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<br />'--, <br /> <br />_'/' <br /> <br />actions consistent therewith to levy assessments to raise <br />sufficient funds to pay this contract loan debt in a timely <br />manner and as required by the terms and conditions herein to <br />assure repayment of the project loan to the state. In the event <br />that the assessment(s) levied by the Contractor, or the revenues <br />resulting therefrom, are or become insufficient to assure <br />repayment of the state as required by the terms and conditions <br />herein, then the contractor, upon written notice thereof from <br />the state, shall immediately take all necessary action <br />consistent with its By-Laws and Section 7-42-104, CRS (1986), <br />including but not limited to additional assessments, to raise <br />sufficient revenue to assure repayment of the project loan to <br />the State. " <br /> <br />12. Provide the state with such periodic reports as the <br />State may require and permit periodic inspections of its <br />operations and accounts by a designated representative of the <br />state. <br /> <br />13. Repay to the state the total sum of Seven Hundred Sixty- <br />One Thousand, Dollars ($761,000), Wh~~' udes the project loan <br />amount and the Nine-Thousand-Dollar~ 0 easibility report <br />amount, together with interest at the Five percent (5%) <br />per annum, said repayment to bR~' constant annual <br />installments of Fifty-Three Th ' d. d Ninety-Four <br />Dollars ahdEighty~Two Cents ($53, 9 ~J6~irfor Twenty-five <br />(25) years, as shown in Exhibit E, attache~to and <br />incorporated by reference herein, which first installment shall <br />be due and payable on the first day of the month next succeeding <br />the month in which the state determines that the project has <br />been substantially completed, and yearly thereafter until the <br />entire principal sum and interest shall have been paid. Said <br />installment payments shall be made payable to the Colorado Water <br />Conservation Board, payable at the offices of said Board in <br />Denver, Colorado. <br /> <br />14. As security for the loan to be made to it by the State, <br />(J,/ execute *a ~larraRty aeed uithia thirty p g) aars af taa <br />~O?~ GubataRtialcamplctioR af the prajeet that shall eaR?ey te the <br />It"I--J state: aR 1:lRdividea fifty pe:reeRt (50\) af the falla,oiR~1 <br />V'v *a first deed of trust secu~ing: <br /> <br />The Douglas Dam structure and all <br />appurtenant structures thereto. <br /> <br />15. Obtain and maintain general fire and hazard insurance on <br />the project in an amount not less than the outstanding amount of <br />the loan made by the state to the Contractor until the <br />Contractor has repaid the loan in full under the terms of <br />paragraph B.13. above. The State shall be the sole insured of <br />this pOlicy. The Contractor shall submit certificates of <br />insurance evidencing such insurance policies to the State at the <br />signing of this contract. Notices of renewals of said policies <br />shall also be filed with the state as they occur. The <br />outstanding loan amount payable to the state shall be reduced in <br />the amount of any payments made to the State under this <br />insurance coverage. If only a portion of the outstanding loan <br />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 />16. Comply with the Construction Fund Program Procedures <br />attached hereto as Exhibit F and incorporated by reference <br />herein. ' . <br /> <br />17. Comply with the provisions of section 37-60-120, <br />Colorado Revised statutes, and any other applicable statutes, <br />procedures, requirements, rules, or regulations which the state <br />has. <br /> <br />Page ~ of 11 Pages <br />