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<br />13. Obtain and maintain general. fire and hazard insurance <br />on the project system in an amount not less than the amount <br />owing to the State for purchase of the project system until <br />the Contractor has purchased the project system. The State <br />shall be the sole insured of this policy. The purchase price <br />payable to the State shall be reduced in the amount of any <br />payments made to the State under this insurance coverage; if <br />only a portion of the purchase price is paid to the State under <br />this policy, the number of installment payments shall remain <br />unchanged, however the amount of each payment shall be <br />reduced. <br /> <br />14. Comply with Construction Fund Program Procedures <br />attached hereto as Schedule A. <br /> <br />15. Comply with the provisions of Section 5 of S.B. 439, <br />1981 Session of the Colorado General Assembly. <br /> <br />16. Not sell, convey, assign, grant, transfer, or <br />otherwise dispose af the project or any portion thereof," so <br />long as any of the annual installments required by paragraph <br />A.l2. above remain unpaid, without the prior written <br />concurrence of the State. <br /> <br />B. Upon default in the payments herein set forth to be made <br />by the Contractor, or in the performance of any covenant or <br />agreement contained herein, the State, at its option, may (a) <br />declare the entire principal amount then outstanding <br />immediately due and payablej (b) for the account of the <br />Contractor incur and pay reasonable expenses for repair, <br />maintenance, and operation of the system herein described and <br />such expenses as may be necessary to cure the ~ause of default~ <br />and/or (c) take possession of the system, repair, maintain, and <br />operate or lease it. The provisions of this contract may be <br />enforced by the State at its option without regard to prior <br />waivers by it of previous defaults by the Contractor, through <br />judicial proceedings to require specific performance of this <br />contract or by such other proceedings in law or equity as may <br />be deemed necessary by the State to insure compliance with <br />provisions of this contract and the laws and regulations under <br />which this contract is made. <br /> <br />c. The State agrees that it shall: <br /> <br />1. Make available to the Contractor for the purpose of <br />this contract not to exceed the sum of Three Hundred <br />Twenty-Five Thousand Dollars (~325,OOO). Said Three Hundred <br />Twenty-Five Thousand Dollars ($325,000) shall be made available <br />to the Contractor in accordance with the following terms and <br />conditions: <br /> <br />a. Beginning with the monthly period commencing <br />July I, 19B3, and for every month thereafter until <br />said project has been completed, the Contractor shall <br />prepare with the assistance of the consulting <br />engineer referred to in paragraph A.l. above an <br />estimate of the funds required from the State for <br />project construction during "that m:mth and shall <br />forward said estimate to the State not less than <br />fifteen (15) days prior to the beginning of such <br />month. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate. the State will, within forty (40) <br />days from the receipt of such estimate, pay over to <br />the Contractor the amount of the monthly estimate or <br />such portion thereof as has been approved by the <br />State. <br /> <br />c. No payments will be made under this contract <br />until the project plans and specifications referred <br />to in paragraph A.I. above are approved by the State. <br /> <br />Page 4 of 7 Pages <br />