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<br />( <br /> <br />5. Eligible expenses. PROJECT construction COtts eligible for financing by the STATE shall be limited <br />to the cost of: <br /> <br />a. Preparing final designs and specifications for the PROJECT. <br /> <br />b. Preparing bid and construction contract documents. <br /> <br />c. Preparing environmental assessment Or environmental impact statements, and otherwise <br />complying with the Federal National Environmental Policy Act. <br /> <br />d. ComplYing with all federal, state, and lo(:al regulatory requirements, including the obtaining of <br />all required permits. <br /> <br />e. Fish and wildlife mitigation measures required by federal, state, or local laws and regulations. <br /> <br />f. Actual construction as called for in the design documents and in change orders approved by <br />the STATE, the BORROWER, the CONSULTANT and the CONSTRUCTION FIRM. <br /> <br />g. Engineering services for construction management, including design and construction <br />management for STATE-approved change orders. <br /> <br />h. Legal services for reviewing engineering services contracts, reviewing thit contract, reviewing <br />construction contract documents, acquirinQ the land and water rights needed for the PROJECT, and -- <br />for complying with all federal, state, and Ic,cal regulatory requirements. Legal services must be <br />approved by the STATE in writing before they are rendered to be eligible for payment by the STATE. <br /> <br />i. Payment of Emergency Loan Contract #C, 53694 (principal and interest) dated March' 3, , 995, <br />between BORROWER and the STATE. <br /> <br />6. STATE may release contract at its option. In its sole discretion, the STATE may at any time give any <br />consent, deferment, subordination, release, satisfaction, or termination of any or all of the BORROWER'S <br />obligations under this contract with valuable consiQeration, upon such terms and conditions as the STATE <br />may determine to be: <br /> <br />a. advisable to further the purposes of this contract or to protect the STATE'S financial interest <br />therein, and <br /> <br />b. consistent with both the statutory purposes of this contract and the limitations of the statutory <br />authority under which it is made. <br /> <br />7. Casualty and eminent domain. If, at any tirTle, during the term of this contract, (a) the BORROWER'S <br />PROJECT facilities andlor property pledged as collateral for this loan, including buildings or any portion <br />thereof, are damaged or destroyed, in whole or in part, by fire or other casualty, Or (b) title to or use of <br />the PROJECT facilities or any part thereof shall be ta~en under the exercise of the power of eminent domain, <br />the BORROWER shall cause the net proceeds of any insurance claim or condemnation award to be applied <br />to the prompt replacement, repair and restoration Of the PROJECT facilities or any portion thereof. Any net <br />proceeds remaining after such work has been completed shall be paid to the BORROWER. If the net <br />proceeds are-insufficient to pay the full cost of the replacement, repair and restoration, the BORROWER shall <br />complete the work and pay any cost in excess of the net proceeds. . <br /> <br />8. Captions. That the captions and headings contained in this contract are for convenience and <br />reference only and shall not be construed so as to <lefine or limit the terms or provisions contracted herein. <br /> <br />9. STATE'S approval. This contract requires review and approval of plans, specifications, and various <br />other technical and legal documents. The STATE'S review of these documents is only for the purpose of <br /> <br />CASTLE PINES NORTH METRO DISTRICT <br /> <br />Page80fll <br /> <br />LOAN CONTRACT <br />