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40 <br />rPayment Bond <br />11 <br />I <br />3.. After the expiration of one (1) year from the performance of the labor or completion of <br />delivery of the materials and supplies; it being understood, however, that if any limitation <br />embodied in this 'Bond is prohibited by any law controlling the construction hereof such <br />limitations shall be deemed to be amended so as to be equal to the minimum period of <br />limitation permitted by such law. <br />4. Other than in a state court of competent jurisdiction in and for Indian River County, <br />Florida, or in the United States District Court for the Southern District of Florida, and not <br />elsewhere, <br />The Principal and the Surety jointly and severally, shall repay the County of Indian River any <br />surd which it may be compelled to pay because of any lien for labor or materials furnished for any <br />work included in or provided by said Contract. <br />The Surety, for valuta received, hereby stipulates and agrees that no charge, extension of <br />time, alteration of or addition to the terms of the Contract or to the work to be performed <br />thereunder or to the Specifications applicable thereto shall in any way affect its obligations on this <br />Bond, and the Surety hereby waives notice of any such change, extension of time, alterations of <br />or addition to the terms of the Contract, or to the work or to the Specifications. <br />The Surety represents and warrants to the County of Indian River that they have a Best's Key <br />Rating Guide, General Policyholder's rating of "A" and Financial Size Category of Class 'V. <br />The said 'Principal and Surety jointly and severally covenant and agree that this Bond will <br />remain in full force and effect for a period of one year commencing on the date of Substantial <br />Completion as established on the Certificate of Substantial Completion as issued by the County <br />of Indian River. <br />IN WITNESS WHEREOF, the above bounded parties executed this instrument under their <br />Several Seals, this _ day of , 1999, A.D., the name and corporate seal each <br />corporate party being hereto affixed and these presents duly signed by its undersigned <br />representative, pursuant to authority of its governing body. <br />Signed, sealed and delivered in the presence of: <br />Witness Signature of Individual <br />Address s Panted Name of Individual <br />Witness <br />Address <br />...... <br />....a... .................................................. <br />Pa_2 <br />