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I <br /> City of Everett 00 6123- 1 <br /> I <br /> Diversion Dam Road Phase 3 UT 3707 & UT 3708 <br /> SECTION 00 6123-NEW RETAINAGE BOND <br /> BOND NO. WA100628 <br /> I <br /> RETAINAGE BOND <br /> I <br /> Weber Construction, <br /> KNOW At l..MEN BY THESE PRESENTS,that Inc. ,a corporation organized under <br /> the laws of the State of WA ,and registered to do business in the State of <br /> Washington as a contractor,as Principal,and Merchants Bonding Company(Mutual)a corporation organized <br /> under the laws of the State of Iowa and registered to transact business in <br /> the State of Washington as Surety,their heirs,executors,administrators,successors and assigns,are <br /> I jointly and severally held and bound to the City of Everett,Washington,hereinafter called "City",and <br /> are similarly held and bound unto the beneficiaries ofthetrust fund created by RCW Chapter 60.28, in <br /> the sum of Twenty Thousand Nine Hundred Ninety Seven tyOi?1L $ 20,997.90plus five <br /> U ) (5%) percent of any <br /> I increases that may occur under the Contract(as defined below),the payment of which,well and truly to <br /> be paid,we bind ourselves,our heirs,executors and successors,jointly and severally,formally by these <br /> presents, <br /> I THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br /> 0 T370-7 -tr <br /> WHEREAS,on 77;;0-V�oi ci,the Principal executed a contract U1-37�*"(the"Contract") <br /> I <br /> with the City known as: <br /> PROJECT NAME: DIVERSION DAM ROAD PHASE 3 <br /> ICONTRACT NUMBER: UT 3707 AND UT 3708 <br /> WHEREAS,said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by <br /> Ithe Principal during the progress of the construction,hereinafter referred to as"earned retained funds"; <br /> WHEREAS,the Principal requested that the City accept a retainage bond and release earned retained <br /> funds to Principal,as allowed under RCW Chapter 60.28;and <br /> INOW,THEREFORE,the condition of this obligation is such that the Surety is held and bound to the City <br /> to indemnify,defend and hold the City harmless from any and all loss,costs or damages that the City <br /> I may sustain by reason of release of said earned retained funds to Principal,then this obligation to be <br /> null and void,otherwise to remain in full force and effect. <br /> IPROVIDED, HOWEVER,it is expressly understood and agreed that: <br /> 1. Any suit or action under this bond must be instituted within the time period, if any, provided <br /> by applicable law. The bond shall be subject to all claims and liens provided for by law or Contract <br /> 00 6123- 1 NEW RETAINAGE BOND <br />