CT2016-2452 Contract

• Contract/PO #: CT2016-2452
• Contractor Name: St. Vrain and Left Hand Water Conservvancy District
• Contract Type: Loan
• Water District: 5
• County: Boulder
• Loan Projects - Doc Type: Contract Documents

c. Subject to Paragraph A.9. Pledged Property during Loan Repayment, (Page 5
of 13), the BORROWER warrants that the PLEDGED REVENUES and PLEDGED
PROPERTY for this loan are not encumbered by any other deeds of trust or
liens of any party other than the CWCB except for any existing lien(s) identified
in Section 5 (Schedule of Existing Debt) of the PROJECT SUMMARY, which sets
forth the position of the lien created by this CONTRACT in relation to any existing
lien(s). Documentation establishing the relative priorities of said liens, if
necessary, is attached to the PROJECT SUMMARY and incorporated herein.
13.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. declare the entire principal amount, accrued interest, and late charges, if any,
then outstanding immediately due and payable;
c. exercise its rights under any appendices to this CONTRACT, including, but not
limited to, the PROMISSORY NOTE and SECURITY AGREEMENT; and/or
d. 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.
14.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.
15.Borrower's Liability Insurance. Because the BORROWER is a "public entity" within
the meaning of the Colorado Governmental Immunity Act, CRS 24-10-101, et sea., as
amended ("Act"), the BORROWER shall at all time maintain such liability insurance, by
commercial policy or self-insurance as is necessary to meet its liabilities under the Act.
16.Additional Contract Requirements. Any additional CONTRACT requirements are set
forth in Additional Contract Requirement(Section 7) of the PROJECT SUMMARY.
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