C153588 PIF Contract

• Contract/PO #: C153588
• Contractor Name: Greeley, City of
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: SB 89-85
• Loan Projects - Doc Type: Contract Documents

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13. Obtain and maintain general fire and hazard insurance
on the project in an amount not less than the outstanding
amount of the loan made by the State to the Contractor until
the Contractor has repaid the loan in full under the terms of
paragraph B.11. above. The State shall be the sole insured of
this policy. The Contractor shall submit certificates of
insurance evidencing such insurance policies to the State at
the signing of this contract. Notices of renewals of said
policies shall also be filed with the State as they occur. The
outstanding loan amount payable to the State shall be reduced
in the amount of any payments made to the State under this
insurance coverage. If only a portion of the outstanding loan
amount is paid to the State under this policy, the number of
installment payments shall remain unchanged; however, the
amount of each payment shall be reduced.
14. Comply with the Construction Fund Program Procedures
attached hereto as Exhibit D and incorporated by reference
herein.
15. Comply with the provisions of section 37 -60 -120,
Colorado Revised Statutes, and any other applicable statutes,
procedures, requirements, rules, or regulations which the State
has.
16. Not sell, convey, assign, gra an
pledge, encumber, or otherwise dispo t
portion thereof, so long as any of n
required by paragraph B.11. above
prior written concurrence of the
mortgage,
ect or any
allments
Without the
C. Upon default in the payments here' of forth to be made by
the Contractor, or default in the pe nce of any covenant
or agreement contained herein, the qt at its option, may:
(a) declare the entire principal amoun then outstanding
immediately due and payable; (b) for the account of
the Contractor, which the Contractor agrees to repay, incur and
pay reasonable expenses for repair, maintenance, and operation
of the project herein described and such expenses as may be
necessary to cure the cause of default; (c) take possession of
the project, repair, maintain, and operate or lease it; (d) act
upon the security (described in paragraph B.12. above) conveyed
to the State; (e) take action to enforce paragraph B.11. above;
and /or (f) take any other appropriate legal action. All
remedies described herein may be simultaneously or selectively
and successively enforced. The provisions of this contract may
be enforced by the State at its option without regard to prior
waivers by it of previous defaults by the Contractor, through
judicial proceedings to require specific performance of this
contract, or by such other proceedings in law or equity as may
be deemed necessary by the State to ensure compliance with
provisions of this contract and the laws and regulations under
which this contract is entered into.
D. The State agrees that it shall:
1. Loan to the Contractor for the construction of the
project an amount not to exceed One Hundred Ninety -Two Thousand
Three Hundred Seventeen Dollars ($192,317). Said One Thousand
Ninety -Two Thousand Three Hundred Seventeen Dollars ($192,317)
shall be made available to the Contractor in accordance with
the following terms and conditions:
a. Commencing ten (10) days from the date of this
contract and for every month thereafter until said
project has been completed, the Contractor shall
prepare, with the assistance of the Consultant
referred to in paragraph B.l, above, an estimate of
the funds required for project construction during
that month and shall forward said estimate to the
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