92452-CA Performance-Payment Bond Dual Obligee

Performance-Payment
Bond
Dual Obligee

U. S. Department of Housing and Urban
Development
Office of Housing
Federal Housing Commissioner

OMB Approval No. 2502-0297
(exp. 8/31/2013)

Under Section 202 of the Housing Act 1959 and
Section 811 of the National Affordable Housing Act of 1990
Public reporting burden for this collection of information is estimated to average 1 hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. HUD may not collect
this information, and you are not required to complete this form, unless it displays a currently valid OMB control number.
This information collection is necessary to ensure that viable projects are developed. It is important to obtain information from applicants to assist HUD in
determining if nonprofit organizations initially funded continue to have the financial and administrative capacity needed to develop a project and that the
project design meets the needs of the residents. The Department will use this information to determine if the project meets statutory requirements with
respect to the development and operation of the project, as well as ensuring the continued marketability of the projects. This information is required in
order to obtain benefits. This information is considered non-sensitive and no assurance of confidentiality is provided.
Project Number:

Project Name:

Location:

Know all men by these presents: That we (Name of Contractor) __________________________________________________
a (Corporation, Partnership, or Individual) ____________________________________________________

hereinafter

called

“Principal”and (Surety) _________________________________ of, State of, ______________________________ hereinafter
called the “Surety” are held and firmly bound unto (Owner) _____________________________________________________________
of, ________________________________________________ hereinafter call “Owner” and unto the Secretary of Housing and
Urban Development, hereinafter called “HUD” as their respective interests may appear as Obligees in the penal sum of _____
Dollars ($

) in lawful money of the United States, for the payment of which sum well and truly to be made, we

bind ourselves, our heirs, executors, administrators, and successors , jointly and severally, firmly by these presents.

The Condition Of This Obligation is such that Whereas the Principal entered into a certain contract with the Owner,
dated the ___________ day of ___________________________, 20___, a copy of which is hereto attached and made a part hereof
for the construction of: __________________________________________________________________________________
___________________________________________________________________________________________________
___________________________________________________________________________________________________
___________________________________________________________________________________________________
And Whereas, HUD has agreed to lend to Owner a sum of money to be secured by a mortgage on said project and to be used in
making payment under said contract, and desires protection as its interest may appear, in event of default by Principal under said
contract, said protection to be subject to the performance by the Obligees, or either of them, of the obligations to Principal in
connection with said Contract.
Now Therefore, if the Principal shall well, truly and faithfully perform its duties, all the undertakings, covenants, terms, conditions,
and agreements of said Contract during the original term thereof, and any authorized extension or modification thereof, with or without
notice to the Surety, and if he shall satisfy all claims and demands incurred under such contract, and fully indemnify and save harmless
the Obligees form all costs and damages which they may suffer by reason of failure to do so, and shall reimburse and repay the
Obligees all outlay and expense which they may incur in making good any default, and shall promptly make payment to all persons,
firms, subcontractors, and corporations furnishing materials for or performing labor in the prosecution of the work provided for in such
contract, and any authorized extension or modification thereof, including all amounts due for materials, lubricants, oil, gasoline, coal
and coke, repairs on machinery, equipment and tools, consumed or used in connection with the construction of such work, and all
insurance premiums on said work, and for all labor, performed in such work whether by subcontractor or otherwise, then this obligation
shall be void; otherwise to remain in full force and effect.
Page 1 of 2

form HUD-92452-CA (12/20/2005)
ref. Handbook 4571.4 & 4571.5

Provided, Further, that the said Surety, for value received hereby stipulates and agrees that no change, extension of time, alteration
or addition to the terms of the contract or to the work to be performed thereunder or the specifications accompanying the same shall
in any way affect its obligation on this bond, and it does hereby waive notice of any such change, extension of time, alteration or
addition to the terms of the contract or to the work or to the specifications.
Provided, Further, that no final settlement between the Owner and the Contractor shall abridge the right of any beneficiary
hereunder, whose claim may be unsatisfied.
In Witness Whereof, this instrument is executed in six (6) counterparts, each one of which shall be deemed an original,
this the _____________________ day of ___________________________, 20___.
ATTEST:
__________________________________________
(Principal)

__________________________________________

By _____________________________________________

(Principal) Secretary

_______________________________________________
(Address - ZIP Code)

(SEAL)
_______________________________________________
(Surety)

ATTEST:

By _____________________________________________
(Attorney-in Fact)

_______________________________________________
(Address - Zip Code)

__________________________________________
(Surety) Secretary

(SEAL)

__________________________________________
Witness as to Surety

__________________________________________
(Address - Zip Code)

NOTE: Date of Bond must not be prior to date of Contract. If Contractor is Partnership, all partners a must execute Bond.

Page 2 of 2

form HUD-92452-CA (12/20/2005)
ref. Handbook 4571.4 & 4571.5