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11. Repay to the State the total sum of Five Hundred Fifty-Nine Thousand Four Hundred Eighty-Eight Dollars ($559.488). which includes the pcoject loan amount. feasibility ceport amount. together with interest at the rate of five percent (5\) per annum. said repayment to be made in constant annual installments of Thirteen Thousand Nine Hundred Eighty-Seven Dollars and Twenty Cents ($13.987.20) each. as shown in Exhibit C. attached hereto and incorporated by reference herein. ~hich ficst installment shall be due and payable on the first day of the month next succeeding the month in which the State determines that the project has been substantially cOlnpleted. and yearly thereafter until the entire principal sum shall have been paid. However. in the event the Borrower does not Graw funds commencing on the date specified in paragraph C.l.a. below. the Obligation to repay shall be postponed for the eame number of months as the Borrower delays in drawing funds. Said installment payments shall be made payable to the ColQrado Water Conservation Board. payable at the offices of said Board in Denver, Colorado. The Borrower pledges its full faith and credit in support of this obligation and warrants that it has taken all steps necesoary to pledge its full faith and credit for this Obligation. 12. Obtain and maintain general fire and hazard insurance on the project in an amount not less than the outstanding amount of the loan made by the State to the Borrower until the Borrower has repaid the loan in the fllll under the terms of paragraph A.II. above. The State shall be the sole insured of this pOlicy. The outstanding loan amount payable to the State shall be reduced in the amount of any payments made to the State under this insurance coverage. If only a portion of the outstanding loan amount is paid to the State under this pOlicy. the number of inst~llment payments shall remain unchanged; however. the amount of each payment shall be reduced. 13. Comply with the construction Fund Program Procedures attached hereto as Exhibit D and incorporated by reference herein. 14. Comply with the provisions of section 37-60-120, Colorado Revised Statutes. and any other applicable statutes, procedures. requirements. rules. or regUlations which the State has. 15. Not sell. convey. assign. grant, transfer. mortgage, pledge, encumber. or otherwise dispose of the project or any portion thereof. So long as any of the annual installments required by paragraph A.Il. above remain unpaid. without the prior written conCUrrence of the State. B. Upon default in the payments herein set forth to be made by the Borrower. or default in the performance of any covenant or agreement contained herein. the State. at its option, may (a) declare the entire principal amount then outstanding immediately due and payable; (b) for the account of the Borrower, incur and pay reasonable expenses for repair. maintenance. and operation of the project herein described and such expenses as may be necessary to cure the cause of default; (c) take possession of the project. repair. maintain. and operate or lease it; (d) act upon the security (described in paragraph A.S. above) deeded to the State; and/or (e) take any other appropriate legal action. All remedies 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 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 State to insure compliance with provisions of this contract and the laws and regUlations under which this contract is entered into. Page ~ of ~ pages