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PAYMENT BOND
<br />BOND NO.
<br />KNOW ALL PERSONS BY THESE PRESENTS; That
<br />a (corporation, a partnership, or an individual), hereafter called Contractor, and
<br />(Name of Surety)
<br />(Address of Surety)
<br />hereinafter called Surety, are held and firmly bound unto
<br />City of Elk River
<br />13065 Orono Parkway, Elk River, MN 55330
<br />hereinafter called CITY, and unto all persons, firms and corporations who or which may furnish labor or
<br />materials, as defined in Minnesota Statute 574, to perform as described under the contract and to their
<br />successors and assigns in the total aggregate penal sum of dollars ($~
<br />in lawful money of the United States, for the payment of which sum well and truly to be made, we bind
<br />ourselves, our heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by
<br />these presents.
<br />THE CONDITION OF THIS OBLIGATION is based upon a certain contract by and between Contractor
<br />and CITY dated the day of , 2011, a copy of which is hereto attached and made a part hereof,
<br />for the construction of Building Demolition- 824 Railroad Drive NW.
<br />NOW, THEREFORE, if the Contractor promptly makes payment to all persons, firms, Subcontractors,
<br />and corporations furnishing materials for or performing labor in the prosecution of the Work provided for
<br />in such contract and any authorized extension or modification thereof, .including all amounts .due for
<br />materials, lubricants, oil, gasoline, coal and coke, repairs on machinery, equipment and tools, consumed
<br />or used in connection with the construction of such Work, and all insurance premiums on said Work, and
<br />for all labor, performed in such Work whether by Subcontractor or otherwise, then this obligation shall be
<br />void; otherwise to remain in full force and effect.
<br />PROVIDED, that beneficiaries or claimants hereunder shall be limited to the subcontractors, and persons,
<br />firms and corporations having a direct. contract with the principal or its subcontractors.
<br />PROVIDED, FURTHER, that the said Surety for value received hereby stipulates and agrees that no
<br />change, extension of time, alteration or addition to the terms of the contract or to the Work to be
<br />PAYMENT BOND 00615 - 1
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