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0 /* * INF EKC.OWDS0r <br />JE Fi Y K. BARTON <br />r CLERK CIRCUIT COURT <br />i ' * * INDIAN RIVER CO., FLA. <br />I' x(19/9' <br />CONTRACTOR (Name and Address): <br />Summit Construction Management, lnc. <br />1940 - 58th Avenue, Suite C <br />Vero Beach, FL 32966 <br />t <br />CONSTRUCTION CONTRACTi_ <br />Date:Iuly 1999 <br />l <br />Amount: 258,349.00 <br />Descilption (Name and Location): <br />PERFOL'.arANCE BOND <br />The American Institute of Architects, <br />AIA Document No. A312 (December, 1984 Edition) <br />Any singular reference to Contractor, Surety, Owner or other <br />party shall be considered plural where applicable. <br />OWNER (Name and Address): <br />Indian River County Board or County Comnlissione202519111Avenue <br />Vero Beach, FI, 32900 <br />SURETY (Name and Principal Place of Business): <br />Old Republic Surety Company <br />P.O. Box 4668 <br />Wintcr P;ltk. FL 327934668 <br />IRC Bid 9061 Dale Wimbmw Park Improvements <br />Bond p OCN490138 <br />Date (Not earlier than Construction Contract Date): ltdy 20, 1999 <br />Amount. 258,349.00 <br />Modifications to this Bond: <br />CONTRACTOR AS PRINCIPAL <br />Corporate Seal) <br />SurtituitConsUtl Pop Mdilagemenl, lite. <br />3lgnaturei \ L <br />lume,9nd 71(1e; SWflliam B:'Schuh Jr., President <br />i Any addilto.'neFinaldreA eppeaf on page 2.) <br />rFOR JNFORMA,r/ON Only- Neme, Address and relephone) AGENT or BROKER: The DidaneyerAgetcy <br />607 SL Lucie Cresoen, Stuart, PL 34994 <br />The Contractor and the Surety, jointly and severally, bind them- selves, their heirs, executors, administrators, successors and assignstotheOwnerforthe performance of the Construction Contract, whichIncorporated herein by reference. <br />L__ If the Contractor performs the Construction Contract, the Surety andtheContractorshallhavenoobligationunderthisBond, except to par- flcipate In conferences as provided In Subparagraph 3.1. <br />If there Is no Owner Default/ the Surelys obligation under this Bondfallariseafter: <br />3.1 The Owner has notified the Contractor and the Surety at ItsaddressdescribedInParagraph10below that the Owner Is con- sidering declaring a Contractor Default and has requested andattemptedtoarrangeaconferencewiththeContractorandIhnSuretytobeheldnot later then fifteen days after receipt of suchnoticetodiscuss methods of performing the Construction Contract. If the Owner, the Contractor and the Surety agree, the Contractorshallbeallowedareasonable time to perform the Construction Con- tract, but such an agreement shall not waive the Owner's right. Ifany, subsequently to declare a Contractor Default; and <br />3.2 The Owner has declared a Contractor Default and formallyterminatedtheContractor's right to complete the contract. SuchContractorDefaultshallnotbedeclaredearlierthantwentydaysaftertheContractorandSuretyhavereceivednoticeasprovidedInSubparagraph3.1; and <br />oasc 22119(1"3) <br />ACFK.RIB'ApatWffiW <br />9 None <br />SURETY <br />IN THE RECORDS Or <br />JEFFREY K. BART ON <br />CLERK CIRCUIT COUR1 <br />WDIAN RIVER CO., FLA <br />See Page 2 <br />Company: . <br />Old Republic Surcty Company ( <br />Cbiporate.&eat) <br />Signature: viete e ^ -t.. <br />Name and le: James 13. Dickntcycr, A <br />OWNER'S REPRESENTATIVE (Architect, Engiheerorotherparty): <br />3.3 The Owner has agreed to pay the Balance of the Contract PricetotheSuretyinaccordancewiththetermsoftheConstructionContractortoacontractorselectedtoperformtheConstructionContractInaccordancewiththetermsofthecontractwiththeOwner. <br />4 When the Owner ties satisfied the conditions of Paragraph 3, theSuretyshallpromptlyandattheSurety's expense take one of thefollowing actions: <br />4.1 Arrange for the Contractor with consent of the Owner, toPerformandcompletetheConstruction Contract; or <br />4.2 Undertake to perforin and complete Ilse Construction Contractitself, through its agents or through independent contractors; or <br />4.3 Obtain bids or negotiated proposals from qualified contractorsacceptabletotheOwnerforacontractforperformanceen.' com- plellon of the Censtruclion Contract, arrange for a contract to bepreparedforexecutionbytheOwnerandthecontractorselectedwiththeOwner's concurrence, to be secured with performanceandPaymentbondsexecutedbyaqualified surety equivalent iothebondsIssuedontheConstructionContract, and pay to theOwnertheamountofdamagesasdescribedInParagraph6InexcessoftheBalanceoftheContract Price incurred by the OwnerresultingfromtheContractor's default; or <br />Page 1 of 2 <br />k0k -O <br />C—