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AND THE SAID SURETY, for value received hereby stipulates and agrees that whenever the Principal shall be, and declared <br /> by the Principal Representative to be in default under said Contract, the State of Colorado having performed its obligations <br /> thereunder, the Surety may promptly remedy the default or shall promptly (1) Complete the Contract in accordance with its terms <br /> and conditions, or (2) Obtain a bid or bids for submittal to the Principal Representative for completing the Contract in accordance <br /> with its terms and conditions, and upon determination by the Principal Representative and Surety of the lowest responsible bidder, <br /> arrange for a contract between such bidder and the State of Colorado acting by and through the Principal Representative and make <br /> available as work 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 contract price but <br /> not exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount hereinbefore set forth. <br /> The term "balance of the contract price" as herein used shall mean the total amount payable to the Principal under the Contract <br /> and any amendments thereto, less the amount properly paid by the State of Colorado of the Contractor. <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 Colorado. <br /> IN WITNESS WHEREOF, the Principal and the Surety have executed this Bond, this 7TH day of <br /> JULY A.D., 19 95 <br /> (Corpor:tr Seal) PRINCIPAL <br /> BOGUE CONSTRUCTION, INC . <br /> ATTEST: Bar <br /> Title Scott R. Bogue, ` — esident <br /> S cretary <br /> (Corporate Seal) SURETY <br /> EMPLOYERS MUTUAL CASUALTY COMPANY <br /> SANDRA K . PIERCE Attorney-in-Fact <br /> THIS BOND MUST BE ACCOMPANIED BY A POWER OF ATTORNEY, EFFECTIVELY DATED <br /> Note: This bond is issued simultaneously with another bond conditioned for the full and <br /> faithful payment for all labor and material of the contract. <br /> State Form SC-6.22 <br /> Issued 9/1/65 (Rev. 711/70) <br /> SG-25941EP 2/91 Page 2 of 2 <br />