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1 <br /> City of Everett 00 6123- 2 <br /> ' Diversion Dam Road Phase 3 UT 3707& UT 3708 <br /> against the earned retained funds and in the same manner and priority as set forth for retained <br /> percentages in RCW Chapter 60.28 and the Contract. <br /> 1 2. The Surety hereby consents to and waives notice of any extension in the time for <br /> performance of the Contract,assignment of obligations under the Contract,or Contract alteration, <br /> ' termination,amendment or change order. This expressly includes, but is not 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 /> Contract price increase,the amount of this bond automatically increases by an amount equal to 5%of <br /> ' Contract price increase. <br /> 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 /> amendment 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 /> retained funds and the Surety hereby waives any defense that this bond is void or otherwise not <br /> ' authorized by law. <br /> 5. 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 /> 6. 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 '- e state courts <br /> of Washington in Snohomish County,Washington. <br /> L/ta'\tL.'- i"� <br /> . <br /> SIGNED AND SEALED THIS of ,20 . <br /> 1 <br /> ' Merchants Bonding Company(Mutual) Weber Construction,Inc. <br /> Surety Principa <br /> i Z4 <br /> gy: CS l�,Z 'By: �N1 a5 ��� /h7✓ <br /> Type rinted Name: Jim S.Kutch Typed/Printed Name:�`t0/7)�i G� �C1��7cZ <br /> Title: Attorney in fact Title: r <br /> I T r'P .�r� �n fi - <br /> I <br /> 00 6123 2 NEW RETAINAGE BOND <br />