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CT2019-648 Contract
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CT2019-648 Contract
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Last modified
12/12/2018 2:30:03 PM
Creation date
12/12/2018 2:29:46 PM
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Loan Projects
Contract/PO #
CT2019-648
Contractor Name
Walsenburg, City of
Contract Type
Grant/Loan Combo
Loan Projects - Doc Type
Contract Documents
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B. Resolution of Controversies <br /> i. Resolution of Controversies other than Loan Default <br /> For any dispute not involving Borrower's default on the Loan, if the initial resolution <br /> described in §19.A., fails to resolve the dispute within 60 Business Days, Borrower <br /> shall submit any alleged breach of this Contract by the State to the Procurement Official <br /> of the Colorado Department of Natural Resources as described in§24-101-301(30), C.R.S. <br /> for resolution in accordance with the provisions of§§24-106-109, 24-109-101.1, 24- <br /> 109-101.5,24-109-106,24-109-107, 24-109-201 through 24-109-206,and 24-109-501 <br /> through 24-109-505,C.R.S.,(the"Resolution Statutes"),except that if Borrower wishes <br /> to challenge any decision rendered by the Procurement Official, Borrower's challenge <br /> shall be an appeal to the executive director of the Department of Personnel and <br /> Administration, or their delegate, under the Resolution Statutes before Borrower <br /> pursues any further action as permitted by such statutes. Except as otherwise stated in <br /> this Section, all requirements of the Resolution Statutes shall apply including, without <br /> limitation, time limitations, regardless of whether this Contract is subject to the <br /> Colorado Procurement Code. <br /> ii. Resolution of Controversies Not Regarding Loan Default <br /> For any dispute not involving Borrower's default on the Loan, if the initial resolution <br /> described in §19.A., fails to resolve the dispute within 60 Business Days, the CWCB <br /> will submit the dispute to the CWCB board for review,who will determine a resolution <br /> to the dispute. <br /> 20. REMEDIES <br /> A. State's Remedies <br /> i. Loan Default Remedies <br /> Upon default in the payments to be made by the Borrower under this Contract,or default <br /> in the performance of any covenant or agreement contained herein, the CWCB, at its <br /> option,may do any of the following: <br /> a. Suspend this Contract and withhold further loan disbursements pending corrective <br /> action by the Borrower and if the Borrower does not cure the default as provided <br /> for below, permanently cease loan disbursements and deem the Project <br /> substantially complete. <br /> b. Declare the entire principal amount,accrued interest,and late charges,if any,then <br /> outstanding immediately due and payable. <br /> c. Exercise its rights under any appendices to this Contract, including, but not <br /> limited to, the Promissory Note, Security Agreement, and/or any instrument <br /> securing Pledged Revenues. <br /> d. Take any other action deemed appropriate by the CWCB. <br /> The CWCB shall provide written notice to the Borrower of any such default and shall <br /> give the Borrower an opportunity to cure within sixty(60)days of receipt of such notice. <br /> All remedies described herein may be simultaneously or selectively and successively <br /> enforced. The CWCB may enforce the provisions of this Contract at its option without <br /> regard to prior waivers of previous defaults by the Borrower, through judicial <br /> proceedings to require specific performance of this Contract, or by such other <br /> Page 9 of 15 <br /> Contract Number:CT2019-648 <br />
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