CT2019-2792 Contract

• Contract/PO #: CT2019-2792
• Contractor Name: Arabian Acres Metropolitan District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

C. Disclosure to the State
If a conflict or the appearance of a conflict arises, or if Borrower i. uncertain whether a
conflict or the appearance of a conflict has arisen, Borrower shall submit to the State a
disclosure statement setting forth the relevant details for the State's c. sideration. Failure to
promptly submit a disclosure statement or to follow the State's dir:ction in regard to the
actual or apparent conflict constitutes a breach of this Contract.
17. INSURANCE
The Borrower is a "public entity" within the meaning of the Colorado Ggvernmental 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-insur.i ce, as is necessary to
meet its liabilities under the GIA. Borrower shall ensure that any Subc•ntractors maintain all
insurance customary for the completion of the work done by that Subcontra.tor and as required by
the State Risk Manager, DepartmeWt 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 otice of breach to the
other Party. If the notified Party does not cure the Breach of Contract, at i i sole expense, within
thirty (30) days after the delivery of written notice,the Party may exercise : y of the remedies as
described in §19., for that Party. Notwithstanding any provision of this C e ntract to the contrary,
the State,in its discretion,need not provide notice or a cure period and may mmediately 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 tais 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 Ole default as provided
for below, permanently cease loan disbursements • d deem the Project
substantially complete.
b. Declare the entire unpaid principal amount of the Pro issory Note, accrued
interest, and late charges, if any,then outstanding immedi.tely due and payable.
c. Exercise its rights under any appendices to this Contract, including, but not
limited to, the Promissory Note, Security Agreement, . d/or any instrument
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 f receipt of such
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