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Colorado Water Conservation Board, payable at the offices of said Board in Denver, <br />Colorado. <br />14. As security for the loan to be made to it by the State, execute a deed of trust <br />within thirty (30) days of the substantial completion of the project that shall convey to the <br />State an undivided one hundred percent (100 %) of the following: <br />The Pole Mountain dam and reservoir and the land on which <br />they lie plus all of the decreed water storage rights for the <br />reservoir. <br />15. Obtain and maintain general fire and hazard insurance on the project in an amount <br />not less than the outstanding amount of the loan made by the State to the Contractor until <br />the Contractor has repaid the loan in full under the terms of paragraph A.13. above. The <br />State shall be the sole insured of this policy. The Contractor shall submit certificates of <br />insurance evidencing such insurance policies to the State at the signing of this contract. <br />Notices of renewals of said policies shall also be filed with the State as they occur. The <br />outstanding loan amount payable to the State shall be reduced in the amount of any <br />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 <br />D and incorporated by reference herein. <br />hereto as Exhibit <br />17. Comply with the provisions of section 37 -601 <br />other applicable statutes, procedures, requirements, <br />has. <br />Statutes, and any <br />which the State <br />18. Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise <br />dispose of the project or any portion thereof, so long as any of the annual installments <br />required by paragraph A.13. above remain unpaid, without the prior written concurrence <br />of the State. <br />B. Upon default in the payments herein set forth to be made by the Contractor, or default <br />in the performance of any covenant or agreement contained herein, the State, at its option, <br />may: (a) declare the entire principal amount then outstanding immediately due and <br />payable; (b) for the account of the Contractor, incur and pay reasonable expenses for <br />repair, maintenance, and operation of the project herein described and such expenses as <br />may be necessary to cure the cause of default; (c) take possession of the project, repair, <br />maintain, and operate or lease it; (d) act upon the security (described in paragraph A.A. <br />above) conveyed to the State; (e) take action to enforce paragraphs A.11. and 13. above; <br />and /or (f) take any other appropriate legal action. All remedies described herein may be <br />simultaneously or selectively and successively enforced. The provisions of this contract may <br />Page 5 of 11 Pages <br />