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<br />B.10. including B.l0.a. above. The State shall be the sole
<br />insured of this policy. The outstanding loan amount payable to
<br />the State shall be reduced in the amount of any payments made to
<br />the State under this insurance coverage. If only a portion of the
<br />outstanding loan amount is paid to the state under this policy,
<br />the number of installment payments shall remain unchanged;
<br />however, the amount of each payment shall be reduced to accurately
<br />reflect the reduction in outstanding loan principal. A copy of
<br />the ordinance creating the BOrrower's self-insurance program and a
<br />letter of credit creating a reserve for the program are attached
<br />as Exhibit C.
<br />
<br />13. comply with the Construction Fund Program Procedures
<br />attached hereto as Exhibit F and incorporated by reference herein.
<br />
<br />14. comply with the provisions of Section 37-60-120, Colorado
<br />Revised statutes, and any other applicable State and Federal
<br />statutes, procedures, requirements, rules, or regulations.
<br />
<br />15. Not sell" convey, assign, grant, transfer, mortgage,
<br />pledg~, encumber, or otherwiSe dispose of the project or any
<br />portion thereof so long as any of the annual installments required
<br />by paragraph B.10. above remain unpaid, or until the outstanding
<br />principal of the project loan is repaid in accordance with
<br />paragraph B.1o.a., without the prior written 9on9urrence of the
<br />
<br />st,Cit~. ,..:~'~~;. .,' .' ........... . ......i.tt:~~.<:..;.:E1S~.!~~;\+: .
<br />c . upon default . intlie' paYments' 'hereiii~' settffoi:\to'.to -be made by
<br />the Borrower , or default in tit~-':pilrfofiD.iih"C:e~;'df'cahy' covenant or
<br />'. .' ..,.,. . .' . , . '. ' .. _'. />,,':. ~ '.~ .' . ,. .' "': ,.. :-'.'.' .: - :-e..".:, .'. '. , . .'
<br />contract'contiuned here~n, the'~tate,'at' ~ts'''opt~on, may (a)
<br />decl~re the entire principal amount, principal and interest, then
<br />outstanding immediately due and'payable; (b) for the account of
<br />the Borrower, incur and pay rea:ponableexpenses for repair,
<br />maintenance, and operation of the project herein described and
<br />such expenses as may be necessary to cure the cause of default;
<br />(c) take possession of the project, repair, maintain, and operate
<br />or lease it; (d) take action on the security (described in
<br />paragraph B.5. above) pursuant to the deed of trust) and/or (e)
<br />take any other appropriate legal action including, but not limited
<br />to, action enforcing specific performance of this contract. All
<br />remedies described herein may be simultaneously or selectively and
<br />successively enforced. The provisions of this contract may be
<br />enforced by the state at its discretion. No delay or failure of
<br />the State in exercising any right, power, or privilege under this
<br />agreement shall operate as a waiver thereof.
<br />
<br />D. The state agrees that it shall:
<br />
<br />1. Loan to the Borrower for the pl<rpose of this contract an
<br />amount not to exceed Two Hundred Thirty Thousand Dollars
<br />($230,000). Said Two Hundred Thirty Thousand Dollars ($230,000)
<br />
<br />Page ~ of 10 Pages
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