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(3) Principal must have paid all sums with respect to maintenance, repair and replacement of <br /> Required Improvements owing to laborers, contractors, mechanics, subcontractors, <br /> materialmen and suppliers or others. <br /> B. Corrections. Any corrections required by the City shall be commenced within seven (7) days <br /> after notification by the City and completed within thirty (30) days of the date of notification. If <br /> correction is not performed in a timely manner, the City shall have the right,without recourse <br /> to legal action, to take such action under this bond as described in Section C below. <br /> C. Default <br /> (1) If Principal defaults by not performing the above conditions and not correcting such non- <br /> performance as set forth in Section B above,then Surety shall,within twenty(20) days <br /> after demand of the City, make a written commitment to the City that Surety will either: <br /> a. remedy the default itself with reasonable diligence pursuant to a time schedule <br /> acceptable to the City; or <br /> b. tender to the City within an additional ten (10) days the amount necessary, as <br /> estimated by the City,for the City to remedy the default, up to the total Bond <br /> Amount. <br /> Upon completion of Surety's duties under either of the options above, Surety shall then <br /> have fulfilled its obligations under this bond. If Surety elects to fulfill its obligation <br /> pursuant to the requirements of subsection C(1)(b),the City shall notify Surety of the <br /> actual cost of the remedy, upon completion of the remedy. The City shall return,without <br /> interest, any overpayment made by Surety, and Surety shall pay to the City any actual <br /> costs,which exceeded the City's estimate, limited to the Bond Amount. <br /> (2) If Principal defaults by not performing the above conditions and not correcting such non- <br /> performance as set forth in Section B above,then the City, its contractors, employees and <br /> agents shall also have the right at the City's sole election to enter onto the property <br /> containing the Required Improvements for the purpose of maintaining, repairing or <br /> replacing the Required Improvements. This provision shall not be construed as creating an <br /> obligation on the part of the City to maintain, repair or replace any Required <br /> Improvements,and this subsection (2) is in addition to any other remedies the City may <br /> have under this bond or under applicable law. <br /> D. Extensions and Changes. Except for the length of the Warranty Period (which shall remain <br /> unchanged), Surety for value received agrees that no change, extension of time,alteration or <br /> addition to the terms of the Permit referenced above or the plans or specifications <br /> accompanying the Required Improvements shall in any way affect its obligation on this bond, <br /> and Surety waives notice of any such change, extension of time,alteration or addition to the <br /> terms of the Permit or the Required Improvements. <br /> E. Bond Expiration. This bond shall remain in full force and effect until the obligations secured <br /> hereby have been fully and until released in writing by the City. <br /> F. No Limitation for Principal. Principal agrees that its obligation to maintain, repair and replace <br /> the Required Improvements is not limited to the Bond Amount <br /> G. General. In the event the City is required to institute litigation to obtain performance pursuant <br /> to this bond, Principal and Surety agree to pay all reasonable attorney's fees and cost which are <br /> incurred by City. This bond may be executed in two(2) original counterparts, and shall be <br /> signed by the parties' duly authorized officers.This bond will only be accepted if it is <br /> accompanied by a fully executed and original power of attorney for the officer executing on <br /> Warranty Bond—Page 2 <br />