CT2019-2034 Contract

• Contractor Name: Florida Consolidated Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

D. Public Entities
If Borrower is a"public entity"within the meaning of the Colorado Goivernmental Immunity
Act, §24-10-101,et seq., C.R.S. (the"GIA"),Borrower shall maintain, in lieu of the liability
insurance requirements stated above,at all times during the term of this Contract such liability
insurance,by commercial policy or self-insurance,as is necessary to meet its liabilities under
the GIA. Certificates
Borrower shall provide to the State certificates evidencing Borrower's insurance coverage
required in this Contract within seven (7) Business Days following t e Effective Date. No
later than fifteen(15)days before the expiration date of Borrower's co erage,Borrower shall
deliver to the State certificates of insurance evidencing renewals of coverage. At any other
time during the term of this Contract,upon request by the State,Borro er shall,within seven
(7)Business Days following the request by the State,supply to the Stat: evidence satisfactory
to the State of compliance with the provisions of this section.
20. 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 it. sole expense, within
thirty(30)days after the delivery of written notice, the Party may exercise .ny of the remedies as
described in§21 for that Party.Notwithstanding any provision of this Contr:ct 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.
21. REMEDIES
A. State's Remedies
i. Loan Default Remedies
Upon default in the payments to be made by the Borrower under t is Contract,or default
in the performance of any covenant or agreement contained he in, the CWCB, at its
option,may do any of the following:
a. Suspend this Contract and withhold further loan disbursem is pending corrective
action by the Borrower and if the Borrower does not cure t e default as provided
for below, permanently cease loan disbursements an 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 immediately due and payable.
c. Exercise its rights under any appendices to this Contract, including, but not
limited to, the Promissory Note, Security Agreement, and/or any instrument
securing pledged revenues and property.
d. Take any other action deemed appropriate by the CWCB.
Contract Number:CT2019-2034 Page 13 of 20 Version 0119