void; otherwise it shall remain
<br />in full force and effect.
<br />PROVIDED FURTHER, that if any legal action be filed on this Bond, exclusive
<br />venue shall lie in Lamar County, Texas.
<br />AND PROVIDED FURTHER, that the said Surety, for value received, hereby
<br />stipulates and agrees that no change, extension of time, alteration or addition to
<br />Contract, or to the Work performed thereunder, or the Plans, Specifications,
<br />Drawings, etc., accompanying the same, shall in anyway affect its obligation on this
<br />Bond, and it does hereby waive notice of any such change, extension of time,
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<br />PAYMENT BOND PAGE 1
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