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Ci of .vere <br />Port Gardner Storage Facility ® Demolition Package <br />SECTION 00 61 23 - ` .:TAI <br />55227358 <br />00 61 23 - 1 <br />WO# UP-3525 <br />KNOW ALL MEN BY THESE PRESENTS, that Lincoln Construction, Inc. 7 a <br />corporation organized under the laws of the State of Washington , and <br />registered to do business in the State of Washington as a contractor, as Principal, and <br />United Fire & Casualty Company , a corporation organized under the laws of the State of <br />Iowa and registered to transact business in the State of <br />Washington as Surety, their heirs, executors, administrators, successors and assigns, <br />are jointly and severally held and bound to the City of Everett, Washington, hereinafter <br />called "City", and are similarly held and bound unto the beneficiaries of the trust fund <br />created by RCW Chapter 60 28, in the sum of <br />One Hundred Fifty Two Thousand Ninety Two & 09/100ths Dollars ($152,092.09 ) plus five (5%) <br />percent of any increases that may occur under the Contract (as defined below), the <br />payment of which, well and truly to be paid, we bind ourselves, our heirs, executors and <br />successors, jointly and severally, formally by these presents. <br />THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br />WHEREAS, on February 8, 2024 , the Principal executed a contract <br />(the "Contract") with the City known as: <br />J CT <br />T A <br />PAC <br />FACILI • LITI <br />C T- CT U= ® U P-3525 <br />WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from <br />monies earned by the Principal during the progress of the construction, hereinafter <br />referred to as "earned retained funds"; <br />00 61 23 - 1 <br />RETAINAGE BOND <br />