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Bond No. RCB0032724 <br /> FORM OF PAYMENT BOND <br /> Date of Contract: December 21st,2020 <br /> Date of Execution: December 21st,2020 <br /> Name of Principal <br /> (Contractor) ASJ Wilson Construction,LLC <br /> Name of Surety: RLI Insurance Company <br /> Name of Contracting <br /> Body: The Lee County Government,Parks&Recreation Department <br /> Amount of Bond: Two Hundred Forty-three Thousand And No/100 DOLLARS ($243,000.00) <br /> Project Renovations to Bob E. Hales Recreation Center at 147 McIver Street,Sanford NC <br /> KNOW ALL MEN BY THESE PRESENTS, that we, the principal and surety above <br /> named, are held and firmly bound unto the above named contracting body, hereinafter <br /> called the contracting body, in the penal sum of the amount stated above for the payment <br /> of which sum well and truly to be made, we bind ourselves, our heirs, executors, <br /> administrators, and successors, jointly and severally, firmly by these presents. <br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that whereas the principal <br /> entered into a certain contract with the contracting body identified as shown above and <br /> hereto attached: <br /> NOW, THEREFORE, if the principal shall promptly make payment to all persons <br /> supplying labor/material in the prosecution of the work provided for in said contract, and <br /> any and all duly authorized modifications of said contract that may hereafter be made, <br /> notice of which modifications to the surety being hereby waived, then this obligation to be <br /> void; otherwise to remain in full force and virtue. <br /> IN WITNESS WHEREOF, the above-bounden parties have executed this instrument <br /> under their several seals on the date indicated above, the name and corporate seal of each <br /> corporate party being hereto affixed and these presents duly signed by its undersigned <br /> representative, pursuant to authority of its governing body. <br /> Executed in 1 counterparts. <br />