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Bond 60056 31 94
<br />PERFORMANCE BOND
<br />The American Institute of Architects,
<br />AIA Document No. A31 1 (February, 1970 Edition)
<br />KNOW ALL MEN BY THESE PRESENTS: that (Here insert full name and address or legal title of Contractor)
<br />O. Larry Lee
<br />1690 University Ave. St. Paul, MN 55104
<br />as Principal, hereinafter called Contractor, and, (Hare insert full name and address or legal title of Surety/
<br />Truck Insurance Exchange
<br />P.O. Box 948 Aurora, IL 60507
<br />as Surety, hereinafter called Surety, are held and firmly bound unto (Here insert full name and address or legal tine of Owner)
<br />City of Little Canada Attn: Joseph Chelbeck
<br />515 Little Canada Rd. Little Canada, MN 55117
<br />as Obligee, hereinafter called Owner, in the amount of FIFTEEN THOUSAND - --
<br />Dollars ($ 15,000.00 - -- ),
<br />for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally,
<br />firmly by these presents.
<br />WHEREAS,
<br />Contractor has by written agreement dated September 23rd 19 88 , entered into a contract with Owner for
<br />in accordance with Drawings and Specifications prepared by (Here insert full name and address or legal title of Architect)
<br />Minnesota - Performance Bond
<br />which contract is by reference made a part hereof, and is hereinafter referred to as the Contract.
<br />NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is
<br />such that, if Contractor shall promptly and faithfully perform said Con-
<br />tract, then this obligation shall be null and void; otherwise it shall
<br />remain in full force and effect.
<br />The Surety hereby waives notice of any alteration or extension of
<br />time made by the Owner.
<br />Whenever Contractor shall be, and declared by Owner to be in default
<br />under the Contract, the Owner having performed Owner's obligations
<br />thereunder, the Surety may promptly remedy the default, or shall
<br />promptly
<br />1) Complete the Contract In accordance with its terms and condi-
<br />tions, or
<br />2) Obtain a bid or bids for completing the Contract in accordance
<br />with its terms and conditions, and upon determination by Surety of the
<br />lowest responsible bidder, or, if the Owner elects, upon determination
<br />by the Owner and the Surety jointly of the lowest responsible bidder,
<br />•
<br />Signed and sealed this 6 COLLEEN M. Cr..... S.
<br />"orn
<br />W Comm L; •
<br />rwwNws Am,,,,w
<br />M•
<br />(Wltnass)
<br />011 AD-e
<br />Resident. Agent 0 Q
<br />Performance /Labor and Material Payment Bond
<br />Revised to February, 1970
<br />5B 5715b (1) Printed In V.S.A.
<br />arrange for a contract between such bidder and Owner, and make avail-
<br />able as Work progresses (even though there should be a default or a
<br />succession of defaults under the contract or contracts of completion
<br />arranged under this paragraph) sufficient funds to pay the cost of corn -
<br />pletion less the balance of the contract price; but not exceeding, includ-
<br />ing other costs and damages for which the Surety may be liable hereunder,
<br />the amount set forth in the first paragraph hereof. The term "balance
<br />of the contract price," as used in this paragraph, shall mean the total
<br />amount payable by Owner to Contractor under the Contract and any
<br />amendments thereto, less the amount properly paid by Owner to
<br />Contractor.
<br />Any suit under this bond must be instituted before the expiration of
<br />two (2) years from the date on which final payment under the Contract
<br />falls due.
<br />No right of action shall accrue on this bond to or for the use of any
<br />person or corporation other than the Owner named herein or the heirs,
<br />executors, administrators or successors of the Owner.
<br />y of OCtOber
<br />,ilk
<br />1988
<br />(Sean
<br />Truck Insurance Exchange
<br />t (surety)
<br />Dee Ruetten (Attorney-In-Fact
<br />Page 69
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