C153604 Contract

• Contract/PO #: C153604
• Contractor Name: Julesburg Irrigation District
• Contract Type: Loan
• Water District: 64
• County: Logan
• Bill Number: SB 86-27
• Loan Projects - Doc Type: Contract Documents

execute a warranty deed within thirty (30) days of the
substantial completion of the project that shall convey to the
State an undivided one hundred percent (100%) of the following:

Julesburg Darn No. 4 and appurtenant structures.

15. Obtain and maintain general fire and hazard insurance
on the project in an amount not less than the outstanding amount
of the loan made by the state to the Contractor until the
Contractor has repaid the loan in full under the terms of
paragraph 6.13. 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 F and incorporated by reference

17. Comply with the provisions of section 37-60-120,
Colorado Revised statutes, and any other applicable statutes,
procedures, requirements, rules, 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 B.13. above remain unpaid, without the
prior written concurrence of the state.

c. Upon default in the payments herein set forth to be made by
the Contractor, or default in the performance of any covenant or
agreement contained herein, the state, at its option, may: (a)
declare the entire principal amount then outstanding immediately
due and payable; (b) for the account of
the Contractor, incur and pay reasonable expenses for repair,
maintenance, and operation of the project herein described and
such expenses as may be necessary to cure the cause of default;
(c) take possession of the project, repair, maintain, and
operate or lease iti (d) act upon the security (described in
paragraph B.14. above) conveyed to the state; (e) take action to
enforce paragraphs B.11. and 13. above; and/or (f) take any
other appropriate legal action. All remedies described herein
may be simultaneously or selectively and successively enforced.
The provisions of this contract may be enforced by the State at
its option without regard to prior waivers by it of previous
defaults by the contractor, through jUdicial proceedings to
require specific performance of this contract, or by such other
proceedings in law or equity as may be deemed necessary by the
state to ensure compliance with provisions of this contract and
the laws and regulations under which this contract is entered
into.

D. The State agrees that it shall:

1. Loan to the Contractor for the construction of the
project an amount not to exceed Three Hundred Eighteen Thousand
Four Hundred Dollars ($318,400). Said Three Hundred Eighteen
Thousand Four Hundred Dollars ($318,400) shall be made available
to the contractor in accordance with the following terms and
conditions:

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