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BK: 2876 PG: 266 <br />r . <br />PUBLIC CONSTRUCTION BOND <br />Bond No, 0664485 <br />BY THIS BOND, We Kerns Construction and Property Mgmnt. Corp., as Principal and International <br />Fidelity Insurance Company , a corporation, as Surety, are bound to Indian River County Board of County Commissioners <br />, herein called Owner, in the sum of $ 1.084.854.00 , for payment of which we <br />bind ourselves, our heirs, personal representatives, successors, and assigns, jointly and <br />severally. <br />THE CONDITION OF THIS BOND is that If Principal. <br />1. Performs the contract dated 8/t , Ro,r between Principal and Owner for <br />construction of 87th Street and 91st Avenue Sidewalk Improvements , the contract being <br />made a part of this bond by reference, at the times and in the manner prescribed in the <br />contract; and <br />2. Promptly makes payments to all claimants, as defined in Section 255.05(1), Florida <br />Statutes, supplying Principal with labor, materials, or supplies, used directly or indirectly <br />by Principal in the prosecution of the work provided for in the contract; and <br />3. Pays Owner all fosses, damages, expenses, costs, and attorney's fees, including <br />appellate proceedings, that Owner sustains because of a default by Principal under the <br />contract; and <br />4. Performs the guarantee of all work and materials furnished under the contract for the <br />time specified in the contract, then this bond is void; otherwise it remains in full force. <br />Any action instituted by a claimant under this bond for payment must be in accordance <br />with the notice and time limitation provisions in Section 255.05(2), Florida Statutes. <br />Any changes In or under the contract documents and compliance or noncompliance <br />with any formalities connected with the contract or the changes does not affect Surety's <br />obligation under this bond. <br />DATED ON August 26, 2015 <br />00610-3 <br />Kerns Construction and Property Mgmnt. Corp. <br />By(/47/ <br />Charles D. Ke ns, President <br />International FlitIryeurance Company <br />By ,' <br />Burton Harris, Attomey-In-Fact & <br />Fla. Resident Agent* A11183 <br />00610 - Public Construction Bond <br />F\Public Works \ENGINEERING DIVISION PROJECTS\1205•Vero Lake Estates Swk-87th St 101st Ave to CR510 <br />(LAP)Wdmim\bld documents\Master Contract Documents&00610 - Public Construction Bond.doc <br />BOND PREMIUM BASED ON <br />FINAL CONTRACT PRICE <br />The terms, provisions and conditions of Section <br />713.23, F.S. or Section 255.05, F.S., whichever <br />statute is applicable, are hereby incorporated <br />by reference, and made a part of this Payment <br />Bond. <br />ATRUECOPY <br />CERTIFICATION ON LAST PAGE <br />J.R. SMITH, CLERK <br />