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AND THE SAID SURETY, for value received hereby stipulates and agrees that whenever the Principal shall be, and declared by the Principal Representative to be in default under said Contract, the State of Colorado having performed its obligations thereunder, the Surety may promptly remedy the default or shall promptly (I) Complete the Contract in accordance with its terms and conditions, or )2) Obtain a bid or bids {or submittal to the Principal Representative for completing the Contract in accordance with its terms ar,d conditions, and upon determination by the Principal Representative and Surety of the lowest responsible bidder, arrange for a con+rect between such bidder and the State of Colorado acting by and through the Principal kepresentative and make available as work progresses )even though there should be a default or a succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cos+of completion, less the balance of the contract price but not exceeding, including other costs and damages for which the Surety may be liable hereun~ der, the amount hereinbefore set forth, The term "balance of the contract price" as herein used shall mean the total amount payable to the Principal under the Contract and any amendments thereto, le<s the amount properly oaid by the State of Colorado to the Contractor. No right of action shall accrue on this bond to or for the use of any person or corporation other than ,ne State of Colorado. IN WITNESS WHEREOF, the Principal and the Surety have executed this Bond, this day of November q,p„ Ig 91 5 _ _ _ . - )Corporate Seal) PRINCIPAL - Kessler Reclamation ATTEST: $ecratary By6~,R~ ~~d~.ul~h~ Phi Kessler Title Owner (Corporate Seal) SURETY Transameri a Premier Insurance Company gy __ _ 1Morne 'mfacf Terrence E. Drei~ing THIS BOND MUST BE ACCOMPANIEDBY A POWER OF ATTORNEY, EFFECTIVELY DATED Note: This bond is issued simultaneously with another bond conditioned for the full and faithful payment for all labor and material of the contrect. State Form SC-6.22 sauetl 9/1765 Ipev. 7/1/701