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do 40 3. After the expiration of one (1) year from the performance of the labor or completion of delivery of the materials and supplies; it being understood, however, that if any limitation embodied in I ' this Bond is prohibited by any law controlling the construction hereof such limitations shall be deemed to be amended so as to be equal to the minimum period of limitation permitted by such law. i 4. Other than in a state court of competent jurisdiction in and for Indian River County, Florida, or in the United States District Court for the Southern District of Florida, and not elsewhere. I The Principal and the Surety jointly and severally, shall repay the County of Indian River any sum which it may be compelled to pay because of any lien for labor or materials furnished for any work 1 . included in or provided by said Contract. The Surety, for value received, hereby stipulates and agrees that no charge, extension of time, alteration of or addition to the terms of the Contract or to the work to be performed thereunder or to the Specifications applicable thereto shall in any way affect its obligations on this Bond, and the Surety hereby waives notice of any such change. extension of time, alterations of or addition to the terms of the Contract, or to the work or to the Specifications. The Surety represents and warrants to the County of Indian River that they have a Best's Key Rating t Guide, General Policyholder's rating of "A" and Financial Size Category of Class "V. The Said Principal and Surety jointly and severally covenant and agree that this Bond will remain in full force and effect for a period of one year commencing on the date of Substantial Completion as established on the Certificate of Substantial Completion as issued by the County of Indian River. IN WITNESS WHEREOF, the above bounded parties executed this instrument under their Several Seals, this day of , 20 , A.D., the name and corporate seal each corporate party being hereto affixed and these presents duly signed by its undersigned representative, pursuant to authority of its governing body. i WHEN THE PRINCIPAL IS AN INDIVIDUAL: i I Witness Signature of Individual i i Address Printed Name of Individual i._ Witness L._ Address PAYMENT BOND 2 of 5 1.