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<br /> PERFORMANCE BOND <br /> STATE OF TEXAS <br /> COUNTY OF HAYS <br /> KNOW ALL PERSONS BY THESE PRESENTS: That PAYTON <br /> CONSTRUCTION, INC., of the County of Hays, and State of <br /> Texas, as PRINCIPAL, and <br /> , <br /> as SURETY, authorized to do business in TEXAS, are held and <br /> firmly bound unto the CITY OF SAN MARCOS, as OWNER, in the <br /> penal sum of forty-six thousand two hundred twenty-one and <br /> 30/100 DOLLARS ($46,221.30) for the payment whereof, the <br /> said Principal and Surety bind themselves and their heirs, <br /> administrators, executors, successors and assigns, jointly <br /> and severally, by these presents: <br /> WHEREAS, the Principal has entered into a certain <br /> written Contract with the OWNER dated the day of <br /> , 19 , for San Marcos Parkway Culvert <br /> Replacement <br /> which Contract is hereby referred to and made a part hereof <br /> as fully and to the same extent as if copied at length <br /> herein. <br /> NOW, THEREFORE, the condition of this obligation is <br /> such, that if the Principal shall faithfully and promptly <br /> perform the Contract and shall in all respects duly, <br /> faithfully and promptly observe and perform all and singular <br /> the covenants, conditions and agreements in the Contract <br /> agreed and covenanted by the Principal to be observed and <br /> performed, and according to the true intent and meaning of <br /> the Contract and the plans and specifications and other <br /> Contract Documents hereto annexed, then this obligation shall <br /> be satisfied, otherwise to remain in full force and effect; <br /> Whenever Principal is declared by OWNER to be in default <br /> under the Contract, the Surety may promptly remedy the <br /> default, or shall faithfully and promptly perform and <br /> complete the Contract in accordance with its terms and <br /> conditions. <br /> Surety, for value received, stipulates and agrees that <br /> no change, extension of time, alteration or addition to the <br /> terms of the Contract, or to the Work performed thereunder, <br /> or the plans, specifications, drawings or other Contract <br /> -9- <br /> REVISED 10/21/91 <br />