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C153633A PIF Contract
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C153633A PIF Contract
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Last modified
5/2/2013 12:01:22 PM
Creation date
12/6/2012 1:50:17 PM
Metadata
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Loan Projects
Contract/PO #
C153633A
Contractor Name
Greeley, City of
Contract Type
Loan
Water District
3
County
Larimer
Bill Number
HB 91-1006
Loan Projects - Doc Type
Contract Documents
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y <br />B.10. including B.10.a. above. The State shall be the sole <br />insured of this policy. The outstanding loan amount payable to <br />the State shall be reduced in the amount of any payments made to <br />the State under this insurance coverage. If only a portion of the <br />outstanding loan amount is paid to the State under this policy, <br />the number of installment payments shall remain unchanged; <br />however, the amount of each payment shall be reduced to accurately <br />reflect the reduction in outstanding loan principal. A copy of <br />the ordinance creating the Borrower's self- insurance program and a <br />letter of credit creating a reserve for the program are attached <br />as Exhibit C. <br />13. Comply with the Construction Fund Program Procedures <br />attached hereto as Exhibit F and incorporated by reference herein. <br />14. Comply with the provisions of Section 37 -60 -120, Colorado <br />Revised Statutes, and any other applicable State and Federal <br />statutes, procedures, requirements, rules, or regulations. <br />15. Not sell, convey, assign, grant, transfer, mortgage, <br />pledge, encumber, or otherwise dispose of the project or any <br />portion thereof so long as any of the annual installments required <br />by paragraph B.10. above remain unpaid, or until the outstanding <br />principal of the project loan is repaid in accordance with <br />paragraph B.10.a., without the prior written concurrence of the <br />State. AM <br />C. Upon default i e W ein set forth to be made by <br />the Borrower, or de ormance of any covenant or <br />contract contained q$�ri <br />ei ate, at its option, may (a) <br />declare the entire pr' c mount, principal and interest, then <br />outstanding immedi, d and payable; (b) for the account of <br />the Borrower, incur'< pay reasonable expenses for repair, <br />maintenance, and ope ation of the project herein described and <br />such expenses as may be necessary to cure the cause of default; <br />(c) take possession of the project, repair, maintain, and operate <br />or lease it; (d) take action on the security (described in <br />paragraph B.5. above) pursuant to the deed of trust) and /or (e) <br />take any other appropriate legal action including, but not limited <br />to, action enforcing specific performance of this contract. All <br />remedies described herein may be simultaneously or selectively and <br />successively enforced. The provisions of this contract may be <br />enforced by the State at its discretion. No delay or failure of <br />the State in exercising any right, power, or privilege under this <br />agreement shall operate as a waiver thereof. <br />D. The State agrees that it shall: <br />1. Loan to the Borrower for the purpose of this contract an <br />amount not to exceed Two Hundred Thirty Thousand Dollars <br />($230,000). Said Two Hundred Thirty Thousand Dollars ($230,000) <br />Page 6 of 10 Pages <br />
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