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BOND
The Bond serves as an additional security for the repayment of the loan and an agreement of the borrower to indemnify the lender. It binds all those who sign the note and loan, along with their heirs, executors and administrators to comply with all requirements. The bond is also referred to as a completion bond. It serves as a guarantee by the borrowers to complete the construction project.
*The section headings and summaries are for convenience only and are not to be used to interpret or define the terms of this Security Instrument.
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PARTIES
Names the entities and individuals obligated by the bond (Principal and Surety).
PARTIES
Names the entities and individuals obligated by the bond (Principal and Surety).
DATE
States the date the agreement was signed.
DATE
States the date the agreement was signed.
CONDITIONS
States the amount owed to the Lender by the Borrower and references the security instrument of that debt.
CONDITIONS
States the amount owed to the Lender by the Borrower and references the security instrument of that debt.
LEGAL DESCRIPTION
Gives the legal description of the property used as security.
LEGAL DESCRIPTION
Gives the legal description of the property used as security.
PURPOSE & INTENTION
States the borrower's purpose of conducting construction on the property and their intention to periodically request funds.
PURPOSE & INTENTION
States the borrower's purpose of conducting construction on the property and their intention to periodically request funds.
INDEMNITY AGREEMENT
Borrower indemnifies Lender of damages incurred due to the Borrower's failure to complete or pay their bills.
INDEMNITY AGREEMENT
Borrower indemnifies Lender of damages incurred due to the Borrower's failure to complete or pay their bills.
DISSOLUTION
Defines the duration of the effectiveness of this agreement.
DISSOLUTION
Defines the duration of the effectiveness of this agreement.
SIGNATURES
Borrower (Principal and Surety) agree to the terms of this agreement and sign the bond.
SIGNATURES
Borrower (Principal and Surety) agree to the terms of this agreement and sign the bond.
NOTARY ACKNOWLEDGMENT
Notary acknowledges witnessing Borrower (Principal and Surety) sign the bond.
NOTARY ACKNOWLEDGMENT
Notary acknowledges witnessing Borrower (Principal and Surety) sign the bond.
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