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RELEASE OF RETAINAGE BOND OF CONTRACTOR <br /> Bond No. S442538 <br /> KNOW ALL MEN BY THESE PRESENTS: That we PELLCO Construction,Inc. <br /> (hereinafter called Principal), and Employers Mutual Casualty Company a corporation <br /> organized and doing business under and by virtue of the laws of the state of Iowa <br /> and duly licensed for the purpose of making, guaranteeing or becoming sole surety upon bonds <br /> or undertakings required and authorized by the State of Washington, (hereinafter called Surety), <br /> as Surety, are held firmly bound unto City of Everett , (hereinafter <br /> called Obligee) in the just and full sum of Seventeen Thousand Three Hundred Fifty-one And 57/100THS <br /> 617,351.57 )plus 5% of any increases in the contract amount that have occurred or may <br /> occur, due to change orders, increases in the quantities or the addition of any new item of work <br /> THE CONDITIONS OF THIS OBLIGATION ARE SUCH THAT,Whereas,the said Principal on <br /> the 1st day of June , 2016 entered into a written contract with the said <br /> obligee for Hawthorne Elementary-Safe Routes to School,COE PW#3540 <br /> which said contract is hereby referred to and made a part hereof by reference. <br /> WHEREAS,Pursuant to Chapter 60.28 RCW, the above named Principal has requested release <br /> of retained percentage earned or which may be earned under said contract, and, <br /> WHEREAS,the obligee is willing to release retained percentage in advance of contract terms <br /> relating to payment provided the principal shall file bond to indemnify the obligee for all loss, <br /> cost or damages which the obligee may sustain by reason of payment of retainage to the <br /> principal,which bond shall be subject to all claims and liens in the same manner and same <br /> priority as apply to the retainage percentage released, or to be released, <br /> NOW, THEREFORE, the condition of this obligation is such that if the principal shall indemnify <br /> the obligee for all loss, cost or damages which the obligee may sustain by reason of payment of <br /> retained percentage to the principal then this obligation shall be null and void unless otherwise to <br /> remain in full force and effect. <br /> IN WITNESS WHEREOF, said principal and said Surety have caused these presents to be duly <br /> signed and sealed this 6th day of June , 2016 <br /> PEL' 'CO Construction,Inc. <br /> By: <br /> Princi..1 <br /> Employers utual Casualty Company <br /> By: 4 ? u tE . <br /> J R.Truitt <br /> ttorney-in-Fact <br />