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r <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 the contract or contracts of completion arranged under this <br /> extension of time made by the Owner. paragraph) sufficient funds to pay the cost of completion less <br /> Whenever Contractor shall be, and declared by Owner the balance of the contract price; but not exceeding , including <br /> other costs and damages for which the Surety may be liable <br /> to be in default under the Contract, the Owner having <br /> ma hereunder, the amount set forth in the first paragraph hereof. <br /> performed Owners obligations thereunder, the Sure <br /> promptly remedy the default, or shall promptly y The term balance of the contract price, " as used in this <br /> paragraph , shall mean the total amount payable by Owner to <br /> 1) Complete the Contract in accordance with its terms Contractor under the Contract and any amendments thereto, <br /> and conditions, or less the amount properly paid by Owner to Contractor. <br /> 2) Obtain a bid or bids for completing the Contract in Any suit under this bond must be instituted <br /> before the <br /> accordance with its terms and conditions, and upon expiration of two (2) years from the date on which <br /> final <br /> determination by Surety of the lowest responsible bidder, payment under the Contract falls due. <br /> or, if the Owner elects, upon determination by the Owner <br /> and the Surety jointly of the lowest responsible bidder, No right of action shall accrue on this bond to or for <br /> the <br /> use of any person or corporation other than the Owner named <br /> arrange for a contract between such bidder and Owner, <br /> and make available as Work progresses (even though herein or the heirs, executors, administrators or successors of <br /> there should be a default or a succession of defaults under the Owner. <br /> lig <br /> ° l I. <br /> Signed and sealed this 14th day of July, 2008 . 9{ s � Jy1 <br /> Add <br /> ATTEST: <br /> rr Ocean Gate General Contractors , Inc . <br /> , . � <br /> I Add- <br /> AI <br /> (Principap g ^ <br /> ALL <br /> ]• AAA <br /> ' P ° A 1yyyH � � i <br /> B . <br /> f fneSS <br /> ��::. t J J' a t ' ,• <br /> r <br /> oie) �5 l <br /> Y <br /> WITNESS : Fidelity and Deposit Company of Maryla ;Y� ^ {4i-4 - A' to ;" <br /> f p ragyp ; 46 A „ <br /> e Ii. I h <br /> z <br /> (Title) WVii: J Add,,. ,. . ,A r ': <br /> Brett Rosenhaus Attprne <br /> , <br /> k . .. :, , <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 />