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12. Provide the State with such periodic reports as the State may require and <br />permit periodic inspections of its operations and accounts by a designated representative of <br />the State. <br />13. Repay to the State the total sum of Seven Hundred Eighty Thousand Six <br />Hundred Dollars ($780,600), which includes the project loan amount with interest at the rate <br />of five percent (5 01o) per annum, said repayment to be made in constant annual installments <br />of Twenty Six Thousand Twenty Dollars ($26,020) each, for thirty (30), years, as shown in <br />Exhibit C, attached hereto and incorporated by reference herein which firstinstallment :shall <br />be due and payable on the first day . of the month next succeeding :the month in which the <br />State determines that the project has been substantially completed, and yearly thereafter <br />until the entire principal sum shall have been paid. Said installment payments shall be <br />made payable to the Colorado Water Conservation Board, payable at the offices of said <br />Board in Denver, Colorado. <br />14. As security for the loan to be made to it by the State, execute a deed of trust <br />for the benefit of the State, covering the following: <br />The Ute Water Conservancy District's Colorado River pump station <br />facilities which provide a back -up water supply to its primary water <br />treatment plant. <br />Contractor shall record the deed in the proper county or counties and pay for all recording <br />fees. A copy of the executed deed is attacjip&as Exhibit E <br />15. Obtain and maintain , 'anti 1(azgd insurance on the project in an <br />amount not less than the outstai .n ` imojpd of mss, loan made by the State to the <br />Contractor until the Contractor has' rep *� loan n— full under the terms of paragraph <br />A.13. above. The State shall be an.,aitioluch #sured of this policy. The Contractor shall <br />submit certificates of insurance evi . insurance policies to the State at the signing <br />of this contract.. Notices of renewal said policies shall also be filed with the State as they <br />occur. The outstanding loan amount payable to the State shall be reduced in the amount <br />of any payments made to the State under this insurance 'coverage. If only a .portion of the <br />outstanding loan amount is paid to the State under this policy, the number of installment <br />payments shall remain unchanged; however, the amount of each payment shall be reduced. <br />16. Comply with the Construction Fund. Program .Procedures attached hereto as <br />Exhibit D and incorporated by reference herein. <br />17. Comply with the provisions of section 37 -60 -120, Colorado Revised Statutes, <br />and any other applicable statutes, procedures, requirements, rules, or regulations which the <br />State has. <br />18. Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or <br />Page 5 of 11 pages <br />