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<br /> RETAINAGE BOND
<br /> Bond No. 023208948
<br /> KNOW ALL MEN BY THESE PRESENTS, that FORMA CONSTRUCTION, a corporation organized under the laws of
<br /> the State of Washington , and registered to do business in the State of Washington as a contractor,
<br /> as Principal, and Liberty Mutual Insurance Company , a corporation
<br /> organized under the laws of the State of Massachusetts and registered to transact business in the in
<br /> the State of Washington as surety, as Surety, their heirs, executors, administrators, successors and assigns, are jointly
<br /> and severally held and bound to the City of Everett,Washington, hereinafter called "City", and are similarly held and
<br /> bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28, in the sum of One Hundred-Fifty
<br /> Thousand and 00/100 US Dollars($150,000.00), the payment of which, well and truly to be paid, we bind ourselves,
<br /> our heirs, executors and successors,jointly and severally, formally by these presents.
<br /> THE CONDITIONS OF THE ABOVE OA-
<br /> OBLIGATION ARE THAT:
<br /> WHEREAS, on this ?&'day of ///QyLTh b.QA , 2 01 8, the Principal executed a contract (the
<br /> "Contract")with the City known as:
<br /> Project Name: JOB ORDER CONTRACTING FOR GENERAL CONSTRUCTION SERVICES
<br /> AND,
<br /> WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by the Principal
<br /> during the progress of the construction, hereinafter referred to as "earned retained funds"; and
<br /> WHEREAS, the Principal requested that the City release earned retained funds, as allowed under RCW Chapter.
<br /> 60.28;
<br /> NOW, THEREFORE, the condition of this obligation is such that the Surety is held and bound to the City to indemnify,
<br /> defend and hold the City harmless from any and all loss, costs or damages that the City may sustain by reason of
<br /> release of said earned retained funds to Principal, then this obligation to be null and void, otherwise to remain in full
<br /> 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 provided by applicable law. The bond
<br /> shall be subject to all claims and liens provided for by law or Contract against the earned retained funds and in
<br /> the same manner and priority as set forth for retained percentages in RCW Chap. 60.28 and the Contract.
<br /> 2. The Surety hereby consents to and waives notice of any extension in the time for performance of the
<br /> Contract, assignment of obligations under the Contract, or Contract alteration, termination, amendment or change
<br /> order.
<br /> 3. Until written release of this obligation by the City, this bond may not be terminated or canceled by the Principal
<br /> or Surety for any reason. Any extension of time for the Principal's performance on the Contract, assignment
<br /> of obligations under the Contract, or Contract alteration, amendment or change order shall not release the
<br /> Surety from its obligation under this bond.
<br /> 4. RCW Chap. 60.28 authorizes the City to substitute a retainage bond in lieu of earned retained funds and the
<br /> Surety hereby waives any defense that this bond is void or otherwise not authorized by law.
<br /> 5. Any claim or suit against the City to foreclose the liens provided for by RCW Chap. 60.28 shall be effective against
<br /> the Principal and Surety and any judgment under RCW Chap.
<br /> 60.28 against the City shall be conclusive against the Principal and the Surety.
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