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<br />.'"Z;,'.,c,-'>'I <br /> <br />en <br />,~ <br />C) <br />..--I <br /><..:"-) <br />C <br /> <br /> <br />until the Borrower has repaid the loan in full under the terms of <br />paragraph A. above. The state shall be a named insured of this <br />policy. The outstanding loan amount payable to the state shall <br />be reduced in the amount of any payments made to the state under <br />this insurance coverage. If only a portion of the outstanding <br />loan amount is paid to the state under this policy, the number of <br />installment payments shall remain unchanged; however, the amount <br />of each payment shall be reduced. <br /> <br />7. complY with the provisions of ~37-60-120, Colorado <br />Revised statutes, and any other applicable statutes, procedures, <br />requirements, rules or regulations with the state has. <br /> <br />8. Not sell, convey, assign, grant, transfer, mort- <br />gage, pledge, encumber, or otherwise dispose of the project or <br />any portion thereof, so long as any of the annual installments <br />required by paragraph A. above remain unpaid, without the prior <br />written concurrence of the state. <br /> <br />B. upon default in the payments herein set forth to be <br />made by the Borrower, or default in the performance of any <br />covenant or agreement contained herein, the state may, at its <br />option, declare the entire principal amount then outstanding <br />immediately due and payable and take any appropriate legal <br />action. The provisions of this contract may be enforced by the <br />state at its option without regard to prior waivers by it of <br />previous defaults by the Borrower, through judicial proceedings <br />to require specific performance of this contract or by such other <br />proceedings in law or in equity as may be deemed necessary by the <br />state to insure compliance with provisions of this contract and <br />the laws and regulations under which this contract is entered <br />into. <br /> <br />C. The state agrees that it shall: <br /> <br />1. Loan and grant to the Borrower the amounts of Four <br />Hundred Thousand Dollars ($400,000) and One Hundred Thousand <br />Dollars ($100,000) respectively for the purpose of this contract. <br />said total amount of Five Hundred Thousand Dollars ($500,000) <br />shall be made payable to the Borrower at its closing of the <br />purchase Platoro Reservoir with the united states. <br /> <br />a. Such loan shall be subject to the prior <br />determination by the Director of the colorado Water conservation <br />Board that contracts for the sale of water or lease of storage <br />space are in place sufficient to reasonably insure revenues <br />necessary for the repayment of the loan, and subject to the prior <br />receipt of the state Engineer's certification that a satisfactory <br />agreement for the state's use of the reservoir for compact <br />purposes has been agreed upon. <br /> <br />b. Thirty days after notice from Borrower to the <br />state, that the conditions in subparagraph a. above have been met <br /> <br />-4- <br />