Water Main Extension Agreement - Pointe Development Proj No DP21-022 - Riverwalk LLC

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J WEST BEND Bond Number 2631019 Performance Bond KNOW ALL MEN BY THESE PRESENTS: That Riverwalk LLC of 230 W Catalpa Dr Ste A Mishawaka IN 46545-8322 (Name and address of the Contractor) as Principal, hereinafter called Principal, and WEST BEND MUTUAL INSURANCE COMPANY as Surety, hereinafter called Surety, are held and firmly bound unto Qijyof South Bend aQard of pubijryyorks of 227 W Washin ton St Ste 1300N South Bend IN 46601-1701 (Name and address of the Owner) as Obligee, hereinafter called Owner, in the amount of Seventy -Three Thousand One Hundred and a -Five Dollars and Zero Cents Dollars ($ 73 125.00 )• for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, Contractor has by written agreement dated 10/29/2024 entered into a contract with Owner for in accordance with drawings and specifications prepared by (Name of Architect or Engineer) which contract is by reference made a part hereof, and is hereinafter referred to as the Contract. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform said contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect. The Surety hereby waives notice of any alteration or extension of time made by the Owner. Whenever Contractor shall be, and declared by Owner to be in default under the Contract, the Owner having performed Owner's Obligations thereunder, the Surety may promptly remedy the default, or shall promptly 1. Complete the Contract in accordance with its terms and conditions, or 2. Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by Surety of the lowest responsible bidder, or, if the Owner elects, upon determination by the Owner and the Surety jointly of the lowest responsible bidder, arrange for a contract between such bidder and Owner, and make available as Work progresses (even though there should be a default or a succession of defaults under the contract or contract of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract price; but not exceeding, including other costs and damages for which the surety may be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance of the contract price", as used in this paragraph, shall mean the total amount payable by Owner to Contractor under the Contract and any amendments thereto, less the amount properly paid by Owner to Contractor. PROVIDED, FURTHER, that it is expressly agreed that the BOND shall be increased automatically and immediately, without the need for separate amendments hereto, upon amendment to the Contract that does not increase the contract price more than ten (10) percent, so as to bind the PRINCIPAL and the SURETY to the full and faithful performance of the CONTRACT as so amended. The term "Amendment", wherever used in this BOND, and whether referring to this BOND, the Contract or the Loan Documents shall include any alteration, addition, extension, or modification of any character whatsoever. NB 0012 04 22 Page 1 of 2 1900 S 18th Avenue I West Bend, WI 53095 1 Phone: (800) 236-5010 1 Fax: (877) 674-2663 1 www.thesilverlining.com