CT2018-1999 Contract

• Contract/PO #: CT2018-1999
• Contractor Name: Centenial Irrigating Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

21. REMEDIES
A. State's Remedies
i. Loan Default Remedies
Upon default in the payments to be made by the Borrower under this Contract, or
default in the performance of any covenant or agreement contained herein, the
CWCB, at its option, may do any of the following:
a. Suspend this Contract and withhold further loan disbursements pending
corrective 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. 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.
d. Take any other action deemed appropriate by the CWCB.
The CWCB shall provide written notice to the Borrower of any such default and shall
give the Borrower an opportunity to cure within sixty (60) 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.
B. Borrower's Remedies
If the State is in breach of any provision of this Contract and does not cure such breach,
Borrower, following the notice and cure period in §24.B. and the dispute resolution process
in §20 shall have all remedies available at law and equity.
22. INSURANCE.
Upon execution of this Contract and continuing until complete repayment of the loan is made to
the CWCB, the Borrower shall obtain and maintain:
A. General Liability
Commercial general liability insurance covering premises operations, fire damage,
independent contractors, products and completed operations, blanket contractual liability,
personal injury, and advertising liability with minimum limits as follows:
i. $1,000,000 each occurrence;
ii. $1,000,000 general aggregate;
iii. $1,000,000 products and completed operations aggregate; and
Page 10 of 19
Contract Number:CT2018-1999