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<br />" <br /> <br />l ....\ <br />\l;..,' <br /> <br />" , <br />'", <br /> <br />due and payable; (b) for the account of the <br />Contractor. incur and pay reasonable expenses for <br />repair. maintenance. and operation of the project <br />herein described ad such expenses as may be necessary <br />to cure the cause of default: (e) take possession of <br />the project. repair. maintain. and operate or lease <br />it; (d) act upon the security (described in paragraph <br />A.5. above) mortgaged to the State; and/or (e) take <br />any other appropriate legal action. including <br />requiring the City of Cortez. upon written demand from <br />the State. to use general city revenues to cure any <br />default and to repay the project loan to the State <br />based upon the City's pledge of its full faith and <br />credit herein. All remedies described herein may be <br />simultaneously or selectively and successively <br />enforced. The provisions of this contract may be <br />enforced by the State at its option without .regard to <br />prior waivers by it of previous defaults by the <br />Contractor. through jUdicial proceedings to require <br />specific performance of this contract or by such other <br />proceedings in law or equity as may be deemed <br />necessary by the State to ensure compliance with <br />provisions of this contract and the laws and <br />regulations under which this contract is entered into. <br /> <br />C. The State agrees that it shall: <br /> <br />1. Loan and grant to the Contractor for the <br />purpose of this contract an amount not to exceed One <br />Million Four Hundred Thirty Thousand Seven Hundred <br />Five Dollars and Fifty-One Cents ($1,430,705.51), <br />thirteen and four hundreths percent (13,04\) of the <br />total amount provided to the Contractor. One Hundred <br />Eighty-Six Thousand Five Hundred Sixty-Four Dollars <br />($186.564). will be a nonreimbursable grant. Said One <br />Million Four Hundred Thirty Thousand Seven Hundred <br />Five Dollars and Fifty-One Cents ($1,430,705.51) shall <br />be made available to the Contractor in accordance with <br />the following terms and conditions: <br /> <br />a. Beginning with the monthly periOd commencing <br />May 1. 1986. and for every month thereafter until <br />said project has been completed. the Contractor <br />shall prepare. with the assistance of the <br />engineering firm referred to in paragraph A.I. <br />above. an estimate of the funds required from the <br />State for project construction during that month <br />and shall forward said estimate to the State not <br />less than fifteen (15) days prior to the beginning <br />of such month. ' <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate. the State will. within forty <br />(40) days from the receipt of such estimate. pay <br />over to the Contractor the amount of the monthly <br />estimate or such portion thereof as has been <br />approved by the State. <br /> <br />c. No payments will be made under this contract <br />until the project plans and specifications <br />referred to in paragraph A.I. above are approved <br />by the State. <br /> <br />I. Upon completion of the repayment to the State in <br />~he sum of Two Million Nine Hundred Thousand Two <br />Hundred Fifty-One Dollars and Twenty Cents <br />($2,900.251,20) as set forth in paragraph A.11. of <br />this contract. the State agrees to convey to the <br />Contractor all of the State's right. title. and <br /> <br />Page 2 of ~ Pages <br />