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14. As security for the loan to be made to it by the State, execute a deed of <br /> trust within thirty (30) days of the substantial completion of the project that shall <br /> convey to the State an undivided one hundred percent (100%) of the following: <br /> The New Cache la Poudre Irrigating Company diversion <br /> structure on the Poudre River approximately 2 miles <br /> southeast of Timnath, Colorado. <br /> 15. To the extent reasonably available, obtain and maintain general fire and <br /> hazard insurance on the project in an amount not less than the outstanding amount of <br /> the loan made by the State to the Contractor until the Contractor has repaid the loan <br /> in full under the terms of paragraph B.13. above. The State shall be the sole insured of <br /> this policy. The Contractor shall submit certificates of insurance evidencing such <br /> insurance policies to the State at the signing of this contract. Notices of renewals of <br /> said policies shall also be filed with the State as they occur. The outstanding loan <br /> amount payable to the State shall be reduced in the amount of any payments made to <br /> the State under this insurance coverage. If only a portion of the outstanding loan <br /> amount is paid to the State under this policy, the number of installment payments shall <br /> remain unchanged; however, the amount of each payment shall be reduced. <br /> 16. Comply with the Construction Fund Program Procedures attached hereto <br /> as Exhibit F and incorporated by reference herein. <br /> 17. Comply with the provisions of Section 37-60-120, C.R.S. (as amended), <br /> and any other applicable statutes, procedures, requirements, rules, or regulations which <br /> the State has. <br /> 18. Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or <br /> otherwise dispose of the project or any portion thereof, so long as any of the annual <br /> installments required by paragraph B.13. above remain unpaid, without the prior <br /> written concurrence of the State. <br /> C. Upon default in the payments herein set forth to be made by the Contractor, or <br /> default in the performance of any covenant or agreement contained herein, the State, <br /> at its option, may: (a) declare the entire principal amount then outstanding <br /> immediately due and payable; (b) for the account of the Contractor, incur and pay <br /> reasonable expenses for repair, maintenance, and operation of the project herein <br /> described and such expenses as may be necessary to cure the cause of default; (c) take <br /> possession of the project, repair, maintain, and operate or lease it; (d) act upon the <br /> security (described in paragraph B.14. above) conveyed to the State; (e) take action to <br /> enforce paragraphs B.11. and 13. above; and/or (f) take any other appropriate legal <br /> action. All remedies described herein may be simultaneously or selectively and <br /> successively enforced. The provisions of this contract may be enforced by the State at <br /> its option without regard to prior waivers by it of previous defaults by the Contractor, <br /> Page 6 of 12 Pages <br />