Burton Construction Inc 9/20/2017 Amendment 1

RETAINAGE BOND Bond No.0208717 KNOW ALL MEN BY THESE PRESENTS, that Burton Construction, Inc. existing under and by virtue of the laws of the State of Washington and authorized to do business in the State of Washington as Principal, and Berkley Insurance Company organized and existing under the laws of the State of DE and authorized to transact business in the State of Washington as Surety, are jointly and severally held and bound unto City of Everett , hereinafter called Obligee, and are similarly held and bound unto the beneficiaries of the trust fund created by RCW 60.28. in the penal sum of Fifty Thousand Dollars and 00/100 (550,000.00 ) , which is 5% of the Principal's price on Contract ID WHEREAS, on the 19th day of June , 2015 , the said Principal herein executed a contract with the Obligee, for Job Order Contract (Contract ID,Name) . WHEREAS, said contract and RCW 60.28 require the Obligee to withhold from the Principal the sum of 5% from monies earned on estimates during the progress of the construction, herein after referred to as earned retained funds. AND NOW WHEREAS, Principal has requested that the Obligee not retain any earned retained funds as allowed under RCW 60.28. NOW, THEREFORE, the condition of the obligation is such that the Principal and Surety are held and bound unto the beneficiaries of the trust fund created by RCW 60.28 in the penal sum of five percent (5%) of the final contract cost which shall include any increases due to change orders, increases in quantities of work or the addition of any new item of work. If the Principal shall use the earned retained funds, which will not be retained, for the trust fund purposes of RCW 60.28, then this obligation shall be null and void; otherwise, it shall remain in full force and effect until release is authorized in writing by the Obligee. This bond and any proceeds therefrom shall be made subject to all claims and liens and in the sane manner and priority as set forth for retained percentages in RCW 60.28. PROVIDED HOWEVER, that: 1.The liability of the Surety under this bond shall not exceed 5% of the total amount earned by the Principal if no monies are retained by the Obligee on estimates during the progress of construction. 2.Any suit under this bond must be instituted within the time period provided by applicable law. WITNESS our hands 23rd day of June 2017 By: , / By: Of:Berkley Ins ,llnce Company Of:Burton Construction, Inc. Surety Principal of Shelly Donovan 1 &J e rov0 Attorney-in-Fact Plft$10 U t