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<br /> <br /> <br />8. Casualty and Eminent Domain. If, at any time, during the term of this contract, (a) the <br />BORROWER'S PROJECT facilities including buildings or any portion thereof, are damaged <br />or destroyed, in whole or in part, by fire or other casualty, or (b) title to or use~ of the <br />PROJECT facilities or any part thereof shall be taken under the exercise of the power of <br />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 <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 or this loan has been repaid, <br />shall be retained by the BORROWER. If the net insurance proceeds are insufficient to <br />pay the full cost of the replacement, repair and restoration, the BORROWER shall <br />complete the work and pay any cost in excess of the net proceeds. In the event <br />BORROWER chooses to repay the loan, BORROWER shall remain responsible for the full <br />loan amount outstanding regardless of the amount of such insurance proceeds or <br />condemnation award. <br /> <br />9. Captions. The captions and headings contained in this contract are for convenience <br />and reference only and shall not be construed so as to define or limit the terms or <br />provisions contracted herein. <br /> <br />10. CWCS's Approval. This contract requires review and approval of plans, specifications, <br />and various other technical and legal documents. The CWCB's review of these <br />documents is only for the purpose of verifying BORROWER'S compliance with this <br />contract and shall not be construed or interpreted as a technical review or approval of <br />the actual design or construction of the PROJECT. Notwithstanding any consents or <br />approvals given to the BORROWER by the CWCB on any such documents, BORROWER <br />and any of its consultants, by preparing any such documents, shall be solely <br />responsible for the accuracy and completeness of any of said documents. <br /> <br />11. Waiver. The waiver of any breach of a term of this contract shall not be constlrUed as a <br />waiver of any other term or of any subsequent breach of the same term. <br /> <br />12. Supplemental Public Securities Act. <br /> <br />a. Section 11-57-204 of the Supplemental Public Securities Act, being Artiicle 57 of <br />Title 11, Colorado Revised Statutes (the "supplemental Act") providE~s that a <br />public entity, including the BORROWER, may elect in an act of issuance to apply all <br />or any of the provisions of the Supplemental Act. The BORROWER'S board hereby <br />elects to apply all of the Supplemental Act to the Promissory Note. <br /> <br />b. Pursuant to Section 11-57-210 of the supplemental Act, the Promissory Note shall <br />contain a recital that it is issued pursuant to certain provisions of the supplemental <br />Act. Such recital shall be conclusive evidence of the validity and the regularity of <br />the issuance of the Promissory Note after its delivery for value. <br /> <br />c. Pursuant to Section 11-57-212 of the Supplemental Act, no legal or equitable <br />action brought with respect to any legislative acts or proceedin~~s of the <br />BORROWER in connection with the authorization or issuance of the Promissory <br />Note, including but not limited to the adoption of this Loan Agreement, shall be <br />commenced more than thirty days after the authorization of the Promissory Note. <br /> <br />Page 8 of 11 <br />