CT2017-917 Contract

• Contract/PO #: CT2017-917
• Contractor Name: Lamar, City of
• Contract Type: Grant/Loan Combo
• Loan Projects - Doc Type: Contract Documents

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.
b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB
with an Acord Form 25 or other form satisfactory to the CWCB evidencing said
insurance and shall provide the CWCB with documentation of renewals of said
insurance.
15.Additional Contract Requirements. Any additional CONTRACT requirements are
set forth in Additional Contract Requirement (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
SUMMARY.
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