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Bond No.4noGD 7567 <br />Interest and Assessment Guarantee Bond <br />KNOW ALL MEN BY THESE PRESENTS, that we M & E Realty Company, a <br />Minnesota Corporation, and Kraus -Anderson, Inc., as Principals, <br />and the St. Paul Fire & Marine Insurance Company. as Surety, <br />are held and firmly bound unto the City of Moundsview, Minnesota, <br />as Obligee, in the sum of $470,250.00, for the payment whereof, <br />Principals and Surety bind themselves, their heirs, executors, <br />administrators, successors and assigns, jointly and severally, <br />firmly by these presents. <br />WHEREAS, the Principals have entered into an agreement with Lhe <br />Obligee, and whereby the Principals have guaranteed to pay the <br />Obligee the interest and assessments due in 1983, 1984, and 1985 <br />for certain Public improvements: or, in the event the Public <br />improvements are not constructed, the direct cost of the Obligee. <br />NOW, THEREFORE, the condition of this obligation is such that, <br />if the Principals shall pay, or cause to be paid, all payments <br />as specified above, then this obligation shall be void; otherwise <br />it shall remain in full force and effect. <br />PROVIDED, HOWEVER, that the Obligee shall notify the Surety, in <br />writing, of any payments which shall have been past due for 60 days, <br />such notice to be mailed to the Surety at 385 Washington Street, <br />St. Paul, Minnesota, and received by the Surety within 105 days from <br />the date on which such payment was due. Failure to provide such <br />notification shall operate to terminate this bond at the expiration <br />of such 105 day period and Surety shall have no obligation for any <br />liability arising after that date. <br />Signed and sealed this 19th _day of August A.D. 198i <br />11 & E REALTY COMPANY <br />Principal) (Sea])- ^ =•' <br />t e Sea <br />KRAUS-ANDERSON INC. <br />Principal Sea <br />(Title)ea <br />