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<br />" <br /> <br />\...; <br /> <br />q <br /> <br />" <br /> <br />WHEREAS, the State now desires by this contract to loan Two <br />Hundred Thousand Dollars ($200,000) to the Contractor so that <br />it can consolidate all of its previous loan indebtedness into <br />one annual repayment not to exceed Fifty Thousand Dollars <br />($50.000). which amount the Contractor has the ability to make: <br />and <br /> <br />WHEREAS. the State and the Contractor agree that the <br />repayment of the Nine Hundred Three Thousand Two Hundred <br />Dollars ($903.20Q) principal due on the terminated loans shall <br />be consolidated with the repayment of the new Two Hundred <br />Thousand Dollars ($200.000) project loan: <br /> <br />WHEREAS. pursuant to the Contractorls Rules and <br />Regulations. the Contractor has authority to contract to borrow <br />money provided that a Resolution be duly passed by the Board of <br />Directors and to levy assessments assuring repayment of the <br />State loan according to the terms of the contract; and <br /> <br />WHEREAS. pursuant to Section 1 of Chapter 32. Session Laws <br />Or Colorado 1967. as amended by paragraph 4 or Senate Bill <br />90-41. the State has been authorized to loan an additional Two <br />Hundred Thousand Dollars ($200.000) ror this project; and <br /> <br />WHEREAS, the Contractor or Borrower understands that this <br />Contract is also a promissory note for the repayment of funds <br />loaned to the Borrower according to the terms set forth herein. <br /> <br />NOW THEREFORE. in consideration of the mutual and <br />dependent covenants herein contained. it is agreed by the <br />parties hereto as follows: <br /> <br />A. The State and the Contractor have previously entered into <br />two construction contracts and two termination contracts. <br />Contract C-153341 and its termination contract are attached <br />hereto as Exhibit A. and Contract C-153352 and its termination <br />contract are attached hereto as Exhibit B. which exhibits are <br />by this reference included herein. <br /> <br />B. The Contractor agrees that it shall: <br /> <br />1, Permit periodic inspection or the project by authorized <br />representatives of the State during the loan repayment period. <br /> <br />2. Without expense to the State. manage. operate, and <br />maintain the project continuously in an efficient and <br />economical manner. and assume all legal liability for such <br />management. operation. and maintenance. The Contractor agrees <br />to indemnify and hold the State harmless from any liability <br />incurred by the State as a result of the Statels interest in <br />the project facilities and any other property identified in <br />paragraph B.9. below. The Contractor shall maintain <br />comprehensive general liability insurance covering the <br />management. operation. and maintenance of the project from the <br />time it accepts the constructed project as substantially <br />completed until it completes repayment to the State. in at <br />least the following amounts: <br /> <br />a. For any injury to one person in any single <br />occurrence. the sum of Five Hundred Thousand Dollars <br />($SOO.OOO), <br /> <br />b. For any injury to two or more persons in any <br />single occurrence. the sum of One Million Dollars <br />($l.OOO.OOO) , <br /> <br />c. For any damage to property. the sum of Four <br />Hundred Thousand Dollars ($400.000) ror each <br />occurrence. <br /> <br />Page ~ of ~ Pages <br />