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NOW, THEREFORE, based on the exchange of valuable consideration, including the covenants and conditions of this Agreement, the receipt and sufficiency of which is acknowledged, and based on the Recitals set forth above which form a part of this Agreement, Surety and Owner agree to the following terms and conditions: II. TERMS AND CONDITIONS 1. Recitals. The above Recitals and the Terms and Conditions herein are contractual and not merely recitals and the agreements contained herein and consideration transferred are to satisfy the rights and obligations between Owner and Surety, except as to claims reserved by this Agreement. 2. Incorporation of the Contract. The Contract is incorporated by reference into this Agreement, including the Contract Documents, including but not limited to, any Addendum (which pertains to the Contract Documents), Notice Inviting Bids, Instructions to Bidders, Bid (including documentation accompanying the Bid and any post -bid documentation submitted prior to the Notice of Award) when attached as an exhibit to the Contract, the Bonds, permits, the Special Provisions, the Plans, Standard Plans, Standard Specifications, Reference Specifications, Change Orders (including future Change Order for PCO #12 scope of work) and all Modifications issued after the execution of the Contract All terms of the Contract are incorporated herein, 3. The Balance of the Contract Sum. GAIC will procure the performance of the Remaining Work relying on, among other things, the Owner's representation that the outstanding earned and unpaid Contract funds in the amount of $1,773,192.11 shall be paid to LAIC. The Owner represents that the Balance of the Contract Sum as follows: Contract Price: $5,289,238.00 Approved Change Orders: $ 90,500.00 PCO #12: $165,855.00' Current Contract Price: $5,545,593.00 Amount Paid to Principal: $3.772.400.89 "Balance of the Contract Sum": $1,773,192.11 Owner agrees that the Balance of the Contract Sum is dedicated to and will be paid to GAIC for the completion of the Remaining Work pursuant to this Agreement. GAIC expressly reserves the right to verify all Contract fund accountings and to request the appropriate adjustments from the Owner and/or its representatives. The Balance of the Contract Sum shall be increased by the value of future Change Orders subsequently approved by Owner. ' This amount represents GAIC's Completion Contractor's price to complete the work outlined in PCO #12 and related documents pursuant to GAIC's Consultant's RFP and specifically RFP Add Alternate #12. Owner will issue a formal Change Order in this amount within ten (10) working days after Notice to Proceed is issued by Owner to GAIC. 2