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4.4 Walye Its right to perform and complete,,,, .,go for completion, or obtain a now contractor and with re asonabIs promptness under the circumstances; .1 After Investigation, determine the amount for which It may be liable to the Owner and as soon a practicable after the amount Is determined, tender payment: therefor to the Owner; or .2 Deny liability in whole or In part and notify the Owner citing reasons therefor. 6 if the Surety does not proceed as provided in Paragraph 4 with reasonable promptness, the Surety shall be deemed to be in default on this Bond"eon days after receipt of an additional written notice from the Ownar to the Surety demanding that the Surety perform Its Obligalions under this Bond, and the Owner shall be entitled to enforce any remedy available to the Owner. if the Surety proceed' as provided In Subparagraph 4.4, and the Owner refuses the payment tendered or the Surety has denied liability, In whole or In part, without fuither notice the Owner shall be entitled to enforce any remedy available to the owner, 6 After rho Owner has terminated the contractor's right to complete the Construction Contract, and If the Surety elects to act under Subparagraph 4.1, 4.2, or 4.3 above, then the reaponsiblitlios of the Surety to the Owner shall not be greater then those of the Contractor under the Conalruetlon Contract, and the responslb616es of the Owner to the Surely shall not be greater than those of the Owner under the Construcrion Contract. To the limit of the amount of this Bond, but subject to commitmant by the Owner of the Salahod of the Contract Price to mitigation of costs and damages on the Construction Contract, the Surety Is Obligated without duplication tor: 8.1 The reaponslbllltles of the Contractor for correction of defec- tive work and complatlon of the Construction Contract; 6,2 Additional legal design professional and delay costs resulting from the Contractor.,a Default. and resulting from the actions or failure to act of the Surety under paragraph 4; and 6.3 Liquldated damages, or If no liquidated damages are speci- fied in the Construction Contract, actual damages caused by delayed performance or non-performance of the Cor„,actor. 7 The Surety shall not be liable to the Owner or olhOrs for obligations or the Contractor that are unrelated fo the Construction Contract and the Batanl?e of the Contract price shall not be reduced or set off on account of any such unrelated obligations. No right of action shall NObiFiC#TIONS TO THiS BOND ARE AS FOLLOWS. accrue on this Bond to t arson or entity other than the Qy n Its heirs, executors, edminlstrators or successors, er or 8 The Surely hereby valves notice of any change, including changes Of trine, to the donmlf�uVtld`ro Contract or to related subconlrecle. Purchase orders and other obligations. 9 Anr proceeding, legal or -'equitable, under this Bond may be Instituted Ira any court Of competent jurisdiction in the location in which the work or part of the work is located and shall be instituted within two years after Conlractor Default or within two years after the Con- tractor ceased working or within two years after the Surety refuses Or faits Io perform its obligations under this Bond, whichever occurs Oral. If the provisions of this paragraph are Vold or prohibited by law, the minimum perlOu of limitation available to suretles as a defense in the jurisdiction of the suit shah be applicable. 10 Notice to the Surety, the Owner or the Conlractor shall be mailed or delivered to the address shown on the signature page. 11 When tills Band has been furnished to Comply with a statutory or other legal requirement in thO location where the construction was to be performed, any provision in this Bond conflicting with said statu- tory or legal requirement shall be deemed deleted herefrom and provisions conforming to such statutory or other legal requirement shall be deemed Incorporaled herein. The intent Is that this Bond shall be construed as a statutory bond and not as a common Payr bond, 12 DEFINITIONS 12.1 Balance of the Contract price "rho total amount payable by the Owner to the Contractor under the Consiruction Contract after all proper adjustments have been made. Including allowance to the Contractor of any amounts received or to be received by the Owner In settlement of Insurance or other claims for damages to which the Contractor Is entitled, reduced by all valid and proper Payments made to or on behalf of the Contractor under the Construction Contract. 12.2 Construction Contract: The agreement between the owner and the Contractor identified on the signature page, including alt Contract Documents and changes thereto. 12.3 Contractor Default: Failure of the COnivector, which has neither been remedind nor waived, la p@rforrn or othenvise to comply with the terms of the Construction Contract 12.4 Owner Defaull' Failure of the Owner, which has neither been remedied nor walved, to pay the Contractor as required by the COnslRi4ion Contract or to perform and complete or Comply with the other terms thereof. - — =1 fL (Space Is provided below for eddltianal signatures Of added parties Outer than those a Co ppearing on the cover page.) U ONTRACTOR AS PRINCIPAL (Corporate Seat) SURETY Company; cx company (Corporate Seat) Address: —�� Address; Name and Title: Name and TIVe. gnaturer ORSC 22119 ()rema) signature - A TRUE COPY CERTIFICATION ON LAST PAGE patfe 2 of 2 V J.K BARTON M ERN