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mean the total amount payable to the Principal by the City under the Agreement and any <br />modifications thereto, less the amount previously properly paid by the City to the Principal <br />Surety expressly agrees that the City may reject any contractor or subcontractor which may <br />be proposed by Surety in fulfillment of its obligations in the event of default by the Principal <br />Surety shall not utilize the Principal in completing the Work nor shall Surety accept a bid <br />from the Principal for completion of the Work if the City, when declaring the Principal in default, <br />notifies Surety of the City's objection to the Principal's further participation in the completion of <br />the Work <br />No right of action shall accrue on the bond to or for the use of any person or corporation <br />other than the City named herein or the successors or assigns of the City Any suit under this bond <br />must be instituted within the applicable statute of limitations period <br />The said Surety, for value received, hereby stipulates and agrees that no change, extension <br />of time, alteration or addition to the terms of the Agreement or to the work to be performed <br />thereunder or the Specifications accompanying the same shall in any way affect its obligations on <br />this bond, and it does hereby waive notice of any such change, extension of time, alteration or <br />addition to the terms of the Agreement or to the work or to the specifications <br />No final settlement between the City and the Principal shall abridge the right of any <br />beneficiary hereunder whose claim may be unsatisfied. <br />The Principal and Surety agree that if the City is required to engage the services of any <br />attorney in connection with the enforcement of this bond, each shall pay the City's reasonable <br />attorneys' fees incurred, with or without suit, in addition to the above sum <br />In witness whereof, this instrument has been duly executed by the Principal and Surety <br />above named, on June 16th , 2022 <br />(SEAL) <br />Deark E&C, Inc <br />Contractor) <br />(Signature) <br />(Seal and Notarial Acknowledgment of <br />Surety) <br />Merchar Bondi <br />BY <br />Company (Mutual) <br />(SEAL) <br />Shaunna Rozelle Ostromv(S ure) Attorney -in -Fact <br />Address 6700 Westown Parkway <br />West Des Moines, IA 50266 <br />Telephone ( 800 ) 678-8171 <br />L.\ca\Agreements\Deark E&C Contract.PW 3 I.FY21 0141.doc.jn <br />