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I <br /> City of Everett 00 6123 - 2 <br /> IEverpark Garage Repairs 2018 034 <br /> against the earned retained funds and in the same_ manner and priority as set forth for retained <br /> Ipercentages in RCW Chapter 60,28 and the Contract. <br /> 2. The Surety hereby consents to and waives notice of any extension in the time for <br /> I performance of the Contract, assignment of obligations under the Contract,or Contract alteration, <br /> termination,amendment or change order. This expressly includes, but is riot limited to,consent to and <br /> waiver of any notice with respect to increases in the Contract price by change order. Upon any such <br /> IContract price increase,the amount of this bond automatically increases by an amount equal to 5%of <br /> Contract price increase. <br /> I 3. Until written release of this obligation by the City,this bond may not be terminated or <br /> canceled by the Principal or Surety for any reason. Any extension of time for the Principal's <br /> performance on the Contract,assignment of obligations under the Contract,or Contract alteration, <br /> Iamendment or change order shall not release the Surety from its obligation under this bond. <br /> 4. RCW Chapter 60,28 authorizes the City to substitute a retainage bond in lieu of earned <br /> • <br /> 111 retained funds and the Surety hereby waives any defense that this bond is void or otherwise not <br /> authorized by law. <br /> 1 S. Any claim or suit against the City to foreclose the liens provided for by RCW Chapter 60.28 <br /> shall be effective against the Principal and Surety and any judgment under RCW Chapter 60.28 against <br /> the City shall be conclusive against the Principal and the Surety. <br /> I6. The laws of the State of Washington shall apply to the determination of the rights and <br /> obligations of the parties hereunder. Venue for any dispute or claim hereunder shall be the state courts <br /> Iof Washington in Snohomish County,Washington. <br /> 3 <br /> i' SIGNED AND SEALED THIS 3rd of September , 2019 <br /> ILiberty Mutual Insurance Company F.D. Thomas, Inc. <br /> Surety Principal <br /> f <br /> g a(_,- <br /> y- A , A ,. ..1 [ By: <br /> i <br /> Pi i <br /> Typed ' nted Name: Jana M. Roy Typed/Printed Name://`L L e�/ <br /> Title: Attorney-in-Fact Title: <br /> I <br /> 00 6123 - 2 NEW RETAINAGE BONDovided to Builders Exchange of WA, Inc. For usage Conditions Agreement see www.bxwa.com - Always Verify Scal <br />