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RETAINAGE BOND
<br /> BOND NO. ES00008448
<br /> KNOW ALL MEN BY THESE PRESENTS, that Apply-A-Line, LLC, a corporation organized
<br /> under the laws of the State of Washington, and registered to do business in the State of
<br /> Washington as a contractor, as Principal, and Everest Reinsurance Company, a corporation
<br /> organized under the laws of the State of Delaware and registered to transact business in the
<br /> State of Washington as Surety, their heirs, executors, administrators, successors and assigns, are
<br /> jointly and severally held and bound to the City of Everett, Washington, hereinafter called "City",
<br /> and are similarly held and bound unto the beneficiaries of the trust fund created by RCW
<br /> Chapter 60.28, in the sum of Nine Thousand Eight Hundred Ninety-One Dollars and Fourteen
<br /> Cents ($9,891.14) plus five (5%) percent of any increases that may occur under the Contract (as
<br /> defined below), the payment of which, well and truly to be paid, we bind ourselves, our heirs,
<br /> executors and successors,jointly and severally, formally by these presents.
<br /> THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT:
<br /> WHEREAS, on July 23, 2021, the Principal executed a contract (the "Contract") with the City
<br /> known as:
<br /> PROJECT NAME Pavement Markings
<br /> CONTRACT NUMBER SWR# 2021-043
<br /> WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies
<br /> earned by the Principal during the progress of the construction, hereinafter referred to as
<br /> "earned retained funds";
<br /> WHEREAS, the Principal requested that the City accept a retainage bond and release earned
<br /> retained funds to Principal, as allowed under RCW Chapter 60.28; and
<br /> NOW, THEREFORE, the condition of this obligation is such that the Surety is held and bound to
<br /> the City to indemnify, defend and hold the City harmless from any and all loss, costs or damages
<br /> that the City may sustain by reason of release of said earned retained funds to Principal, then
<br /> this obligation to be null and void, otherwise to remain in full force and effect.
<br /> PROVIDED, 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
<br /> any, provided by applicable law. The bond shall be subject to all claims and liens provided for
<br /> by law or Contract against the earned retained funds and in the same manner and priority as set
<br /> forth for retained percentages 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 /> performance of the Contract, assignment of obligations under the Contract, or Contract
<br /> alteration, termination, amendment or change order. This expressly includes, but is not limited
<br /> to, consent to and waiver of any notice with respect to increases in the Contract price by change
<br /> order. Upon any such Contract price increase, the amount of this bond automatically increases
<br /> by an amount equal to 5% of Contract price increase.
<br /> 3. Until written release of this obligation by the City, this bond may not be
<br /> terminated or canceled by the Principal or Surety for any reason. Any extension of time for the
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