C153630 Contract

• Contract/PO #: C153630
• Contractor Name: Ignacio, Town of
• Contract Type: Loan
• Water District: 31
• County: La Plata
• Bill Number: SB 92-87
• Loan Projects - Doc Type: Contract Documents

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paragraph A.13. above. The State shall be the sole insured of
this policy. The Contractor shall submit certificates of
insurance evidencing such insurance policies to the State at the
signing of this contract. Notices of renewals of said policies
shall also be filed with the state as they occur. 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
installment payments shall remain unchanged; however, the amount
of each payment shall be reduced.

16.
attached
herein.

Comply with the Construction Fund Program Procedures
hereto as Exhibit D and incorporated by reference

17. Comply with the provipions of Section 37-60-120,
Colorado Revised Statutes, and any other applicable statutes,
procedures, requirements, rulep, or regulations which the State
has.

18. 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.13. above remain unpaid, without the
prior written concurrence of tue state.

B. Upon default in the paymen~s herein set forth to be made by
the Contractor, or default in ~he performance of any covenant or
agreement contained herein, th@ State, at its option, may: (a)
declare the entire amount, principal and interest, then
outstanding immediately due an~ payable; (b) for the account of
the Contractor, incur and pay ~easonable expenses for repair,
maintenance, and operation of ~he project herein described and
such expenses as may be necess~ry 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
paragraphs A.14. and L.) conveyed to the State; (e) take action
to enforce paragraphs A.11. an~ 13. above; and/or (f) take any
other appropriate legal action, including, but not limited to,
action enforcing specific performance of this contract. All
remedies described herein may ~e simultaneously or selectively
and successively enforced. The provisions of this contract may
be enforced by the State at ite discretion. No delay or failure
of the State in exercising any right, power, or privilege under
this contract shall operate as a waiver thereof.

C. The State agrees that it sball:

1. Loan to the Contractor for the construction of the
project an amount not to exceed One Hundred Eighty Thousand

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