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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 promptly (1) 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 and 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 kepresentative 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 any 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 no <br /> State of Colorado. <br /> IN WITNESS WHEREOF, the Principal and the Surety have executed this Bond, this <br /> 1� <br /> c � <br /> day of - < , A-D., 19 <br /> (Corporate Seal) PRINCIPAL <br /> WESTERN STATES RECLAMATION, INC. <br /> ATTEST: By �� � <br /> David R. Chenoweth <br /> BY: 41�b�j�,�_4 ,--U� Title President <br /> Secretary <br /> lizabeth A. Chenoweth <br /> (Corporate Seal) SURETY <br /> UNITED P CIFIC INSURANCE COMPANY <br /> B <br /> Att./ay-in-fact 1este Moore <br /> THIS BOND MUST BE ACCOMPANIED BY A POWER OF ATTORNEY, EFFECTIVELY DATED <br /> Note: This bond is issued simultaneously with <br /> another bond conditioned for the full <br /> and faithtul payment for all labor and <br /> material of the contract. <br /> Ttats Form SC a.22 <br /> sswd 9/1 5 IRev- 7/1/701 <br /> P.O.Box 9364 <br /> Denver, CO 8020M364 <br /> Phone 303/722-7776 <br /> ` Hith,Road and Hamilton <br /> Fait 303/722-8862 <br /> (:ompanv of Drnver .Surety Bonds and Insuranre <br />