CT2017-2880 Contract

• Contract/PO #: CT2017-2880
• Contractor Name: Town of Firestone
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

b. declare the entire principal amount, accrued interest, and late charges, if any, then
outstanding immediately due and payable;
c. exercise its rights under any appendices to this CONTRACT, including, but not limited to,
the PROMISSORY NOTE, SECURITY AGREEMENT, and/or any instrument securing pledged
revenues and property; and
d. 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.
14. 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.
15. BORROWER's Liability Insurance. Upon execution of this CONTRACT and continuing until
complete repayment of the loan is made to the CWCB, the BORROWER shall maintain
commercial general liability insurance, with a company that is satisfactory to the CWCB,
with minimum limits of s1,000,000 combined single limit for each occurrence and
$2,000,000 general aggregate, including products/completed operations and personal
injury. All liability insurance requirements are subject to the Colorado Government
Immunity Act, 24-10-101, C.R.S., et seq.
16. Additional Contract Requirements. Any additional contract requirements are set forth
in, Section 7 of Appendix 1.
C. PROJECT PROVISIONS
1. Construction Fund Program Procedures. During the completion of the PROJECT, the
BORROWER shall adhere to the CWCB Construction Fund Program Procedures, set forth in
Section 8 of Appendix 1.
2. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for loan
disbursements are set forth in Section 9 of Appendix 1.
3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the
Disbursement Schedule, set forth in Section 10 of Appendix 1.
4. Time for Performance. The BORROWER recognizes that time is of the essence in the
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