C153598 Contract

• Contract/PO #: C153598
• Contractor Name: Lookout Mountain Water District
• Contract Type: Loan
• Water District: 7
• County: Clear Creek
• Bill Number: HB 91-1006
• Loan Projects - Doc Type: Contract Documents

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14. Obtain and maintain general and hazard insurance On the
Project in an amount not less than the outstanding amount of the
loan made by the State to the Contractor until th~ Contractor has
repaid the loan in full under the terms of paragr~ph A.I3. above.
The St~te shall be the sole insured of this policy. The
Contractor shall submit certificates of insurance evidencing such
insurance policies to the State at the signing of this Contract.
Notices of renewals of said policies shall also b& filed with the
State as they occur. The outstanding loan amount payable to the
State Shall be reduced in the amount of any payments made tQ the
State Under this insurance coverage. If only a portion of the
outstanding loan Amount is paid to the State under this pOlley,
the number of installment payments shall remain unchanged;
however, the amount of each payment shatl be reduced.

15.
attached
herein.

Comply
hereto

with the Construction }o'und Program Procedures
as Exhibit C and incorporated by reference

16. Comply with the provisions of section 37-60~120,
Colorado Revised Statutes, and any other applicable statutes,
procedutes, requitements, rUles or regulations which the Btate
has.

17. Not sell, convey, assign, gtant,
pledge, encumber, or otherwise dispose of
portion thereof, so long as any of the
required by paragraph A.13. above remain
prior written concurrence of the State.

transfer, mortgage,
the Project or any
annual installrnents
unpaid, without the

B. Upon default in the payrnents herein set forth to be made by
the Contractor, or default in the performance of any covenant or
agreement contained herein, the State, at its option, may: (a)
for the account of the Contractor, incur and pay reaSOnable
expenses. for repair, maintenance and operation of the PrQ]ect
herein described and such expenses as may be necessary to cure
the cause of default; (b) take possession of the ProJect, repair,
maintain and operate or lease it; (c) take action to enf.orce
paragraphs A.ll. and 13. above, and/or (d) take any ~ther
appropriate legal action. All remedie!':i described herein may be
simultaneously or selectively and successively enforced. The
provisions of this Contract may be enfOrced by the State at its
option without regard to prior waivers by it of previous defaults
by the Contractor, through Judicial proceedings to require
specific performance of this Contract, or by such Qther
proceedings in law or equity as may be deemed n~cessary by the
State to ensure compliance with provisions of this Contract and
the laws and regulations under which this Contract is entered
into.

C. The State agrees that it shall:

1. Loan to the Contractor for the construction of the
Project an amount not to exceed $600,000.00. Said $600,000.00
shall be made available to the Contractor in accordance with the
following terms and conditions:

a. Commencing 10 days from the date of this Contract and
for' every mont.h thereafter until said Pn)]ect has been
completed, the Contractor shall prepare, with the aSSi$tdnc~
of the consultant referred to in paragraph A.l. above, an
estimate of the funds required for proJect construction
dur-ing that month and shall forw~rd said estimate to the
Slate not less than 15 days prior to the beginning of such
month.

b. Upon receipt and approval by the State of such monthly
estimate, the State will, within 40 days from the apptoval
of such estimate, pay over to the contractOt the amount of
the monthly estimate oJ::' such portion thereof as has been
approved by the State.

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