CT2015-152 Contract

• Contract/PO #: CT2015-152
• Contract/PO #: CMS 77047
• Contractor Name: Cortez, City of
• Contract Type: Loan
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

12.Remedies for Default. Upon default in the payments to be made by the
BORROWER under this CONTRACT, or default in the performance of any covenant or
agreement contained herein, the CWCB, at its option, may:
a. suspend this CONTRACT and withhold further loan disbursements pending
corrective action by the BORROWER, and if the BORROWER does not cure the default
as provided for below, permanently cease loan disbursements and deem the
PROJECT substantially complete;
b. exercise its rights under any appendices to this CONTRACT, including, but not
limited to, the PROMISSORY NOTE and SECURITY AGREEMENT; and/or
c. take any other appropriate action.
The CWCB shall provide written notice to the BORROWER of any such default and
shall give the BORROWER an opportunity to cure within thirty (30) days of receipt of
such notice. All remedies described herein may be simultaneously or selectively and
successively enforced. The CWCB may enforce the provisions of this CONTRACT at
its option without regard to prior waivers of previous defaults by the BORROWER,
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 CWCB
to ensure compliance with provisions of this CONTRACT and the laws and regulations
under which this CONTRACT is executed. The CWCB's exercise of any or all of the
remedies described herein shall not relieve the BORROWER of any of its duties and
obligations under this CONTRACT.
13.Operation of Project. The BORROWER shall, without expense or legal liability to
the CWCB, manage, operate and maintain the PROJECT continuously in an efficient
and economical manner.
14.Borrower's Liability Insurance.
a. Because the BORROWER is a "public entity" within the meaning of the Colorado
Governmental Immunity Act, CRS 24-10-101, et seq., as amended ("Act"), the
BORROWER shall at all times maintain such liability insurance, by commercial policy
or self-insurance as is necessary to meet its liabilities under the Act.
15.Additional Contract Requirements. Any additional CONTRACT requirements are
set forth in Additional Conditions & Contract Requirements (Section 7) of the
PROJECT SUMMARY.
B. PROJECT PROVISIONS
1. Construction Fund Program Procedures. During the completion of the PROJECT,
the BORROWER shall adhere to the CWCB Construction Fund Program Procedures
(Section 8) of the PROJECT SUMMARY.
2. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for
loan disbursements are listed in Eligible Expenses (Section 9) of the PROJECT
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