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 />
|