C153542 Paid in Full Documents

• Contract/PO #: C153542
• Contractor Name: County of Montrose
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

completed , and yearly thereafter untilthe cent. i re principal sum
shall have been paid . However, in the event the Contractor
does not draw funds commencing on the date specified in
paragraph D. l .a . below, the obligation to repay shall be
postponed for the same number of months as the Contractor
delays in drawing funds . Said installment payments shall be
made payable to the Colorado Water Conservation Board , payable
at the offices of said Board in Denver , Colorado .
16 . As security for the loan to be made to it by the
State, execute a warranty deed prior to the first advance of
funds from the State as provided in paragraph D. l . a . below
which shall convey to the State the following:
An undivided fifty percent (50%) of the Onion Valley
Dam (Gould Reservoir) , including the walkway, inlet
and outlet works with all appurtenances, turnout
structures and underlying land .
17 . Obtain and maintain general fire and hazard insurance
on the project in an amount not less than the outstanding
amount of the loan made by the State to the Contractor until
the Contractor has repaid the loan in full under the terms of
paragraph B. 15 . above . The State shall be the sole insured of
this policy. The outstanding loan amount payable to the State
shall be reduced in the amount of any payments made to the
State under this insurance coverage. If only a portion of the
outstanding loan amount is paid Lo the State under this policy,
the number of installment payments shall remain unchanged;
however , the amount of each payment shall be reduced.
1.8 . Comply with the Construction Fund Program Procedures
attached hereto as Exhibit D and incorporated by reference
herein.
19 . Comply with the provisions of section 37- 60-120,
Colorado Revised Statutes , and any other applicable statutes ,
procedures , requirements, rules , or regulations which the State
has .
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20 . Not sell , convey, assign g, a i sfer, mortgage,
pledge, encumber, or otherwise dispose of the project or any
portion thereof , so long as -_ t . e Lt t - tallments
required by paragraph R. 15 . .. - r n-`- i.' without the
prior written concurrence of.. a i-t x ,4 w4 `
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C. Upon default in the payments herein set forth to be made by
the Contractor, or default in the performance of any covenant
or agreement contained herein, the State, at its option, may:
(a) declare the entire principal amount then outstanding
immediately due and payable; (b) for the account of the
Contractor, incur and pay reasonable expenses for repair.
maintenance, and operation of the project herein described and
such expenses as may be necessary to cure the cause of default;
(c) take possession of the project, repair, maintain, and
operate or lease it; (d) act upon the security (described in
paragraph B. 16 . above) conveyed to the State; (e) take action
to enforce paragraphs R. 13 . and 15 . above; and/or (f) Lake any
other appropriate legal action. All remedies described herein
may be simultaneously or selectively and successively
enforced . The provisions of this contract may be enforced by
the State atits option without regard to prior waivers by it
of previous defaults by the Contractor, 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 State to ensure compliance with provisions of
this contract and the laws and regulations under which this
contract is entered into.
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