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AND THE SAID SURETY,for value received hereby stipulates and agrees that whenever the Principal shall be,and <br /> declared by the Principal Representative to be in default under said Contract, the State of Colorado having performed its <br /> obligations thereunder,the Surety may promptly remedy the default or shall promptly(1)Complete the Contract in accordance <br /> with its terms and conditions, or(2)Obtain a bid or bids for submittal to the Principal Representative for completing the <br /> Contract in accordance with its terms and conditions, and upon determination by the Principal Representative and Surety of the <br /> lowest responsible bidder, arrange for a contract between such bidder and the State of Colorado acting by and through the <br /> Principal Representative and make available as work progresses(even though there should be a default or a succession of <br /> defaults under the contract or contracts of completioin arranged under this paragraph)sufficient funds to pay the cost of <br /> completion, less the balance of the contract price but not exceeding, including other costs and damages for which the Surety <br /> may be liable hereunder,the amount hereinbefore set forth. The term"balance of the contract price"as herein used shall mean <br /> the total amount payable to the Principal under the Contract and any amendments thereto,less the amount properly paid by the <br /> State of Colorado to the Contractor. j <br /> i <br /> No right of action shall accrue on this bond to or for the use of any person or corporation other than the State of <br /> Colorado. <br /> `%IN:WITNESS WHEREOF said Principal and Surety have executed this Bond,this 14TH day of <br /> L'iP lEMBER.�A.D.,XX2000 <br /> (Corporate Seal) THE PRINCIPAL <br /> DIRT—N—IRON INC. <br /> ;. <br /> BY �G <br /> - I <br /> Secretary Title: M_aINE M- FRTCK AS PRFSTDENT <br /> (Corporate Seal) SURETY <br /> I <br /> I <br /> a <br /> By <br /> Attorney'-in-fact <br /> WILSON W. COLEMAN <br /> THIS BOND MUST BE ACCOMPANIED BY POWER OF ATTORNEY, EFFECTIVELY DATED <br /> Note: This bond is issued simultaneously with <br /> another bond conditioned for the full and <br /> faithful payment for all labor and material <br /> oflthe contract. <br /> I <br /> State Form SC-6.22 <br /> Issued 9/1/65(Rev.7170) <br /> 395-61-01-6229 <br /> I <br /> I - <br /> I <br /> I <br />