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<br />policies. shall also be filed with the State as they occur. the <br />outstanding loan amount payable to the State shall be reduced <br />in the amount of any payments made to the State under this <br />insurance cover~ge, If only a portion of the outstanding loan <br />amount is paid to the State under this pOlicy. the number of <br />installment payments shall rema.in unchanged; however. the <br />amount of each payment shall be red~ced, <br /> <br />16. <br />attached <br />herein. <br /> <br />Comply with the Construction'Fund Program Procedures <br />hereto as Exhibit D and incorporated by reference <br /> <br />17. Comply with the provisions of section 37-60-120. <br />Colorado Revised Stat,utes. and any other applicable statutes. <br />procedures, requirerne~nts. rules. or regulations which the State <br />has. <br /> <br />18, Not sell, convey, assign, grant. transfer, mortgage. <br />pledge, encumber, or otherwise dispose of the project or any <br />portion thereof. so long as any of the annual installments <br />required by paragraph A.13, above remain unpaid. without the <br />prior written concurrence of the State. <br /> <br />B. Upon default in the payments herein set forth to be made by <br />the Contractor, or default in the performance of any covenant <br />or agreement contained herein. the State. at its option. may: <br />(a) declare the entire principal amount then outstanding <br />immediately due and payable: (b) for the account of <br />the Contractor, incur and pay reasonable expenses 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 <br />operate or lease it: (d) act upon the security (described in <br />paragraph A,14. above) conveyed to the State; (e) take action <br />to enforce paragraphs A.ll. and 13. above; and/or (f) take any <br />other appropriate legal action, All remedies described herein <br />may be simultaneously or selectively and successively <br />enforced, The provisions of this contract may be enforced by <br />the State at its option without regarQ to prior waivers by it <br />of previous defaults by the Contractor. through jUdicial <br />proceedings to require specific performance of this contract. <br />or by such other proceedings in law or equity as may be deemed <br />necessary by the State to ensure compliance 'wi th provisions of <br />this contract and the law$ and regulations under which this <br />contract is entered into, <br /> <br />C. The State agrees that it shall: <br /> <br />1. Loan to the Contr8ctor for the construction of -the <br />project an amount not to exceed Eighty Thousand Dollars <br />($80.000). Said Eighty T~ousand Dollars ($60.000) shall be <br />made available to the Contractor in accordance with the <br />following terms and conditions: <br /> <br />a, Commencing ten (10) days from the date of this <br />contract and for every month thereafter until said <br />project has been completed. .the Contractor shall <br />prepare. with the assistance of the Consultant <br />referred to in paragraph A,l. above. an estimate of <br />the funds required for project construction during <br />that month and shall forward said estimate to the <br />State not less than fifteen (15) days prior to the <br />beginning of such 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 State. <br /> <br />Page ~ of 10 Pages <br />