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<br />8. Casualty and eminent domain. If, at any time, during the term of this contract, (a) the <br />BORROWER'S PROJECT facilities and/or property pledged as collateral for this loan, including buildings <br />or any portion thereof, are damaged or destroyed, in whole or in part, by fire or other casualty, or <br />(b) title to or use of the PROJECT facilities or any part thereof shall be taken under the exercise of the <br />power of eminent domain, the BORROWER shall cause the net proceeds of any insurance claim or <br />condemnation award to be applied to the prompt replacement, repair and restoration of the PROJECT <br />facilities or any portion thereof. Any net proceeds remaining after such work has been completed <br />shall be paid to the BORROWER. If the net proceeds are insufficient to pay the full cost of the <br />replacement, repair and restoration, the BORROWER shall complete the work and pay any cost in <br />excess of the net proceeds. <br /> <br />9. Captions. The captions and headings contained in this contract are for convenience and <br />reference only and shall not be construed so as to define or limit the terms or provisions contracted <br />herein. <br /> <br />10. STATE's approval. This contract requires review and approval of plans, specifications, and <br />various other technical and legal documents. The STATE'S review of these documents is only for the <br />purpose of verifying BORROWER'S compliance with this contract and shall not be construed or <br />interpreted as a technical review or approval of the actual design or construction of the PROJECT <br />rehabilitation. Notwithstanding any consents or approvals given to the BORROWER by the STATE on <br />any such documents, BORROWER and its CONSULTANT preparing any such documents shall be solely <br />responsible for the accuracy and completeness of any of the construction documents. <br /> <br /> <br />contract shall not be construed as a <br />ame term. <br /> <br />documents required by this <br /> <br />For the STATE: <br /> <br />For the BORROWER: <br /> <br />Colorado Water Conservation Board <br />Attn: Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Vouga Reservoir Association <br />c/o Remy Labrouche <br />1525 P Road <br />Loma CO 81524 <br /> <br />D. Special provisions (1993 version) <br /> <br />1. Controller's approval. This contract shall not be deemed valid until it shall have been approved by the Controller of the State of Colorado <br />or such assistant as he may designate. This provision is applicable to any contract involving the payment of money by the STATE. <br /> <br />2. Fund availability. Financial obligations of the State of Colorado payable after the current fiscal year are contingent upon funds for that <br />purpose being appropriated, budgeted, and otherwise made available. <br /> <br />3. Bond requirement. If this contract involves the payment of more than fifty thousand dollars for the construction, erection, repair, <br />maintenance, or improvement of any building, road, bridge, viaduct, tunnel, excavation or other public work for this STATE, the CONTRACTOR shall, <br />before entering upon the performance of any such work included in this contract, duly execute and deliver to the STATE official who will sign the <br />contract, a good and sufficient bond or other acceptable surety to be approved by said official in a penal sum not less than one-half of the total <br />amount payable by the terms of this contract. Such bond shall be duly executed by a qualified corporate surety conditioned upon the faithful <br />performance of the contract and in addition, shall provide that if the CONTRACTOR or his subcontractors fail to duly pay for any labor, materials, team <br />hire, sustenance, provisions, provendor or other supplies used or consumed by such CONTRACTOR or his subcontractor in performance of the work <br />contracted to be done or fails to pay any person who supplies rental machinery, tools, or equipment in the prosecution of the work the surety will <br />pay the same in an amount not exceeding the sum specified in the bond, together with interest at the rate of eight per cent per annum. Unless <br />such bond is executed, delivered and filed, no claim in favor of the CONTRACTOR arising under such contract shall be audited, allowed or paid. A <br />certified or cashier's check or a bank money order payable to the Treasurer of the State of Colorado may be accepted in lieu of a bond. This <br />provision is in compliance with CR.S. 38-26-106. <br /> <br />Vouga Reservoir Association <br /> <br />Page 10 of 1 2 <br /> <br />Loan Contract <br />