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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 completion 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. <br /> Colorado.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 /> IN WITNESS WHEREOF said Principal and Surety have executed this Bond,this 1 Oth day of <br /> September ,A.D., 2004 <br /> (Corporate Seal) THE PRINCIPAL <br /> Bitterroot Restoration. Inc <br /> ATTEST:, <br /> U By <br /> ra• '� ' <br /> 1 - <br /> Leonard Ballek <br /> Bet y Ell r . e M. A is ant Title: Vice-President <br /> e6retary <br /> (Corporate Seal) SURETY <br /> We tch er Fire Insurance Company <br /> --By�- <br /> Attorney-in-fact <br /> Sha non Noble <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 /> of the contract. <br /> State Form SC-6.221 <br /> Issued 9/1/65(ftV3,7W) <br /> 395-61-01-6229 <br />