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CT2017-914 Contract
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CT2017-914 Contract
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Last modified
8/4/2016 8:00:46 AM
Creation date
8/4/2016 8:00:21 AM
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Loan Projects
Contract/PO #
CT2017-914
Contractor Name
Dixon Canon Ditch and Reservoir Company
Contract Type
Loan
County
Larimer
Loan Projects - Doc Type
Contract Documents
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15. Remedies for Default. Upon default in the payments to be made by the BORROWER under <br /> this CONTRACT, or default in the performance of any covenant or agreement contained herein, <br /> the CWCB, at its option, may: <br /> a. suspend this CONTRACT and withhold further loan disbursements pending corrective <br /> action by the BORROWER, and if the BORROWER does not cure the default as provided for <br /> below, permanently cease loan disbursements and deem the PROJECT substantially <br /> complete; <br /> b. declare the entire principal amount, accrued interest, and late charges, if any, then <br /> outstanding immediately due and payable; <br /> c. exercise its rights under any appendices to this CONTRACT, including, but not limited to, <br /> the PROMISSORY NOTE, SECURITY AGREEMENT, and/or any instrument securing pledged <br /> revenues and property; and <br /> d. take any other appropriate action. <br /> The CWCB shall provide written notice to the BORROWER of any such default and shall give <br /> the BORROWER an opportunity to cure within thirty (3o) days of receipt of such notice. All <br /> remedies described herein may be simultaneously or selectively and successively enforced. <br /> The CWCB may enforce the provisions of this CONTRACT'at its option without regard to prior <br /> waivers of previous defaults by the BORROWER, through judicial proceedings to require <br /> specific performance of this CONTRACT, or by such other proceedings in law or equity as may <br /> be deemed necessary by the CWCB to ensure compliance with provisions of this CONTRACT <br /> and the laws and regulations under which this CONTRACT is executed. The CWCB's exercise <br /> of any or all of the remedies described herein shall not relieve the BORROWER of any of its <br /> duties and obligations under this CONTRACT. <br /> 16. Operation of PROJECT. The BORROWER shall, without expense or legal liability to the <br /> CWCB, manage, operate, and maintain the PROJECT continuously in an efficient and <br /> economical manner. <br /> 17. BORROWER'S Liability Insurance. <br /> a. Upon execution of this CONTRACT and continuing until complete repayment of the loan is <br /> made to the CWCB, the BORROWER shall maintain commercial general liability insurance, <br /> with a company that is satisfactory to the CWCB, with minimum limits of $1,000,000 <br /> combined single limit for each occurrence and $2,000,000 general aggregate, including <br /> products/completed operations and personal injury. <br /> b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB with <br /> an Acord Form 25 evidencing said insurance and shall provide the CWCB with <br /> documentation of renewals of said insurance. <br /> 18. Additional Contract Requirements. Any additional contract requirements are set forth <br /> in Additional Conditions & Contract Requirements, Section 7 of the PROJECT SUMMARY. <br /> Page 7 of 14 <br />
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