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4 .4 Waive its right to perform and complete , arrange for completion , accrue on this Bond to any person or entity other than the Owner or Or obtain a new contractor and with reasonable promptness under its heirs, executors, administrators or successors . the circumstances : 8 The Surety hereby waives notice of any change , including changes A After investigation , determine the amount for which it may of time , to the Construction Contract or to related subcontracts , be liable to the Owner and , as soon as practicable after purchase orders and other obligations . the amount is determined , tender payment therefor to the 9 Any proceeding , legal or equitable , under this Bond may be Owner; or instituted in any court of competent jurisdiction in the location in which . 2 Deny liability in whole or in part and notify the Owner citing the work or part of the work is located and shall be instituted within reasons therefor . two years after Contractor Default or within two years after the Con - 6 If the Surety does not proceed as provided in Paragraph 4 with tractor ceased working or within two years after the Surety refuses reasonable promptness , the Surety shall be deemed to be in default or fails to perform its obligations under this Bond , whichever occurs on this Bond fifteen days after receipt of an additional written notice first . If the provisions of this Paragraph are void or prohibited by law , from the Owner to the Surety demanding that the Surety perform its the minimum period of limitation available to sureties as a defense Obligations under this Bond , and the Owner shall be entitled to enforce in the jurisdiction of the suit shall be applicable . any remedy available to the Owner . If the Surety proceeds as provided 10 Notice to the Surety , the Owner or the Contractor shall be mailed in Subparagraph 4 . 4 , and the Owner refuses the payment tendered or delivered to the address shown on the signature page . or the Surety has denied liability , in whole or in part, without further 11 When this Bond has been furnished to comply with a statutory or notice the Owner shall be entitled to enforce any remedy available other legal requirement in the location where the construction was to the Owner . to be performed , any provision in this Bond conflicting with said statu - 6 After the Owner has terminated the Contractor's right to complete tory or legal requirement shall be deemed deleted herefrom and the Construction Contract, and if the Surety elects to act under Provisions conforming to such statutory or other legal requirement Subparagraph 4. 1 , 4. 2 , or 4 . 3 above , then the responsibilities of the shall be deemed incorporated herein . The intent is that this Bond shall Surety to the Owner shall not be greater than those of the Contractor be construed as a statutory bond and not as a common law bond . under the Construction Contract , and the responsibilities of the Owner 12 DEFINITIONS to the Surety shall not be greater than those of the Owner under the 12 . 1 Balance of the Contract Price The total amount payable by Construction Contract. To the limit of the amount of this Bond , but the Owner to the Contractor under the Construction Contract after subject to commitment by the Owner of the Balance of the Contract all proper adjustments have been made , including allowance to Price to mitigation of costs and damages on the Construction the Contractor of any amounts received or to be received by the Contract, the Surety is obligated without duplication for: Owner in settlement of insurance or other claims for damages to 6 . 1 The responsibilities of the Contractor for correction of defec- which the Contractor is entitled , reduced by all valid and proper tive work and completion of the Construction Contract; payments made to or on behalf of the Contractor under the Construction Contract. 6 .from Additional legal design professional and delay costs resulting 12 . 2 Construction Contract: The agreement between the Owner from the Contractor's Default, and resulting from the actions or and the Contractor identified on the signature page , including all failure to act of the Surety under Paragraph 4 ; and Contract Documents and changes thereto . 6 . 3 Liquidated damages, or if no liquidated damages are speci - 12 .3 Contractor Default : Failure of the Contractor, which has neither fied in the Construction Contract. actual damages caused by been remedied nor waived , to perform or otherwise to comply with delayed performance or non-performance of the Contractor . the terms of the Construction Contract. 7 The Surety shall not be liable to the Owner or others for obligations 12 .4 Owner Default : Failure of the Owner, which has neither been of the Contractor that are unrelated to the Construction Contract and remedied nor waived , to pay the Contractor as required by the the Balance of the Contract Price shall not be reduced or set off on Construction Contract or to perform and complete or comply with account of any such unrelated obligations . No right of action shall the other terms thereof. MODIFICATIONS TO THIS BOND ARE AS FOLLOWS : ( Space is provided below for additional signatures of added parties other than those appearing on the cover page . ) CONTRACTOR AS PRINCIPAL ( Corporate Seal ) SURETY ( Corporate Seal ) Company : Company : Address : Address : Name and Title : Name and Title : Signature : Signature : ORSC 22119 ( 10-93) Page 2 of 2