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Home My WebLink About0974 , : . . American Casualty Company ~'NA - ~ of Reading, Pennsylvania CNA Plsza Chicaqo, Iilinois 60i85 lCNOW ALL MEN BY THESE PRESENTS: That Tt~e Douqlas C7c~pany ~A The Bnyc~ Da~qlas C,aa~any o 400 E. South St., Suite 200, Orlando, Florida 32801 , Principal, hereinafter called Contractor, and AMERICAN CASUA~TY COMPANY OF REAOING, PENNSYLVANIA, Surety, ~ are held and firmly bound unto East Pbrt Associates L'ID, 9250 Bay Meadows Pd. , Jacksorrirille, Florida 32216 Obligee. a` hereinafter called Owner, and Barnett Bank of South Florida, N.A. , One E. Brvward Boulevard, Fort Iauderdale, Florida 33301 ,Lender, • i n t h e pe n a I s u m of Four Mi 11 io~ , Two Hiaxired Fi.ghtynine Ttx~usand ,~e Huncired Sev~entyf ive ' arui 00/100------ ~w~ Dottars (34,289,175.00-------) i ~ for the payment whereof Contractor and Surety bind themse(ves, their heirs. executors, admin~strators. suc~ cessors and assigns, jointly and severafly, firmly by these presents. WHEREAS. Owner and Contractor have entered into a contract dated J~e 1, 1987 ~ to do and perform the following work: ~~Str~tio~ of Fast Port Plaza, Phase I 1 and Lender has agreed to lend to Owner a sum oi money to be secured by a mortgage on the ~roperty ;l described in the contract and to be used in making payments on the contract. ' NOW, THEREFORE. if Contrsctor shsll, subject to periorm• app~~eG as Surety may direct to the settlement o( any obl~ga ~ ante of Owners obligatiOns to Contractor, well snd truiy t~ons ~nwrred hereunder. ~ periorm the work contracted to be peAormed under the con- 3. The pnor wntten approval of both Owner and Lender ? ~ tract and krep the property snC tonstruction tunds iree and shail be r ` clear of any snd all liens lor labor or mater~at tu?n~shed ~n eQu~rtd w~t~ respect to all changes or aiterat~ons # connect~on w~th the contrsct, then this obl~gat~on shail be the D~ans snd spec~f~cat~ons relat~rtg to tne contract and ; vo~d: otherwise it shstl remain in fult force and eftect, sub~ec!, whenever sny cnange or iltlrati0~ ~s proposed wnere the however, to t~e tollow~n cond~t~ons: cost thereot, stlded to pnor spproveC changes and sl~era~ ~ g t~ons. causes the aggregate cost of alt changes and s~.era- ~ 1. Surrty shalt not be liable under tA~s bond. unless t~ons to eaceed ten percent (10°/,) af the ong~nal contract ~ Owner or Lender shall make payments to Contractor str!ctl ~~'~e, the Dr~or wntten approv~l of Surety shalt aiso be re~ ~ ~n sccardance w~th the terms of the contrsct ss to payments Qu~reC w~ih respect to such proposed and a1l SuDSequent ~ changes and slterst~ons. , and shall peAorm all othtr obl~gat~ons to be p~rformed by ~ Owner under the contract ~t the t~me snd ~n the msnner 4. No r~ght of act~on shell accrue on th~s bond to or tor ~ thermn set 1oRh. the use or benetlt of any penon or torporat~on, other than ~ the Owner an0 ltnder here~n nsmtd, unless such person or ~ 2. If Co~tnctor shalt detsult in the performsnce of the ~orporat~on shau De Qranted r~Qht ot aa~on by apphcable ~ laws relat~ng to 6ens for Iabor snd matensl furn~shed ~n ~ contrsct, Surety shall ~ave the r~ght, at ~ts opt~on, to procerd connectwn w~th the contract. No su~t or act~on shail be : or procure others to proceed w~th such peAormante, snd sll ~pmmenced sQamst Surety on th~s Dond unless same sha11 i reserves, deterred payments and other mon~es provided by h~ve tommented within one (1) yesr (or. ~f commenceG ~ tht tontract to De psid to Contracto~ shsN De pa~C to Sur~ty by s person or corporst~on Qranted such nght of att~on Dy st the ssme times snd undtr the ssme cond~t~ons as by the suth taws, w~thin the minimum t~me penoC and ~n the man• terms ol the tontrsct suth momes woulG have been psid to ~er snd sfter comph~nce w~tn the noUce prov~s~ens speuf~ed Contractor hsd the contrsct been peAormed by Contractor, by S~Gh tam) after the date ot complet~on of sa~d work by and Surety shall be ent~tleG thereto in preference to sny Contrsctor or after the date of any defauli Dy Contractor ,n sss~gnee of the Contractor or sny aCveti~ Cta~mant: but ~f the periormsnte of tAe tontract. Owner or lender shsll tomplete or re•Irt the cont?att, sll reserves, deferred paymeMS or other momes rema~ninQ sRer 5. The aggregate I~ab~l~ty of Surety hereunder ~s t~m;ted payment for such completion shsll be ps~d to Surety or to the penal sum oi th~s bond. SIGNED, SEALED AND DATED Jtime 19, 1987 ~ 1~ ~ g~ ~las Ca~3ny ~ ~ _ (Seal) ' P~incipal MERICAN CASUALTY COMPANY i OF RE NG. PENNSY VA IA / ~ ' SY - Form 8-232136 Attorneyi •Fact F~se Ann Koperski Attorne~y-In-Fact y~~~ 59fi ~ y74 CHA ' '^y r-.vi''°g~'k.91. = ~.S..t+~'~, - - ~ ~ 4^~ d ~ ~ ~ ~ ~ ,^3: ~+i~