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r!TY <br /> BOND NO. 106651507 <br /> RETAINAGE BOND <br /> KNOW ALL MEN BY THESE PRESENTS,that Kassel &Associates,Inc.,a corporation organized <br /> under the laws of the State of Washington,and registered to do business in the State of Washington as <br /> Travelers Casualty and Surety Company of America <br /> a contractor,as Principal,and ,a corporation organized under the laws of <br /> the State of CT and registered to transact business in the State of <br /> Washington as Surety,their heirs,executors,administrators,successors and assigns,are jointly and <br /> severally held and bound to the City of Everett,Washington, hereinafter called "City",and are similarly <br /> held and bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28, in the sum of <br /> Thirty four thousand eight hundred fifty Dollars($34,850)plus five(5%)percent of any increases that <br /> may occur under the Contract(as defined below),the payment of which,well and truly to be paid,we <br /> bind ourselves,our heirs,executors and successors,jointly and severally,formally by these presents. <br /> THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br /> WHEREAS,on b- i ,the Principal executed a contract (the"Contract") <br /> with the City known as: <br /> PROJECT NAME WFP OPERATIONS BULDING SEISMIC RETROFIT <br /> CONTRACT NUMBER WO#UP3600 <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 /> 2. The Surety hereby consents to and waives notice of any extension in the time for <br /> performance of the Contract,assignment of obligations under the Contract,or Contract alteration, <br /> 1 <br />