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BK : 2079 PG : 1162 <br /> 4 .4 Waive Its right to perform and complete , arrange for completion , accrue on this Bond to any person or entity other than the <br /> OwneVor <br /> Or obtain a new contractor and with reasonable promptness under its heirs , executors , administrators or successors . <br /> the circumstances : 8 The Surety hereby waives notice of any change , including changes <br /> A After investigation , determine the amount for which it may of time , to the Construction Contract or to related subcontracts , <br /> be liable to the Owner and , as soon as practicable after purchase orders and other obligations . <br /> the amount is determined , tender payment therefor to the 9 Any proceeding , legal or equitable , under this Bond may be <br /> Owner; or instituted in any court of competent jurisdiction in the location in which <br /> . 2 Deny liability in whole or in part and notify the Owner citing the work or part of the work is located and shall be instituted <br /> within <br /> reasons therefor . two years after Contractor Default or within two years after the Con- <br /> ti If the Surety does not proceed as provided in Paragraph 4 with tractor ceased working or within two years after the Surety refuses <br /> reasonable promptness , the Surety shall be deemed to be in default or fails to perform its obligations under this Bond, whichever occurs <br /> on this Bond fifteen days after receipt of an additional written notice first. If the provisions of this Paragraph are void or prohibited by law, <br /> from the Owner to the Surety demanding that the Surety perform its the minimum period of limitation available to sureties as a defense Obligations <br /> under this Bond, and the Owner shall be entitled to enforce in the jurisdiction of the suit shall be applicable . <br /> any remedy available to the Owner. If the Surety proceeds as provided 10 Notice to the Surety, the Owner or the Contractor shall be mailed <br /> in Subparagraph 4 .4 , and the Owner refuses the payment tendered or delivered to the address shown on the signature page . <br /> or the Surety has denied liability, in whole or in part, without further 11 When this Bond has been furnished to comply with a statutory <br /> or <br /> notice the Owner shall be entitled to enforce any remedy available other legal requirement in the location where the construction was <br /> to the Owner. to be performed , any provision in this Bond conflicting with said statu- <br /> 6 After the Owner has terminated the Contractor's right to complete tory or legal requirement shall be deemed deleted herefrom and <br /> the Construction Contract , and if the Surety elects to act under provisions conforming to such statutory or other legal requirement <br /> Subparagraph 4. 1 , 4.2 , or 4. 3 above, then the responsibilities of the shall be deemed incorporated herein . The intent is that this Bond <br /> shall <br /> Surety to the Owner shall not be greater than those of the Contractor be construed as a statutory bond and not as a common law bond . <br /> under the Construction Contract, and the responsibilities of the Owner 12 DEFINITIONS <br /> to the Surety shall not be greater than those of the Owner under the 12.1 Balance of the Contract Price The total amount payable by <br /> Construction Contract. To the limit of the amount of this Bond , but the Owner to the Contractor under the Construction Contract after <br /> subject to commitment by the Owner of the Balance of the Contract all proper adjustments have been made, including allowance to <br /> Price to mitigation of costs and damages on the Construction the Contractor of any amounts received or to be received by the <br /> Contract , the Surety is obligated without duplication for: Owner in settlement of insurance or other claims for damages to <br /> 6. 1 The responsibilities of the Contractor for correction of defec- which the Contractor is entitled , reduced by all valid and proper <br /> tive work and completion of the Construction Contract; payments made to or on behalf of the Contractor under the <br /> Construction Contract . <br /> 6 . 2 Additional legal design professional and delay costs resulting 12. 2 Construction Contract: The agreement between the Owner <br /> from the Contractor's Default, and resulting from the actions or and the Contractor Identified on the signature page, including all <br /> failure to act of the Surety under Paragraph 4 ; and Contract Documents and changes thereto. <br /> 6. 3 Liquidated damages , or if no liquidated damages are speci- 12,3 Contractor Default: Failure of the Contractor, which has neither <br /> fied in the Construction Contract . actual damages caused by been remedied nor waived , to perform or otherwise to comply with <br /> delayed performance or non-performance of the Contractor. the terms of the Construction Contract. <br /> T The Surety shall not be liable to the Owner or others for obligations 12.4 Owner Default: Failure of the Owner, which has neither been <br /> of the Contractor that are unrelated to the Construction Contract and remedied nor waived , to pay the Contractor as required by the <br /> the Balance of the Contract Price shall not be reduced or set off on Construction Contract or to perform and complete or comply with <br /> account of any such unrelated obligations . No right of action shall the other terms thereof. <br /> MODIFICATIONS TO THIS BOND ARE AS FOLLOWS : <br /> (Space is provided below for additional signatures of added parties other than those appearing on the cover page. ) <br /> CONTRACTOR AS PRINCIPAL (Corporate Seal) SURETY (Corporate Seal) <br /> Company : Company : <br /> Address : Address : <br /> Name and Title : Name and Title : <br /> Signature: Signature : <br /> ORSC 22119 ( 10-93) Page 2 of 2 <br /> A TRUE COPY <br /> CERTIFICATION ON LAST PAGE <br /> JX BARTONt CLERK <br />