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<br />waiver of any other term, or of any subsequent breach of the same term. <br /> <br />7. Eligible Expenses. PROJECT costs eligible for financing by the STATE shall be limited to <br />50% of the cost of: <br /> <br />a. Preparing final designs and specifications for the PROJECT. <br /> <br />b. Preparing bid and construction contract documents. <br /> <br />c. Preparing environmental assessment or environmental impact statements, and <br />otherwise complying with the Federal National Environmental Policy Act. <br /> <br />d. Complying with all federal, state, and local regulatory requirements, including the <br />obtaining of all required permits. <br /> <br />e. Fish and wildlife mitigation measures required by federal, state, or local laws and <br />regulations. <br /> <br />f. Actual construction as called for in the design documents and in change orders <br />approved by the STATE, the CITY or the BORROWER, the CONSULTANT and the <br />CONSTRUCTION FIRM. <br /> <br />g. Engineering services for construction management, including design and construction <br />management for STATE";approved change...om . <br /> <br />h. Legal services for reviewing enginea~M contracts, reviewing this contract, <br />reviewing construction contract d, OC. ~~nts, ~~. .. ~l?lying with all federal, state, <br />and local regulatory requirements. . V \J I-J).J <br /> <br />8. STATE May Release Contract. In itJ) iscretion, the STATE may at any time give any <br />consent, deferment, subordination, release, satisfaction, or termination of any or all of the <br />CITY'S and/or the BORROWER'S obligations under this contract, with valuable <br />consideration, upon such terms and conditions as the STATE may determine to be <br />advisable to further the purposes of this contract or to protect the STATE'S financial <br />interest therein, and consistent with both the statutory purposes of this contract and the <br />limitations of the statutory authority under which it is made. <br /> <br />9. Casualty And Eminent Domain. If, at any time, during the term of this contract, (a) the <br />PROJECT facilities including buildings or any portion thereof, are damaged or destroyed, <br />in whole or in part, by fire or other casualty, or (b) title to or use of the PROJECT facilities <br />or any part thereof shall be taken under the exercise of the power of eminent domain, the <br />CITY or 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 <br />the PROJECT facilities or any portion thereof, or to repayment of this loan. Any net <br />. proceeds remaining after such work has been completed shall be retained by the CITY or <br />the BORROWER. If the net insurance proceeds are insufficient to pay the full cost of the <br />replacement, repair and restoration, the CITY or the BORROWER shall complete the work <br />and pay any cost in excess of the net proceeds. In the event BORROWER opts to repay <br />the loan, BORROWER shall remain responsible for the full loan amount outstanding <br /> <br />City of Loveland and City of Loveland, <br />Colorado, Water Enterprise <br /> <br />Page 11 of 15 <br />