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BOND NO. 9209733 <br /> RETAINAGE BOND <br /> KNOW ALL MEN BY THESE PRESENTS,that KLB Construction,Inc.,a corporation organized under <br /> the laws of the State of Washington ,and registered to do business in the State of <br /> Washington as a contractor, as Principal,and of MarylanddDeposit Company a corporation organized <br /> under the laws of the State of Maryland and registered to transact business in <br /> the 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",and <br /> are similarly held and bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28, in <br /> Two Hundred Twenty Three Thousand <br /> the sum of Seven Hundred Thirty Four&68/100ths Dollars($223,734.68 )plus five (5%) percent of any <br /> increases that may occur under the Contract(as defined below),the payment of which,well and truly to <br /> be paid,we bind ourselves,our heirs,executors and successors,jointly and severally,formally by these <br /> presents. <br /> THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br /> WHEREAS, on May 25,2016 ,the Principal executed a contract (the"Contract") <br /> with the City known as: <br /> Sewer System Replacement and Capacity Improvements <br /> PROJECT NAME Sewer"M"Phase II <br /> CONTRACT NUMBER WO No.UP 3470-10 <br /> WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by <br /> the Principal during the progress of the construction, hereinafter referred to as"earned retained funds"; <br /> WHEREAS,the Principal requested that the City accept a retainage bond and release earned retained <br /> 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 the City <br /> to indemnify,defend and hold the City harmless from any and all loss,costs or damages that the City <br /> may sustain by reason of release of said earned retained funds to Principal,then this obligation to be <br /> 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 any, <br /> provided by applicable law. The bond shall be subject to all claims and liens provided for by law or <br /> Contract 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 <br />