The bond must be:
(1) in an amount double the amount of the claims filed;
(2) payable to the claimants;
(3) executed by:
(A) the party filing the bond as principal; and
(B) a corporate surety authorized, admitted to do business, and licensed by the law of this state to execute the bond as surety; and
(4) conditioned that:
(A) the principal and surety will pay to the obligees named or to their assignees the amount of the claims or the portions of the claims proved to be liens under this subchapter; and
(B) the principal and surety will pay all court costs adjudged against the principal in actions brought by a claimant on the bond.