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<br />'\ <br /> <br />12. Provide the State with such periodic reports as the State may require and <br />permit periodic inspections of its operations and accounts by a designated representative of <br />the State. <br /> <br />13. Repay to the State the total sum of Seven Hundred Eighty Thousand Six <br />Hundred Dollars ($780,600), which includes the project loan amount with interest at the rate <br />of five percent (5%) per annum, said repayment to be made in constant annual installments <br />of Twenty Six Thousand Twenty Dollars ($26,020) each, for thirty (30), years, as shown in <br />Exhibit C, attached hereto and incorporated by referenceherein,:which firstinstallmentshall <br />be due and payable on the first day of the month next succeeding the month in which the <br />State determines that the project has been substantially completed, and yearly thereafter <br />until the entire principal sum shall have been paid. Said installment payments shall be <br />made payable to the Colorado Water Conservation Board, payable at the offices of said <br />Board in Denver, Colorado. <br /> <br />14. As security for the loan to be made to it by the State, execute a deed of trust <br />for the benefit of the State, covering the following: <br /> <br />. <br /> <br />The Ute Water Conservancy District's Colorado River pump station <br />facilities which provide a back-up water supply to its primary water <br />treatment plant <br /> <br />Contractor shall record the deed in the proper county or counties and pay for all recording <br />fees. A copy of the executed deed is attached as Exhibit E <br /> <br />15. Obtain and maintain general fire and hazard insurance pn the project in an <br />amount not less than the outstanding amount of the loan made by the State to the <br />Contractor until the Contractor has repaid the loan in full under the terms of paragraph <br />A13. above. The State shall be an additional insured of this policy. The Contractor shall <br />submit certificates of insurance evidencing such insurance policies to the State at the signing <br />of this contract Notices of renewals of said policies shall also be filed with the State as they <br />occur. The outstanding loan amount payable to the State sp.all be reduced in the amount <br />of any payments made to the State under this insurance 'coverage. If only aportion of the <br />outstanding loan amount is paid to the State under this policy, the number of installment <br />payments shall remain unchanged; however, the amount of each payment shall be reduced. <br /> <br />16. Comply with the Construction Fund Program Procedures attached hereto as <br />Exhibit D and incorporated by reference herein. <br /> <br />17. Comply with the provisions of section 37-60-120, Colorado Revised Statutes, <br />and any other applicable statutes, procedures, requirements, rules, or regulations which the <br />State has. <br /> <br />18. Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or <br /> <br />Page 2 of 11 pages <br />