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t <br />PERFORMANCE BOND <br />NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform <br />said Contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect. <br />The Surety hereby waives notice of any alteration or <br />extension of time made by the Owner. <br />Whenever Contractor shall be, and declared by Owner <br />to be in default under the Contract, the Owner having <br />performed Owners obligations thereunder, the Surety may <br />promptly remedy the default, or shall promptly <br />1) Complete the Contract in accordance with its terms <br />and conditions, or <br />2) Obtain a bid or bids for completing the Contract in <br />accordance with its terms and conditions, and upon <br />determination by Surety of the lowest responsible bidder, <br />or, if the Owner elects, upon determination by the Owner <br />and the Surety jointly of the lowest responsible bidder, <br />arrange for a contract between such bidder and Owner, <br />and make available as Work progresses (even though <br />there should be a default or a succession of defaults under <br />W Signed and sealed this <br />ATTEST: <br />14th <br />{ <br />the contract or contracts of completion arranged under this <br />Paragraph) sufficient funds to pay the cost of completion less <br />the balance of the contract price; but not exceeding, including <br />other costs and damages for which the Surety may be liable <br />hereunder, the amount set forth in the first paragraph hereof. <br />The term "balance of the contract price," as used in this <br />paragraph, shall mean the total amount payable by Owner to <br />Contractor under the Contract and any amendments thereto, <br />less the amount properly paid by Owner to Contractor. <br />Any suit under this bond must be instituted before the <br />expiration of two (2) years from the date on which final <br />payment under the Contract falls due. <br />No right of action shall accrue on this bond to or for the <br />use of any person or corporation other than the Owner named <br />herein or the heirs, executors, administrators or successors of <br />the Owner. <br />July, 2008. <br />Ocean Gate General Cnntrnrtnrc Inn <br />Fidel <br />Brett Rosenhaus <br />AIA DOCUMENT A311 PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND AIA a 2 <br />FEBRUARY 1970 ED. • THE AMERICAN INSTITUTE OFARCHITECTS, 1735 N.Y. AVE, N.W., WASHINGTON, D.C. 20006 <br />