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13 . Obtain and maintain general fire and hazard insurance <br /> on the project system in an amount not less than the amount <br /> owing to the State for purchase of the project system until the <br /> Contractor has purchased the project system. The State shall <br /> be the sole insured of this policy. The purchase price payable <br /> to the State shall be reduced in the amount of any payments <br /> made to the State under this insurance coverage ; if only a <br /> portion of the purchase price is paid to the State under this <br /> policy, the number of installment payments shall remain <br /> unchanged, however the amount of each payment sha <br /> reduced . <br /> 14 . Comply with Construction Fund Prow ,-.1 Proce girsi <br /> attached hereto as Schedule A. <br /> 15. Comply with the provisions of Section 5 - B9 <br /> of the Colorado General Assembly. <br /> 1981 Session ,L , <br /> L, <br /> 16 . Not sell , convey, assign , grant , transfer , or <br /> otherwise dispose of the project or any portion thereof, so <br /> long as any of the annual installments required by paragraph <br /> A. 12. above remain unpaid, without the prior written <br /> concurrence of the State . <br /> B. Upon default in the payments herein set forth to be made <br /> by the Contractor, or in the performance of any covenant or <br /> agreement contained herein , the State , at its option , may ( a) <br /> declare the entire principal amount then outstanding <br /> immediately due and payable ; ( b) for the account of the <br /> Contractor incur and pay reasonable expenses for repair, <br /> maintenance , and operation of the system herein described and <br /> such expenses as may be necessary to cure the cause of default ; <br /> and/or (c) take possession of the system, repair, maintain, and <br /> operate or lease it . The provisions of this contract may be <br /> enforced by the State at its option without regard to prior • <br /> waivers by it of previous defaults by the Contractor, through <br /> judicial proceedings to require specific performance of this <br /> contract or by such other proceedings in law or equity as may <br /> be deemed necessary by the State to insure compliance with <br /> provisions of this contract and the laws and regulations under <br /> which this contract is made . <br /> C. The State agrees that it shall : <br /> 1 . Make available to the Contractor for the purpose of <br /> this contract not to exceed the sum of One Hundred Twenty-Five <br /> Thousand Dollars ( $125,000 ) . Said One Hundred Twenty-Five <br /> Thousand Dollars ( $ 125 ,000) shall be made available to the <br /> Contractor in accordance with the following terms and <br /> conditions: <br /> a. Beginning with the monthly period commencing <br /> June 1 , 1982, and for every month thereafter until <br /> said project has been completed, the Contractor shall <br /> prepare with the assistance of the consulting <br /> engineer referred to in paragraph A. 1 . above an <br /> estimate of the funds required from the State for <br /> project construction during that month and shall <br /> forward said estimate to the State not less than <br /> fifteen ( 15) days prior to the beginning of such <br /> month . <br /> b. Upon receipt and approval by the State of such <br /> monthly estimate, the State will , within forty ( 40 ) <br /> days from the receipt of such estimate , pay over to <br /> the Contractor the amount of the monthly estimate or <br /> such portion thereof as has been approved by the <br /> State . <br /> Page 4 of 7 Pages <br />