7627 UPPER RIDGE RD 2016-01-01 MF Import

��_ SflG \o. 1000-13573-101 34 O INTEGON' PERFOflMANCE AND PAYMENT BOND Bond No. — `�000663 KNOW ALL MEN BY THESE PRESENTS: That we, Purchase Enterprisea Corporution _ P. 0. Box 447 - `tukilteo, Wa. 98275 hereinaher called Principal,and INTEGON INDEMNITY CORPORATION,a corporation organized and ezisting under the lew� of the State of North Carolina,ea Surety, hereinafter called Surety,are held and firmly bound unto_ Dlveraified Industrial Services P 8 � — Everett, {7a. 98206 heroinafter called Obliyss, fn the amount of ---Eighteen Thousand Four tlundred 6 Forty-E1Rht 6 90/100ths--------------- IS18,448,90 -------}Dollers, for the oaymant of which we jointly and severally bind o�fselves, our hein,exxuton, ed- ministratoro, successors and assigns firmly by theae presenta. WHEHEAS, the Principal has by written agreement dated January 18 �g 89 entered into a contract with the Obligee for_Sanitary Sewer Extension at of fices of Obligee in accordance with the drawinga and specifications prepared by �bligee NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such, thet it the Principel shall promptly end!aithfully per- form said Contract, end shall pay, or cause to be paid in full, the claims of all persona performinp labor upon, or fumiahinp materials to be used in,or fumishing appliances, equipment or power contributing to such work under said contract, then this obligation shall be void; othervvise to remain in full force and effect.The total emount of the suraty's liability under this bond shallin no event exceed the penalty hereof. Whenever the Principal shall be,and declared by the Obligee to be in default under the Contract,the Obligee having fully per- formed Obligee's obligations thereunder, the Surety may promptly remedy the default, or shell: 111 Complete the work under the Contract in accordance with the plens and specifications, or; f21 Obtain a bid or bids for submission to the Obligee for campisting the work under the Contrect in accordence with the plans and specifications and upon determinetion by the Obtigee and Surety of the lowest responsible bondable bidder arrange for a contract between such bidder with corporate surety and the Obligee, and then pay the Obligee the bid- der's price less the balance of the con:ract price; but not exceeding, including other cosb and damages for which the Surery may be liable hereunder, the amount set fonh in the first paragraph hereof. The term"balance of the contract price"as used in this paragraph, shall mean the total amount payable by the Obligee to the Principal under the originel Contract and any amendments thereto, lesa the amount properly paid by the Obligee to the Principal. Any suit by the Oblipee must be brought within one(1)year from the dete on which the final payment under the Contract fells due. This inatrument may not be transterred or assigned without the written consent of surety. 7lltl M a7