PROJ01923 ‎(2)‎

• Contract/PO #: C150126
• Contractor Name: Kremmling, Town of
• Contract Type: Loan
• Water District: 50
• County: Grand
• Loan Projects - Doc Type: Contract Documents

company, corporation, individual, or firm, other than a bona fide employee, any fee,
commission, percentage, gift, or other consideration contingent upon or fiesulting
from the award or the making of this contract.

c. The BORROWER warrants that the Pledged Revenues and collateral for this loan
are not encumbered by any other deeds of trust or liens of any party other than the
CWCB or in any other manner, except for any existing lien(s) identified in Slection 5
(Schedule of Existing Debt) of the Project Summary, which sets forth the position
of the lien created by this contract in relation to any existing lien(s).

12. Remedies For Default. Upon default in the payments to be made by the BORROWEH
under this contract, or default in the performance of any covenant or agreement
contained herein, the CWCB, at its option, may:

a. suspend this contract and withhold further loan disbursements pending corrective
action by the BORROWER, and if the BORROWER does not cure the de:fault as'
provided for below, permanently cease loan disbursements and deem the PROJECT
substantially complete;

b. exercise its rights under any appendices to this contract, including, but not limited to,
the Promissory Note and Security Agreement; and/or

c. take any other appropriate action.

The CWCB shall provide written notice to the BORROWER of any such default and shall
give the BORROWER an opportunity to cure within thirty (30) days of receipt of such
notice. All remedies described herein may be simultaneously or selectively and
successively enforced. The CWCB may enforce the provisions of this contract at its
option without regard to prior waivers of previous defaults by the BORROWER, through
judicial proceedings to require specific performance of this contract, or by sllch othl3r
proceedings in law or equity as may be deemed necessary by the CWCB to ensure
compliance with provisions of this contract and the laws and regulations uncler which
this contract is executed. The CWCB's exercise of any or all of the remedies
described herein shall not relieve the BORROWER of any of its duties and obligations
under this contract.

13. OPERATION OF PROJECT. The BORROWER shall, without expense or legal liability to the
CWCB, . manage, operate and maintain the PROJECT continuously in an effiGient and
economical manner.

14. BORROWER'S Liability Insurance.

a. Because the BORROWER is a "public entity" within the meaning of the Colorado
Governmental Immunity Act, CRS 24-10-101, et seq., as amended ("Act"), the
BORROWER shall at all times maintain such liability insurance, by commercial pollcy
or self-insurance as is necessary to meet its liabilities under the Act.

b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWeB
with an Acord Form 27 or other form satisfactory to the CWCB evidencing said
insurance and shall provide the eWCB with documentation of renewals of said
insurance.

15. Additional Contract Requirements. Any additional contract requirements are set

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