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<br />87/89/2887 19:55 <br /> <br />88813888888 <br /> <br />1. 6idder and Surety, jointly and sev~r~lly, bind <br />themselves, their heirl;\, executor~. administrators, <br />successors and assigns to pay to Owner upon default of <br />6idder any difference betwecn the total amount 01 Bidder's <br />bid and the total amoUnt of the bid of the next lowest. <br />responsible and responsive bidder 015 determin~d by Owner <br />for the Work required by the Contract Oocuments, provided <br />thaI: <br />1.1, If there is no such next lowest, responsible and <br />responsive bidder, and Owner does not <br />abandon the Project. thl!n Bidder and Surely <br />shall p3y to Owner lhe penal sum set forth on <br />the face of lhis Sand, :md <br />, .2. In no event shall Biddor's and Surety's obligation <br />hereunder exceed the penil! sum sel forth on <br />the face of this Bond. <br /> <br />2. Default of Bidder shall occur upon the f~illlre of Bidder <br />to deliver within the time required by the 8icJding Documents <br />(or any extension thereof agreed to In writing by Owner) the <br />exec.uted Agreement required by the Bidding Documents <br />and any performance aM payment bonds required by the <br />Bidding Documents and COI'Itract Documents. <br /> <br />~. <br /> <br />This obligation shall be mIll and void if: <br />3.1. Owner accepts Bidder's bid and Bidder delivers <br />within the time requited by the 8idding <br />Documents (or any exlension thoreof agreed to <br />In writing by OWl'ler) the executed Agreement <br />required by the Bidding Documents and any <br />performance and payment bonds required by <br />lhe Bidding Documents and Contract <br />Documents, or <br />3.2. All bids are rejected by Owner, or <br />3.3. Owner fails to Issue a notice of award to Sidder <br />within lhe lime specified in the Bidding <br />Documents (or any extension thereof agreed to <br />in wrlllng by Bidder and, if applicable, consented <br />10 by Surety when required by p~r;)gr~ph 5 <br />hereof). <br /> <br />4. Payment under Ihis Bond will be due and payable <br />upon default by Sidder and within 30 calendar days after <br />receipt by Bidder and within 30 calandar days after receipt <br />by Bidder and Surety of wrllten notice of default from Owner, <br />which notice wIll be given with reasonable promptness, <br />idllnlifying this Bond and the Project and including a <br />statement of lhe <IfTlOUn! due. <br /> <br />DEVELOPMENT <br /> <br />PAGE 83/85 <br /> <br />5. Surely waives notice of and any and all defenses <br />based on or llrising out of any time el(tension to issue notice <br />of award agreed 10 in wrillng by Owner and Bidder, provided <br />that the total lime for issuing nollce of award including <br />extensions shall not in the aggregate exceed 120 days from <br />Bid Due Da.te without SurQty's written con!;enl. <br /> <br />6. No suit or action shall be commenced under this Bond <br />prior 10 30 calendar days after the nOtice of default, as <br />required in Paragraph 4 above. is rcc~i"ed by Bidder and <br />Surety and In no caSe later than one year after Bid DUG! <br />Oate, <br /> <br />7. Any suit or action lInder Ihis Bond shall be <br />commenced only in a court of comp~t~nt jurisdiction located <br />in the state in which the Project is loc~ted. <br /> <br />8. Notices required Iler~under sh<111 be in writing and <br />sent to Bidder and Surely at their respective addresses <br />shOwn on the faca of this Bond. Such notices may be sent <br />by personal delivery, commercial courier or by United States <br />Registered or Certified Mail, return receipt requested, <br />postage pre-paid. and shall be deemed to be effeclive upon <br />receipt by the party concerned. <br /> <br />9. Surety shall cause to be attached 10 this Bond a <br />current and effective Power of Attorney evidencing tile <br />authority of tile officer. agent or represonlallve who executed <br />Ih;:; Sond on behalf of Surety to execute. seal and C1eliver <br />slIch Bond and bind the Surety thereby. <br /> <br />10. This Sand is intended to conform 10 all applicable <br />statutory requirements, Any applicable requirement of any <br />applicable statute that has been omitted frem this Sond shall <br />bo deemed to be included herein as if set forth at length. If <br />any provision of this Sond conflicts with any applicable <br />provision of this Sond conflicts with any applicable provision <br />of any Clpplicable statule, then the provision of said statute <br />shall govern pnd tho remainder of this Bond thaI il;\ not In <br />. conflict Iherewith shall continuo In full force and effect. <br /> <br />11. ThEl term "bid" as used herein includes a bid. offer or <br />proposal as applicable. <br /> <br />Fin~1 Version 6/07 <br /> <br />00401,2 <br /> <br />03-4197 <br />