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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 /> B. Upon default in the payments herein set forth to be made by <br /> the Contractor , 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 /> Contractor , 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 , maintain, and <br /> operate or lease it ; (d) act upon the security (described in <br /> paragraph A. S . above) deeded to the State ; and/or (e) take any <br /> other appropriate legal action. All remedies described herein <br /> may be simultaneously or selectively and successively <br /> enforced . The provisions of this contract may be enforced by <br /> the State at its option without regard to prior waivers by it <br /> of previous defaults by the Contractor , through judicial <br /> proceedings to require specific performance of this contract 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 Contractor for the purp ' Of ;, ils contract <br /> an amount not to exceed One Hundred Twenty- ivd.� h; u ;a <br /> Dollars ($125 , 000) . Said One Hundred Twen y-elli h nd <br /> Dollars ($125 , 000) shall be made avai e „to the Contractor in <br /> accordance with the followingterms at • ijlirtirff <br /> a . Beginning with the monthly�p rr3, c', Me;fic •ng with <br /> the date of this contract and forevery month' � l' ' ` <br /> thereafter until said project has been completed , the <br /> Contractor shall prepare , with the assistance of the <br /> engineering firm referred to in paragraph A. 1 . above, <br /> an estimate of the funds required from the State for <br /> project construction during that month and shall <br /> forward said estimate to the State not less than <br /> fifteen (15) days prior to the beginning of such <br /> month. <br /> b. Upon receipt and approval by the State of such <br /> monthly estimate, the State will , within forty ( 40) <br /> days from the receipt of such estimate , pay over to <br /> the Contractor the amount of the monthly estimate or <br /> such portion thereof as has been approved by the <br /> State . <br /> c . No payments will be made under this contract <br /> until the project plans and specifications referred <br /> to in paragraph A. 1 . above are approved by the State . <br /> 2 . Provide the Contractor with such technical assistance <br /> as the State deems appropriate in planning , constructing , and <br /> operating the project and in coordinating the project with <br /> local official comprehensive plans for sewer and water and with <br /> any State or area plans for the area in which the project is <br /> located . <br /> Page 4 of 7 Pages <br />