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7. Casualty And Eminent Domain. If, at any time, during the term of this contract, (a) the <br /> BORROWER'S PROJECT facilities and/or property pledged as collateral for this loan, including <br /> buildings or any portion thereof, are damaged or destroyed, in whole or in part, by fire or other <br /> casualty, or (b) title to or use of the PROJECT facilities or any part thereof shall be taken under the <br /> exercise of the power of eminent domain, the BORROWER shall cause the net proceeds of any <br /> insurance claim or condemnation award to be applied to the prompt replacement, repair and <br /> restoration of the PROJECT facilities or any portion thereof. Any net proceeds remaining after such <br /> work has been completed shall be paid to the BORROWER. If the net proceeds are insufficient to <br /> pay the full cost of the replacement, repair and restoration, the BORROWER shall complete the <br /> work and pay any cost in excess of the net proceeds. <br /> 8. Captions. The captions and headings contained in this contract are for convenience and <br /> reference only and shall not be construed so as to define or limit the terms or provisions <br /> contracted herein. <br /> 9. STATE'S Approval. This contract requires review and approval of plans, specifications, and <br /> various other technical and legal documents. The STATE'S review of these documents is only for <br /> the purpose of verifying BORROWER'S compliance with this contract and shall not be construed or <br /> interpreted as a technical review or approval of the actual design or construction of the PROJECT <br /> rehabilitation. Notwithstanding any consents or approvals given to the BORROWER by the STATE <br /> on any such documents, BORROWER and its CONSULTANT, by preparing any such documents, shall <br /> be solely responsible for the accuracy and completeness of any of said documents. <br /> 10. Waiver. The waiver of any breach of a term of this contract shall not be construed as a waiver of <br /> any other term, or of any subsequent breach of the same term. <br /> 11. Addresses for mailing. All notices, correspondence, or other documents required by this <br /> contract shall be delivered or mailed to the following addresses: <br /> For the STATE: For the BORROWER: <br /> Colorado Water Conservation Board Smith Irrigation Ditch <br /> Attn.: Construction Fund Section 96193 E. Highway 40 <br /> 1313 Sherman Street, Room 721 Craig, CO 81625 <br /> Denver, CO 80203 <br /> D. Special provisions (1997 version) <br /> 1. Controller's Approval. This contract shall not be deemed valid until it shall have been approved <br /> by the Controller of the State of Colorado or such assistant as he may designate. This provision is <br /> applicable to any contract involving the payment of money by the STATE. <br /> 2. Fund Availability. Financial obligations of the State of Colorado payable after the current fiscal <br /> year are contingent upon funds for that purpose being appropriated, budgeted, and otherwise made <br /> available. <br /> 3. Bond Requirement. If this contract involves the payment of more than fifty thousand dollars for <br /> the construction, erection, repair, maintenance, or improvement of any building, road, bridge, <br /> viaduct, tunnel, excavation or other public work for this STATE, the CONTRACTOR shall, before <br /> entering upon the performance of any such work included in this contract, duly execute and deliver <br /> to the STATE official who will sign the contract, a good and sufficient bond or other acceptable <br /> Smith Irrigation Ditch Page 10 of 13 Loan Contract <br />