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411 <br /> the signing of this contract. Notices of renewals of said <br /> policies shall also be filed with the State as they occur. The <br /> outstanding loan amount payable to the State shall be reduced <br /> in the amount of any payments made to the State under this <br /> insurance coverage. If only a portion of the outstanding loan <br /> amount is paid to the State under this policy, the number of <br /> installment payments shall remain unchanged; however, the <br /> amount of each payment shall be reduced. <br /> 16 . Comply with the Construction Fund Program Procedures <br /> attached hereto as Exhibit E and incorporated by reference <br /> herein. <br /> 17. Comply with the provisions of section 37-60-120. <br /> C.R.S. , and any other applicable statutes, procedures, <br /> requirements, rules, or regulations which the State has. <br /> 18 . 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 <br /> required by paragraph A. 13 . above remain unpaid, without the <br /> prior written concurrence of the State. <br /> B. Upon default in the payments herein set forth to be made by <br /> the Contractor, or default in the performance of any covenant <br /> or agreement contained herein, the State, at its option, may: <br /> (a) declare the entire principal amount then outstanding <br /> immediately due and payable; (b) for the account of <br /> the Contractor, incur and pay reasonable expenses for repair, <br /> maintenance, and operation 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 <br /> operate or lease it; (d) act upon the security (described in <br /> paragraph A. 14 . above) conveyed to the State; (e) take action <br /> to enforce paragraphs A. 11. and 13 . above; and/or (f) take any <br /> other appropriate legal action. All remedies described herein <br /> may be simultaneously or selectively and successively <br /> enforced. The provisions of this contract may be enforced by <br /> the State at its option without regard to prior waivers by it <br /> of previous defaults by the Contractor, through judicial <br /> proceedings to require specific performance of this contract, <br /> or by such other proceedings in law or equity as ma be deemed <br /> necessary by the State to ensure compliance with per„ '' s f <br /> this contract and the laws and regulations under w c <br /> contract is entered into. � <br /> C. The State agrees that it shall: , <br /> ,L7 <br /> 1. Loan to the Contractor for the construction of <br /> project an amount not to exceed Sixty-Five Thousand Dollars <br /> ($65,000) . Said Sixty-Five Thousand Dollars ($65,000) shall be <br /> made available to the Contractor in accordance with the <br /> following terms and conditions: <br /> a. Commencing ten (10) days from the date of this <br /> contract and for every month thereafter until said <br /> project has been completed, the Contractor shall <br /> prepare, with the assistance of the Consultant <br /> referred to in paragraph A. 1. above, an estimate of <br /> the funds required for project construction during <br /> that month and shall forward said estimate to the <br /> State not less than fifteen (15) days prior to the <br /> beginning of such month. <br /> b. Upon receipt and approval by the State of such <br /> monthly estimate, the State will, within forty (40) <br /> days from the receipt of such estimate, pay over to <br /> the Contractor the amount of the monthly estimate or <br /> such portion thereof as has been approved by the State. <br /> Page 5 of 10 Pages <br />