Laserfiche WebLink
<br />completerl. rind yearly t.hnr<!dftec until I.l!(! (~nl.ire principril sum <br />fihrill tlave been priirl. However. in the BVp.nt the Contractor <br />does rl(}t draw funds (:(lnlm~nciog on I:h(! dril:a specified in <br />paragraph D.l.a. below. the obligation to repay shall be <br />postponed for tho flame number of m()nths as the Contractor <br />delays in drawing funds. Said installmenL pHyrnents shall be <br />made payable to the Colorado Water Conservat:ion Board. payable <br />at the offices of said Board in Denver. Colorado. <br /> <br />16, As Becurity for the loan to be made to it by the <br />State, execllte a warranty deed prior to the first advance of <br />fllnds from the State as provided in paragraph D.l.R. below <br />which shall convey to the State the following: <br /> <br />An undi.vided fifty peccant (50\) of the Onion Valley <br />Dam (Gould Reservoir), including the walkway. inlet <br />and outlet works with all appurtenances. 1.urnout <br />st,ructures and IJnderlying land. <br /> <br />17. Obtain and maintain general fire and hazard insurance <br />on the project in an amount not less than the outstanding <br />amount of the loan made by the State to the Contractor IJotil <br />the Contractor has repaid the loan in flll1 under the terms of <br />paragraph B,15. above. The State shall be the sole iUliured of <br />this policy. The outstanding loan amOllrlt payable to the State <br />shall be reduced in the .amount of any paymerlts made to the <br />State under this insurance coverage. If only a portion of the <br />outstanding loan amount is paid La the State Ilnder this pOlicy. <br />t~e number of installment payments shall remain unchanged; <br />however. the amount of each payment shall be reduced. <br /> <br />lB. Comply with the Construction Fllnd Program Procedures <br />attached hereto as Exhibit D and incorporated by reference <br />herein. <br /> <br />19. Comply wit:h the provisions of section 37-60-120. <br />Colorado Revined Statutes. and any other applicable statutes. <br />procedures, requi rements, rules. oc regulation:, whj(:h the State <br />has. <br /> <br />20. Not sell, convey. assign. graut. transfer, mortgage. <br />pledge, encumber. or otherwise dispose of the project or any <br />portion thereof. so long as any of the -annual installments <br />reqlJired by paragraph A.IS, above remain unpaid. without the <br />prior written conCUrrence of the State. <br /> <br />C. Upon default in the payments herein set forth to be made by <br />the Contractor. or default in toe performance of any covenant <br />Or agreement contained herein. the State. at its option. may: <br />(a) declare the entire principal amount then olJtstandiog <br />immediately due and payable; (b) for the account of the <br />Contractor. incur and pay reasonabl(! Hxpenses for repair. <br />maintenance. and operation of the project herein described and <br />such expenses as may be necessary to CIJre the cause of default; <br />(e) take possession of the project. repair, maintain. and <br />operate or lease it; (d) act upon the security (described in <br />paragraph B.l6, above) conveyed to the State; (e) take action <br />to (wforce paragraphs R.13. and 15. above; and/or (E) Lake any <br />other appropriate legal action, All remedies described herein <br />may be HimultaneouHly or selectively and successively <br />enforced. The provisions of this contract may be enforced by <br />the State at. it.H option without regard to pri,or w~ivers by it <br />of previous default6 by the Contra{:l:or. through Judicial <br />proceedings to require specific performance of this contract. <br />or by such other proceedings in l~w or equity ~s may be deemed <br />n(!(:assary by the State to enS1Jre compliance with provisions of <br />this contract and the laws and regulation~ Ilodec which this <br />(:()rttcact is entered into. <br /> <br />Pagp. ~ of !Q Pages <br />