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, execute a Deed of Trust
within thirty (30) days of the substantial completion of the projectat s convey`o e
State an undivided one hundred percent (100%) of the following:
The ,oloff lateral pipeline and all appurtenant strucires
15. ibbtain and maintain general fire and hazard ins • s the projec amount
1 . `o .,- •ntractor until
not less �N#an the outstanding amount of the loan made=,- 4:-';� �t
the Con actor has repaid the loan in full under the to .,s s abs; -. The
State sh. 1 be the sole insured of this policy. The Contractor sh. ) se rr c. ; .
i uranc evidencing such insurance policies to the State at the is . sf this :'"s tract.
oti - s a l a so se es with the State as they occur. e
outstand ng loan amount payable to the State shall be reduced in the amount of any
paymen . made to the State under this insurance coverage. If only a portion of the
outstan I g loan amount is paid to the State under this policy, the number of installment
paymen shall remain unchanged; however, the amount of each payment shall be redpced.
16. omply with the Construction Fund Program Procedures attached hereto as Exhibit
D and i corporated by reference herein.
17. omply with the provisions of section 37-60-120, Colorado Revised Statutes, and
any othe applicable statutes,procedures,requirements,rules,or regulations which the State
has.
18. of sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise
dispose .f the project or any portion thereof, so long as any of the annual installments
require s' by paragraph A.13. above remain unpaid,without the prior written concurrence of
the Stat .
B. Upo default in the payments herein set forth to be made by the Contractor, or default
in the p;rformance of any covenant or agreement contained herein, the State, at its option,
may: (.) declare the entire principal amount then outstanding immediately due and
payable l (b) for the account of the Contractor,incur and pay reasonable expenses for repair,
mainte nce, and operation of the project herein described and such expenses as may be
necessto cure the cause of default; (c) take possession of the project, repair, maintain,
and op:rate or lease it; (d) act upon the security (described in paragraph A.14. above)
conveye• to the State; (e) take action to enforce paragraphs A.11. and 13. above; and/or
(f) talc: any other appropriate legal action. All remedies described herein may be
simulta eously or selectively and successively enforced. The provisions of this contract may
be enfo ced 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 con ract, or by such other proceedings in law or equity as may be deemed necessary by
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