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<br />11/18/2008 18:04 <br /> <br />2815482452 <br /> <br />BAYWAY HOMES <br /> <br />PAYMENT BONO <br /> <br />STATE OF TEXAS s <br />COUNTY OF HARRIS S <br /> <br />Bond No. 810980 <br /> <br />K!"OW ALL MEN BY THESE PRESENTS: That . .Bayway ttomes) Inc. of the <br />CIty of_f.oend$W~d County of Galveston I and St~ of _Te)J;~L_, as <br />prlnoipal, antUI1JJ,(~IJlty~n,! authorized under the laws of the9tata of <br />Texas to act as surety on bonds for principals; are held and firmly bound unto <br />The City of La Porte (Owner), in the penal sum of <br />.9ne HUJl~1h!U$81!~"ir&.__..____ .... _ doUars ($, 1001000....QQ..J for the <br />payment whereof, the said Principal and Surety bind themselVes, and their heirs, <br />administrators, executol'$, successors and assigns, jointly and severally, by these <br />presents: <br /> <br />. WHEREAS, the Principal has entered into a certain written contract wi1;h the <br />Owner, dated the 11t1l day of Decembl!r _,2007, to which cDntrac::t Is <br />hereby referred to and rn~e apart hereof as funy and to the same $)(tent as tf <br />oopled at length herein, <br /> <br />NOW, THEREFORE. THE CONOmON OF THIS o.BLlGATION IS SUCH, thQt if <br />the said Principal shall pay all claimants supplying labor ~md material to him or a <br />subcontractor In the prosecution of the work provided f~r In said cont~ct, then, <br />this obligation shall be void; othelWise to remain in full force and effect; <br /> <br />"PROVIDED, HOWEVER, that thrs bond Is executed pursuant to the proVisions <br />of Vernon's Texas Cod~ Anllotelted. Texas Go."emment Cocfe.Chao1er 2253, as <br />amended and all liabilities 011 this bond shall be det$rmil')ed In accordance witO <br />the provisions of said Article to the same extent as if it were copied at length <br />herein," <br /> <br />Sure~, for value received, S'tipulates and agrees that no change, extension of <br />time, alteration or Qdditjon to the terms of the Contract. or to the work perfonned <br />thereul'lder, or the plans, specifications, or drawings accompanying the same, <br />shall in such change extension of lime, altaration or addition to the terms Of the <br />oontic1ct, or to the work to be performed thereunder. <br /> <br />psyment Bond 1 of 2 <br /> <br />PAGE 04/19 <br />