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PERFORMANCE BOND <br /> <br /> s~id Co~lf~c~, lh~n this oblioal,on shall be null ~nd void; otherwise il shall remain ~n ~utl Force and e~ecl. <br /> <br /> The Surety hereby waives no,ice o~ any aJleralion or defnulls under the conlrac~ or con~facls o( completion <br /> extengon o~ ~mme made by the Owner. arranBed under this paragraphl suH'icient ~unds ~o pay lhe <br /> Whenever Contractor shaJJ be, and declared by Owner but not exceeding, includin~ o~her costs and damages <br /> to be in de(auh under the Contract, the Owner havin~ ~o?which the Surely may be liabJe hereunder, theamou~t <br /> performed Owner's obligations thereunder, the Surety set fo?Ih in ~he first paregroph he?eo~. The lerm "balance <br /> may prompdy remedy the de{auJt, or shall promptly o( the contract p~ice," as used in th~s p~a~raph, skalJ <br /> 1) Complete the Contract in accordance with its terms mean the lotaJ amoun~ payable by Owner ~o Contractor <br /> and conditions, or under the Contract and any amendments l~ereto, Jess <br /> ~he amount properly paid by Owner ~o Contractor. <br /> 2) Obtain a b~d or bids for completinB the Contract m <br /> accordance with ~ts terms and conditions, and upon de- A~y suit under this bond must be instituted <br /> termination by Surety of the lowest responsible bidder, the expiration Of two (2} year~ from the date on which <br /> or, if the Owner elects, upon determination by the final payment under the Contract falls due. <br /> Owner and the Surew jointly of the lowest responsible No right of action shah accrue on this bond ~o or for <br /> <br /> Owner, and make available as Work progresses (even Owner named herein or the heirs, executors, adminis- <br /> though there should be a default or a succession of trators or successors of the Owner. <br /> <br />Signed and sealed this day of 19 <br /> <br /> <br />