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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.

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*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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