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3 <br />AND THE SAID SURETY, for value received hereby stipulates and agrees that whenever the Principal shall be, <br />and declared by the Principal Representative to be in default under said Contract, the State of Colorado having <br />performed its obligations thereunder, the Surety may promptly remedy the default or shall promp+ly (I) Complete <br />the Contract in accordance with its terms and conditions, or ~2) Obtain a bid or bids for submittal to the Principal <br />Representative for completing the Contract in accordance with its terms ar,d conditions. and upon determination <br />by the Principal Representative and Surety of the lowest responsible bidder, arrange for a contract between such <br />bidder and the State of Colorado acting by and through the Principal kepresentat~ve and make available as work <br />progresses )even though there should be a default or a succession of defaults under the contract or contracts of <br />completion arranged under this paragraph) sufficient Funds to pay the cost of completion, less the balance of the <br />contract price but not exceeding, including other costs and damages for which the Surety may be liable hereun- <br />der, the amount hereinbefore set forth. The term "balance of the contract price" as herein used shall mean the total <br />amount payable to the Principal under the Contract and a,y amendments thereto, less the amount properly paid <br />by the State of Colorado to the Contractor. <br />No right of action shall accrue on this bond to or for the use of any person or corporation other than .ne <br />State of Colorado. <br />IN WITNESS WHEREOF, the Princpal and the Surety have executed this Bond, this 17_. <br />day of October A.D., 1999 <br />(Corporate Sealj PRINCIPAL <br />Flo estoration and Seeding <br />g ~ n. <br />Y ~n^~%' C 2 <br />Bonnie Flock <br />Title ~ President <br />)Corporate Seal) SURETY <br />Transamerica Premier Insurance Company <br />By ~ c~ ~~ ~ _ <br />4kar ney~~n-fact <br />Patricia K. Spear <br />THIS BOND MUST BE ACCOMPANIED BY A POWER OF ATTORNEY, EFFECTIVELY DATED <br />Note: This bond is issued vmultaneousiy with <br />another bond conditioned for the full <br />and faithful payment for all labor and <br />material of the contract. <br />Ss sruea Sit 565a1Rev. ]/1/]01 <br />