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<br />PERFORMANCE BOND <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br />as Principal, and <br /> <br />That we, the undersigned <br /> <br />, a <br />of the State of <br />of Colorado, as <br />, as <br />), for the <br />and Surety bind <br />assi']ns, jointly <br /> <br />, <br />, duly organ{ze"a under the laws <br />, and 1 icensed to do business in the State <br />Surety, are hereby held and firmly bound unto <br />ObI igee, in the sum of D~J11ars ($ <br />payment of which sum well and truly to be made, the Principal <br />ourselves, our heirs, executors, administrators, successors and <br />and severally, firmly by these presents. <br /> <br />WHEREAS, the above-named <br />Contractor Agreement dated <br />(hereinafter Contract), which is <br /> <br />Principal and Ob1 igee have executed <br />, for the Construction <br />by re fererce made a pa rt hereof. <br /> <br />an Owner- <br /> <br />NOW, THEREFORE, the condition of this obligation is such that, if the <br />Principal shall promptly and faithfully perform said Contract including a one (1) <br />year warranty period described in the Contract Documents, then this obligation <br />shall be null and void; otherwise, it shall remain in full force and Effect. <br /> <br />The Surety hereby waives any notice of any al ternation of the Contract or <br />extension of the Contract Time as stated in the Contract as may be agreed upon <br />the Owner and the Contractor and embodies in any written Change Order whether or <br />not it increases the total price of the Project. <br /> <br />Whenever the Principal shall be in defauH under the Contract and is declared <br />so by the Obligee, and the Obligee has performed all obligations under the <br />Contract, the Surety may (1) remedy the defauH, or (2) complete the Contract <br />according to its terms, which may include the receipt of Bids for completion of <br />the Project and the execution of a new Contract between the ObI igee and a new <br />Contractor. The Surety shall pay the difference between the original Contract <br />Price and the costs of completion of the Project up to an amount equal to the <br />amount of this Bond. <br /> <br />Any suit under this Bond must be instituted before the expiration of two (2) <br />years from the date on which final payment under the Contract is due under <br />Section 306.8 of the General Conditions. <br /> <br />PB - 1 <br />