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<br /> Bond# GRIL33844
<br /> ' KNOV�r ALL P�RSONS BY THESE PRES��NTS: That Entler E�:cavating Corrt�any,
<br /> I�ac., as P�rx�cipat, hereina�ter caJled Cantraotor, �nd Granite Re, Inc.
<br /> as Swr�ty, h�r�it��fter c�lled Surety, are k�e1d a�d firmly baund unto the CITY OF DEC�ITU�as
<br />' Obligee, hereina�er c�.11ed Owner., .in the a�ount of Three Hundred Nincty-Six Thatis�nd, �3�e
<br /> , Fiundred Thir and 00/1 QO Dollars 396 130.00) for t}te paymenC whereaF Contractor and
<br /> 5urety bind tltemselveg,their heirs, e�cecutors, �dini�istrators, 9llCCeSSdTfi fiTl(� i3551�T,S1$,jointl�and
<br /> s�verally, �ft�tnly by tk�ese presents.
<br /> ' Wi-iEREAS Ca�ntrmctvr htts b writYen a recment dated �Tu�e 6, 20�6 ��tered intc� a
<br /> , Y g h
<br /> c4ntract r�vitlt Owner for "20�.G MI�CELLANEDU'S SAI�J".1"AI�Y & ST()� SFWF}�
<br /> ' IMPRtlVE�,17ENT P�tbJECT", CTT�' PRQ,IECT 2016-09, in aocorda�cc with Drawings and
<br /> Specifcations prapfl�•ed by thC Owaa�r rv�AGh co�tx�ct is by reference mad� �. part hereof, and is
<br /> hereinai�er refierred to as tl�e Contract.
<br /> ' � EFORE TI-� CONDITI0IV O�' TH,IS pBLIGATipN is sucl� that if
<br /> N�W, T�TTR ,
<br /> CQ�tCaCtoi'Sh�tl).jlrqtnptily a�ld C�ixll]�u1ly per�`Uxmi sa�d Contr�ct and is in fWl compti�nce with the
<br /> t I�laa�ais�'rcvailing W�ge i-lcC tl�en this abligation shall k�e null and vaid; otli�rwiae it sl�atl remai.n
<br /> in full force and G��eCt.
<br /> ' T1te S�rrety hcrcby �vaives �n.otice of any alteration of the con�ract or �xt�nsion of time
<br /> nn�de by ()�vner.
<br /> ' Wli�n��v�t� Cc�nteactor sball be, and declared by Qwner to be in dcfault under Che ConCract,
<br /> includ'ar�g �ull cornpliancc w�tk� tk�e X.i.�x�tois �'r�vailit,g Waga Act, Che Owner having pe��formed
<br /> Owner's�bligatipns 1her�u�nde�r,the Surety a�ay promptly remedy the default, ar shall pramptfy:
<br /> tl. C�mplete th� Con�ract in accordance ivxth its terms and conditions; or
<br /> ?. Obtain a bid or bids for compl�ting the Cot�tract z�� �cc�rd�ixce with its tcrms aad
<br /> , con.d�tiona,and upon deterinination by Sur�ty o�the Iowest xesponsibte hidder, or if
<br /> th� 4wner �f�cls, upon determination by tkae �}w��X and the Sur�ty jointly of kk�e
<br /> lowest responsib(� biclder, arran�e �'or a cpntraGt �etWeen Suckl bid(�el' at�� OWI�GIC,
<br /> ' arxd make avail�ble as Work pro�resses (cven thou�h tk�ere should be a default or a
<br /> succession of defaults under thc eontract or contraets of c�mpletion a.rran�ed under
<br /> this paragrapli)su�'ficient funds to pay tlle cost of complction less tlie balance of ti�e
<br /> ' contract }�rice but not e�ce�ding, includit�g other eosYs �nd cl�ttt�ges fo►' which the
<br /> Surety may be liab�e hereunder, the amount get forth in the first paragranh t�ereof,
<br /> The ee�� "balancc of t�c contract price" as used in this �nragrapk�, s.haNl inean the
<br /> tot�il �.mount payable by Uwner tc� Contractor under the Cdntract and any �ontract
<br /> , Changa Or,dexs theretn. less the amoun�properly paid by ��vner to Cont�ractor.
<br /> ' Any suit under th�s bor�d must 1ae �nstituted before the expiraCinn nf two (?) years from
<br /> the date on wl�ich ��na1 payme�nt undex the Cantract fa11s due.
<br /> No right of action sl�all a.ccrue an this bond to or fo� the use oC any person or
<br /> ' carpnration other than ihe O�mer namec3 l,erein or tlie heirs, executors, administrators or
<br /> successors of t11e Owraer.
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