CT2019-3687 Contract

• Contract/PO #: CT2019-3687
• Contractor Name: Central Colorado Water Conservancy District, Groundwater Management Subdistrict
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

17. INSURANCE
The Borrower is a "public entity" within the meaning of the Colorado Governmental Immunity
Act, §24-10-101, et seq., C.R.S. (the "GIA")and shall maintain at all times during the term of this
Loan Contract such liability insurance, by commercial policy or self-insurance, as is necessary to
meet its liabilities under the GIA. Borrower shall ensure that any Subcontractors maintain all
insurance customary for the completion of the work done by that Subcontractor and as required by
the State Risk Manager, Department of Personnel and Administration or the GIA.
18. BREACH OF CONTRACT
In the event of a Breach of Contract,the aggrieved Party shall give written notice of breach to the
other Party. If the notified Party does not cure the Breach of Contract, at its sole expense, within
thirty (30) days after the delivery of written notice, the Party may exercise any of the remedies as
described in §19., for that Party. Notwithstanding any provision of this Contract to the contrary,
the State,in its discretion,need not provide notice or a cure period and may immediately terminate
this Contract in whole or in part or institute any other remedy in this Contract in order to protect
the public interest of the State;or if Borrower is debarred or suspended under§24-109-105,C.R.S.,
the State, in its discretion, need not provide notice or cure period and may terminate this Contract
in whole or in part or institute any other remedy in this Contract as of the date that the debarment
or suspension takes effect.
19. REMEDIES
A. State's Remedies
i. Loan Default Remedies
Upon default in the payments to be made by the Borrower under this Contract,or default
in the performance of any covenant or agreement contained herein, the CWCB, at its
option,may do any of the following:
a. Suspend this Contract and withhold further loan disbursements pending corrective
action by the Borrower and if the Borrower does not cure the default as provided
for below, permanently cease loan disbursements and deem the Project
substantially complete.
b. Declare the entire unpaid principal amount of the Promissory Note, accrued
interest, and late charges, if any, then outstanding immediately due and payable.
c. Exercise its rights under any appendices to this Contract, including, but not
limited to, the Promissory Note and Security Agreement securing Pledged
Revenues.
d. Take any other action deemed appropriate by the CWCB.
The CWCB shall provide written notice to the Borrower of any such default and shall
give the Borrower an opportunity to cure within sixty(60) days of receipt of such
notice. All remedies described herein may be simultaneously or selectively and
successively enforced. The CWCB may enforce the provisions of this Contract at its
option without regard to prior waivers of previous defaults by the Borrower, through
judicial proceedings to require specific performance of this Contract, or by such
other proceedings in law or equity as may be deemed necessary by the CWCB to
ensure compliance with provisions of this Contract and the laws and regulations under
which this Contract is executed. The CWCB's exercise of any or all of the remedies
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