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BK : 1651 PG : 1217 PERFORMANCE BOND NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform said Contract, then this obligation shall be null and void ; otherwise it shall remain in full force and effect. The Surety hereby waives notice of any alteration or under the contract or contracts of completion extension of time made by the Owner , arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract Whenever Contractor shall be, and declared by price; but not exceeding, including other costs and Owner to be in default under the Contract, the Owner damages for which the Surety may be liable hereunder, having performed Owner's obligation thereunder, the the amount set forth in the first paragraph hereof. The Surety may promptly remedy the default, or shall term " balance of the e contract price, " as used in this paragraph , shall mean the total mount payable by Owner to Contractor under the Contract and any amendments 1 ) Complete the Contract in accordance with its tenTs thereto, less the amount properly paid by Owner to and conditions, or Ccntractor. 2) Obtain a bid or bids for completing the Contract in Any suit under this bond must be instituted accordance with its term and conditions, and upon before the expiration of two (2) years from the date on determination by Surety of the lowest responsible bidder, which final payment under the Contract falls due. or if the Owner elects, upon determination by the Owner and the Surety jointly of the lowest responsible bidder, No right of action shall accrue on this bond to or arrange for a contract between such bidder and Owner, for the use of any person or corporation other than the and make available as work progresses (even though Owner named herein or the heirs, executors, there should be a default or a succession of defaults administrators or successors of the Owner. Signed and sealed this 21st day of Cctoher 2003 "Id "6 of Vero Beech /nc ` (Principap (Seal) r itness) President /�/1%/ Fide/i y and Deposit Company of Mary/and ,: n (Surety) 17j . (Witness) J� •'~ J� Arthur K. Broder, Licensed Resident Atlf + AIA DOCUMENT A311 • PERFORMANCE BOND AND LABOR AND MATERIAL. PAYMENT BOND • AIA ® - ` ,,//1 FEBRUARY 1970 ED • THE AMERICAN INSTITUTE OF ARCHITECTS , 1735 N . V . AVE. , N . W . . WASHINGTON, D.C. 20066if �,GQbs��b A TRUE COPY CERTIFICATION ON LAST PAGE J .K• BARTON , CLERK