C150023 DeAuth Contract - Laserfiche WebLink

Home Browse Search

7. STATE May Release Contract. In its sole discretion, the STATE may at any time give any conse t, deferment, subordination, release, satisfaction, or termination of any or all of the BORROWER'S obligations under this contract, with valuable consideration, upon such terms and conditions as the STATE may determine to be advisable to further the purposes of this contr t or to protect the STATE'S financial interest therein, and consistent with both the statut ry purposes of this contract and the limitations of the statutory authority under which it is ma e. 8. Casul ilty And Eminent Domain. If, at any time, during the term of this contract, (a) the BORROWER'S PROJECT facilities including buildings or any portion thereof, are damaged or destrc yed, in whole or in part, by fire or other casualty, or (b) title to or use of the PROJECT faciliti s or any part thereof shall be taken under the exercise of the power of eminent doma n, the BORROWER shall cause the net proceeds of any insurance claim or condE mnation award to be applied to the prompt replacement, repair and restoration of the PROJE CT facilities or any portion thereof,''or to repayment of this loan. Any net proceeds remai iing after such work has been corr'pieted shall be retained by the BORROWER. If the net insurance proceeds are insufficient to pay the full cost of the replacement, repair and restor 3tion, the BORROWER shall complete the work and pay any cost in excess of the net proce 3ds. In the event Borrower opts o repay the loan, Borrower shall remain responsible for the full loan amount outstanding re ar tess of the amount of such insurance proceeds or cond mnation award. 9. Capti ns. The captions and headiams contained in this contract are for convenience and referE rice only and shall not be s r d so as to define or limit the terms or provisions contr cted herein. 10. STAT 's Approval. This contract requires review and approval of plans, specifications, and various other technical and legal documents. The STATE's review of these documents is only r the purpose of verify' BORROWER'S compliance with this contract and shall not be const ed or interpreted as aechnical review or approval of the actual design or const uction of the PROJECT PiaWitatjon. Notwithstanding any consents or approvals given to thE BORROWER by the STATE on any such documents, BORROWER and its CONSULTANT, by prepe ring any such documents, shall be solely responsible for the accuracy and completeness of any of said documents. 11. Waiv Br. The waiver of any breach of a term of this contract shall not be construed as a waiVE r of any other term, or of any subsequent breach of the same term. 12. Add sses for mailing. All notices, correspondence, or other documents required by this contr ct shall be delivered or mailed to the following addresses: For the STATE: For the BORROWER: Colorado Water Conservation Board Attn: Construction Fund Section 1313 Sherman Street, Room 721 Denver, CO 80203 The Ryan Gulch Reservoir Company P.O. Box 299 Loveland, CO 80539 Ryan Gulah Reservoir Company Page 10 of 13 Loan Contract