CT2016-2005 Contract

• Contract/PO #: CT2016-2005
• Contractor Name: Lower Poudre Augmentation Company
• Contract Type: Loan
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

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, SECURITY AGREEMENT, and/or any instrument
securing collateral; and
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.
15. 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.
16. BORROWER'S Liability Insurance.
a. Upon execution of this CONTRACT and continuing until complete repayment of the
loan is made to the CWCB, the BORROWER shall maintain commercial general
liability insurance, with a company that is satisfactory to the CWCB, with minimum
limits of $1,000,000 combined single limit for each occurrence and $2,000,000
general aggregate, including products/completed operations and personal injury.
b. Prior to the disbursement of any loan funds, the BORROWER shall provide the
CWCB with an Acord Form 25 evidencing said insurance and shall provide the
CWCB with documentation of renewals of said insurance.
17.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.
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