C153656 Paid in Full Contract

• Contract/PO #: C153656
• Contractor Name: Loloff Lateral Ditch Company
• Contract Type: Loan
• County: Weld
• Loan Projects - Doc Type: Contract Documents

project has been substantially completed, and yearly thereafter until the entire principal sum
shall have been paid. Said installment payments shall be made payable to the Colorado
Water Conservation Board, payable at the offices of said Board in Denver, Colorado.
14. As security for the loan to be made to it by the State,
got a Deed of Trust
within thirty (30) days of the substantial completion of the projec i al vey to the
State an undivided one hundred percent (100%) of the followin
, i
The Loloff lateral pipeline and all appurtenant stru a re
15. Obtain and maintain general fire and hazard insurance on pr' e ' ount
not less than the outstanding amount of the loan made by the State to the Co ntil
the Contractor has repaid the loan in full under the terms of paragraph A.13. above. The
State shall be the sole insured of this policy. The Contractor shall submit certificates of
insurance evidencing such insurance policies to the State at the signing of this contract.
Notices of renewals of said policies shall also be filed with the State as they occur. The
outstanding loan amount payable to the State shall be reduced in the amount of any
payments made to the State under this insurance coverage. If only a portion of the
outstanding loan amount is paid to the State under this policy, the number of installment
payments shall remain unchanged; however, the amount of each payment shall be reduced.
16. Comply with the Construction Fund Program Procedures attached hereto as Exhibit
D and incorporated by reference herein.
17. Comply with the provisions of section 37-60-120, Colorado Revised Statutes, and
any other applicable statutes,procedures,requirements,rules,or regulations which the State
has.
18. Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise
dispose of the project or any portion thereof, so long as any of the annual installments
required by paragraph A.13. above remain unpaid,without the prior written concurrence of
the State.
B. Upon default in the payments herein set forth to be made by the Contractor, or default
in the performance of any covenant or agreement contained herein, the State, at its option,
may: (a) declare the entire principal amount then outstanding immediately due and
payable; (b)for the account of the Contractor,incur and pay reasonable expenses for repair,
maintenance, and operation of the project herein described and such expenses as may be
necessary to cure the cause of default; (c) take possession of the project, repair, maintain,
and operate or lease it; (d) act upon the security (described in paragraph A.14. above)
conveyed to the State; (e) take action to enforce paragraphs A.11. and 13. above; and/or
(f) take any other appropriate legal action. All remedies described herein may be
simultaneously or selectively and successively enforced. The provisions of this contract may
be enforced by the State at its option without regard to prior waivers by it of previous
defaults by the Contractor, 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
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