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DocuSign Envelope ID:07C464C4-FDB6-434A-A01 B-558064E4E858 <br /> PO#:461001815 <br /> Routing#:22-HA3-ZG-00070 <br /> Bond No.: K40277602 <br /> EXHIBIT C,PAYMENT BOND <br /> KNOW ALL PERSONS BY THESE PRESENTS,That we IHC SCOTT INC of the County of Arapahoe, in <br /> the State of Colorado as Principal, and <br /> Federal Insurance Company of Indianapolis in <br /> the State of Indiana as surety,are held and firmly bound unto the STATE OF COLORADO,in <br /> the penal sum of TWENTY-SEVEN MILLION SIX HUNDRED NINETY-FIVE THOUSAND DOLLARS <br /> AND ZERO CENTS ($27,695,000.00), with interest thereon at the rate of eight percent(8%) per annum, until <br /> paid in good and lawful money of the United States of America, for the payment whereof,well and truly to be <br /> made,we bind ourselves,our and each of our heirs,administrators,executors,successors and assigns,jointly and <br /> severally,firmly by these presents. <br /> The condition of the obligation is that the Principal and the State of Colorado acting by and through the Principal <br /> Representative have entered into a certain Contract,dated 2/16/2022 , for <br /> the construction of a project described as Colorado Project No.NHPP 0131-057- 17881RC, located on SH 13 <br /> MP I 1 -MP 16.5 in Garfield County in the State of Colorado. The work consists of WIDENING FROM 26'TO <br /> 40',NEW PASSING LANES,CHAIN UP AREA AND MINOR HORTIZONTAL/VERTICAL ADJUSTMENT; <br /> said work of construction to be done according to the requirements of said contract; <br /> NOW THEREFORE,if the said Principal,his sub-contractor or subcontractors,and each and all of them,shall <br /> duly pay for all labor,materials,and other supplies used or consumed in the performance of the work contracted <br /> to be done or any part thereof,and if the said Principal shall also fully indemnify and save harmless the State of <br /> Colorado,and all persons as provided by the Statutes of the State of Colorado,from any and all damages or loss <br /> which the said State of Colorado or any persons as provided by the Statutes of the State of Colorado may or shall <br /> suffer by reason of the default of the Principal or anyone acting for them as sub-contractor or otherwise in <br /> connection with such payments, these presents shall become void,otherwise to be and remain in full force and <br /> effect. <br /> THE STATE OF COLORADO shall be under no obligation, except as expressly provided by statute, to <br /> withhold any sums due the said Principal under the terms of this contract,or to protect in any other way the surety <br /> or sureties,claimants or others. <br /> No representation or statement of the Principal made to the surety or sureties in application for this bond, or <br /> otherwise,shall be read into or be a part of this bond or binding in any way on the obligee herein. <br /> No assignment by Principal to surety of the proceeds of such contract shall be binding,except as to any net surplus <br /> after paying all claims chargeable by law or by said contract,against the proceeds thereof. <br /> No extension of time of performance of said contract or delay in the completion of the work there under shall <br /> invalidate this bond or release the liability of the surety there under. <br /> This agreement shall not be deemed valid until it shall have been approved by the Controller of the State of <br /> Colorado,or such assistant as he may designate. <br /> Document Builder Generated Page 38 of 59 Version 0819 <br />