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13. Obtain and maintain general fire and hazard insurance <br /> on the project system in an amount not less than the amount <br /> owing to the State for purchase of the project system until the <br /> Contractor has purchased the project system. The State shall <br /> be the sole insured of this policy. The purchase price payable <br /> to the State shall be reduced in the amount of any payments <br /> made to the State under this insurance coverage; if only a <br /> portion of the purchase price is paid to the State under this <br /> policy, the number of installment payments shall remain <br /> unchanged, however the amount of each payment shall be <br /> reduced . <br /> 14. Comply with Construction Fund Program Procedures <br /> attached hereto as Schedule A. <br /> 15. Comply with the provisions of Section 5 of S.B. 439 , <br /> 1981 Session of the Colorado General Assembly. <br /> 16. Not sell , convey, assign, grant , transfer , or <br /> otherwise dispose of the project or any portion thereof, so <br /> long as any of the annual installments required by paragraph <br /> A. 12. above remain unpaid, without the prior written <br /> concurrence of the State. <br /> B. Upon default in the payments herein set forth to be made <br /> by the Contractor, or in the performance of any covenant or <br /> agreement contained herein, the State , at its option, may (a) <br /> declare the entire principal amount then outstanding <br /> immediately due and payable ; (b) for the account of the <br /> Contractor incur and pay reasonable expenses for repair, <br /> maintenance , and operation of the system herein described and <br /> such expenses as may be necessary to cure the cause of .default; <br /> and/or (c) take possession of the system, repair, maintain, and <br /> operate or lease it. The provisions of this contract may be <br /> enforced by the State at its option without regard to prior <br /> waivers by it of previous defaults by the Contractor, through <br /> judicial proceedings to require specific performance of this <br /> contract or by such other proceedings in law or equity as may <br /> be deemed necessary by the State to insure compliance with <br /> provisions of this contract and the laws and regulations under <br /> which this contract is made . <br /> C. The State agrees that it shall : <br /> 1 . Make available to the Contractor for the purpose of <br /> this contract not to exceed the sum of One Hundred Twenty-Five <br /> Thousand Dollars ( $125,000) . Said One Hundred Twenty-Five <br /> Thousand Dollars ( $125,000) shall be made available to the <br /> Contractor in accordance with the following terms and <br /> conditions: <br /> a. Beginning with the monthly period commencing <br /> June 1 , 1982, and for every month thereafter until <br /> said project has been completed, the Contractor shall <br /> prepare with the assistance of the consulting <br /> engineer referred to in paragraph A. 1 . above an <br /> estimate of the funds required from the State for <br /> project construction during that month and shall <br /> forward said estimate to the State not less than <br /> fifteen ( 15) days prior to the beginning of such <br /> 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 <br /> State. <br /> Page 4 of 7 Pages <br />