Water Main Line Extension Agreement Proj No DP25-006 - Basney Enterprises

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.. 1111C I I r 1 I III f I III i I•' IN I M1 BOrld 1Vo.: CBE1058281 Basney Enterprises, Inc located at 52203 State Road 933, South Rend, IN 46637-3849 , as Principal, and The Cincinnati Insurance Company located at 6200 South Gilmore Load, Fairfield, Ohio 45014, existing cinder the laws of the state of Ohio and authorized to do business in the State of , as Surety, are held and firmly bound unto city of South send 9 located at , as Obligee, in the full and just penal sum of One Hundred and Fifty Thousand Six Hundred and Twenty -Five Dollars and Zero Cents ($ $ 150, 625.00 )lawful money of the tTnited States, for the payment of which, well and truly to be made, we hereby bind ourselves, successors, heirs, representatives and assigns. Bend,VHEREAS, the Principal is required to perform certain obligations with the following description. City Water Main Extention�52203 State Road 933 N. SouLh a0001'dlllg t0 the ter'r11S a11d Conditions of the Obligee's per-rnit/contr°act, the satisfactory completion of which is required to be guaranteed by security as a condition of the approval; and WHEREAS, this bond shall become effective on 6/4/2025 and shall continue in effect unless released in writing by the Obligee or cancelled as provided herein. Ill (2) Regardless of the number of years this bond shall remain ir] force, the number° of claims made or the sum of premiums paid, the aggregate liability Of the Surety shall be limited to the penal sum of this bond and reduced by any payment or payments made by the Surety hereunder to the extent of such payment or payments; and (3) The Surety reserves the right to cancel this bond by giving thirty (30) days written notice to the Obligee and on the effective date of such thirty (30) day Cancellation notice, the Sul°ety is it being understood and agreed, however, that the discharged and relieved of any liability, Principal and Surety will be liable for any loss accruing up to the effective date of said cancellation notice, in no event, however, in excess of the penalty of the bond; and (4) Cancellation by the Surety shall not be construed as a default by either the Surety or• the Principal recoverable under this bond, Aligee from all related costs and damages then this obligation shall be null, and void, otherwise to remain 1 full force day of Jun® 9 Owner Nan ai d Ti le: Chad � �Hu ey