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13 . Comply with the Construction Fund Program Procedures <br /> attached hereto as Exhibit B and incorporated by reference <br /> herein. <br /> 14. Comply with the provisions of section 37-60-120, <br /> Colorado Revised Statutes, and any other applicable statutes, <br /> procedures, requirements, rules, or regulations which the State <br /> has. <br /> 15 . Not sell, convey, assign, grant, transfer, mortgage, <br /> pledge, encumber, or otherwise dispose of the project or any <br /> portion thereof, so long as any of the annual installments <br /> required by paragraph A. 11. above remain unpaid, without the <br /> prior written concurrence of the State. <br /> 16 . In consideration for the State ' s promises herein set <br /> forth, promise to indemnify, save and hold harmless and defend <br /> the State, and all of its employees and agents, acting <br /> officially or otherwise, from any and all liability, claims, <br /> demands, actions, debts, and attorney fees arising out of, <br /> claimed on account of, or in any manner predicated upon loss or <br /> damage to the property of and injuries to, or death of all <br /> persons whatsoever, which may occur, or is sustained in <br /> connection with the performance of this contract, or by <br /> conditions created thereby, or based upon any violation of any <br /> statute, ordinance, or regulation, and the defense of any such <br /> claims or actions. <br /> B. Upon default in the payments herein set forth to be made <br /> by the Borrower, or default in the performance of any covenant <br /> or agreement contained herein, the State, at its option, may <br /> (a) declare the entire principal amount then outstanding <br /> immediately due and payable; (b) for the account of the <br /> Borrower, incur and pay reasonable expenses for repair, <br /> maintenance, and operation of the project herein described and <br /> such expenses as may be necessary to cure the cause of default; <br /> (c) take possession of the project, repair, . 0intain, and <br /> operate or lease it; (d) act upon the secur e ii•ed in <br /> paragraph A. 5. above) deeded to the State; 4d ; 'e ike any <br /> other appropriate legal action. All remedies ice,,, herein <br /> may be simultaneously or selectively ano sti.ccessivley <br /> enforced. The provisions of this con 4 ma f c by <br /> the State at its option without regard i.1 <br /> > q r4i ejs 4 it <br /> of previous defaults by the Borrower, througft juAg a _ ; , <br /> c <br /> proceedings to require specific performance of this ontract or <br /> by such other proceedings in law or equity as may be deemed <br /> necessary by the State to insure compliance with provisions of <br /> this contract and the laws and regulations under which this <br /> contract is entered into. <br /> C. The State agrees that it shall : <br /> 1 . Loan to the Borrower for the purpose of this contract <br /> an amount not to exceed One Hundred Twenty-Five Thousand <br /> Dollars ( $125, 000) . Said One Hundred Twenty-Five Thousand <br /> Dollars ( $125, 000) shall be made available to the Borrower in <br /> accordance with the following terms and conditions: <br /> a. Beginning with the monthly period commencing <br /> August 1 , 1985, and for every month thereafter until <br /> said project has been completed, the Borrower shall <br /> prepare, with the assistance of the engineering firm <br /> referred to in paragraph A. 1 . above, an estimate of <br /> the funds required from the State for project <br /> construction during that month and shall forward said <br /> estimate to the State not less than fifteen (15) days <br /> prior to the beginning of such month. <br /> Page 4 of 8 Pages <br />