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20. INSURANCE <br /> Borrower shall maintain at all times during the term of this Loan Contract such liability insurance, <br /> by commercial policy or self-insurance, as is necessary to meet its liabilities under the Colorado <br /> Governmental Immunity Act, §24-10-101,et seq., C.R.S. (the"GIA"). Borrower shall ensure that <br /> any Subcontractors maintain all insurance customary for the completion of the Work done by that <br /> Subcontractor and as required by the State or the GIA. <br /> 21. CONFLICTS OF INTEREST <br /> A. Actual Conflicts of Interest <br /> Borrower shall not engage in any business or activities, or maintain any relationships that <br /> conflict in any way with the full performance of the obligations of Borrower under this <br /> Contract. Such a conflict of interest would arise when a Borrower or Subcontractor's <br /> employee, officer or agent were to offer or provide any tangible personal benefit to an <br /> employee of the State, or any member of his or her immediate family or his or her partner, <br /> related to the award of, entry into or management or oversight of this Contract. <br /> B. Apparent Conflicts of Interest <br /> Borrower acknowledges that,with respect to this Contract, even the appearance of a conflict <br /> of interest shall be harmful to the State's interests.Absent the State's prior written approval, <br /> Borrower shall refrain from any practices, activities or relationships that reasonably appear <br /> to be in conflict with the full performance of Borrower's obligations under this Contract. <br /> C. Disclosure to the State <br /> If a conflict or the appearance of a conflict arises, or if Borrower is uncertain whether a <br /> conflict or the appearance of a conflict has arisen, Borrower shall submit to the State a <br /> disclosure statement setting forth the relevant details for the State's consideration. Failure to <br /> promptly submit a disclosure statement or to follow the State's direction in regard to the <br /> actual or apparent conflict constitutes a breach of this Contract. <br /> 22. BREACH <br /> A. Defined <br /> The failure of a Party to perform any of its obligations in accordance with this Contract, in <br /> whole or in part or in a timely or satisfactory manner, shall be a breach. The institution of <br /> proceedings under any bankruptcy, insolvency, reorganization or similar law, by or against <br /> Borrower, or the appointment of a receiver or similar officer for Borrower or any of its <br /> property, which is not vacated or fully stayed within 30 days after the institution of such <br /> proceeding, shall also constitute a breach. <br /> B. Notice and Cure Period <br /> In the event of a breach, the aggrieved Party shall give written notice of breach to the other <br /> Party. If the notified Party does not cure the breach, at its sole expense,within 30 days after <br /> the delivery of written notice, the Party may exercise any of the remedies as described in <br /> §21.,for that Party.Notwithstanding any provision of this Contract to the contrary,the State, <br /> in its discretion,need not provide notice or a cure period and may immediately terminate this <br /> Contract in whole or in part or institute any other remedy in the Contract in order to protect <br /> the public interest of the State. <br /> Page 10 of 15 <br /> Contract Number:CT2019-2250 <br />