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Bond No. GRIL19652B
<br /> ' CONTRACT BOND
<br /> KNOW ALL PERSONS 13Y THESE PRESENTS: That Entler Excavating Company,
<br /> ' Inc., as Principal, hereinafter called Contractor, and Granite Re, Inc.
<br /> as Surety, hereinaffler. called Surety, are held and firmly bound unto the CITY OF DECATUR as
<br /> Obligee, hereinafter called Owner, in the amount of Fivc Hundred Thirty Thousand, Five
<br /> ' Hundred Sixty-Four and. 00/100 Dollars, ($530,564.00) for the payment whereof Contractor and
<br /> Surety bind themselves, their heirs, executors, administrators, successors and assigns,jointly and
<br /> severally, firmly by these presents.
<br /> ' WHEREAS, Contractor has by written agrecment dated May 21., 2012, entered into a
<br /> contract with Owner for "2012 MISCELLANEOUS STORM AND SANITARY SEWER
<br /> IMPROVEMENT PROJECT", CITY PROJECT 2012-09, in accordance with Drawings and
<br /> Specifications prepared by the Owner which contract is by reference made a part hereof, and is
<br /> hereinafter referred to as the Contract.
<br /> ' NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if
<br /> Contractor shall promptly and faithfl ly perfonn said Contract and isin full compliance with the
<br /> i.11i.nois Prevailing Wage Act then this obligation shall be null and void; otherwise it shall remain
<br /> ' in full force and. effect.
<br /> The Surety hereby waives notice of any alteration of the contract or extension of time
<br /> ' made by Owner,
<br /> Whenever Contractor shall be, and declared by Owner to be in.default under the Contract,
<br /> ' including full compliance with the Illinois Prevai,li.ng Wage Act, the Owner having performed
<br /> Owner's obligations thereunder, the Surety may promptly remedy the default, or shall promptly:
<br /> ' 1.. Complete the Contract in accordance with its terms and conditions; or
<br /> 2, Obtain a bid or bids for completing the Contract in accordance with its terms and
<br /> ' conditions, and upon determination by Surety of the lowest responsible bidder, or if
<br /> the Owner elects, upon determination by the Owner and. the Surety jointly of the
<br /> lowest responsible bidder, arrange for a contract between such bidder and Owner,
<br /> '
<br /> and make available as Work progresses (even, though there should be a default or o.
<br /> succession of defaults under the contract or contracts of completion arranged under
<br /> tliis paragraph) sufficient: funds to pay the cost of completion less the balance of the
<br /> ' contrast price but not exceeding, including other costs acid damages for which the
<br /> Surety may be liable hereunder, the amount set forth .in the .first paragraph hereof
<br /> The term "balance of the contract price" as used in this paragraph., shall mean the
<br /> total amount payable by Owner to Contractor under the Contract and any Contract
<br /> t Change Orders thereto, less the amount properly paid by Owner to Conh.a.ctor.
<br /> ' Any suit under this bond must be instituted before the expiration. of two (2) years from
<br /> the date on.wbich final payment under the Contract falls due. '
<br /> ' No right of action shall accrue on this bond to or for the use of any person or
<br /> corporation other than the Owner named herein or the heirs, executors, administrators or
<br /> successors of the Owner.
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<br /> It is a Condition of this Bond that all contract funds are to be relased to Northern Escrow, Inc;
<br /> ' 1276 South Robert St,; West St. Paul, MN 55118; 651-457-9621-voice; 651-457-7531-fax
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