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<br />incorporated by reference herein, which first install~ent shall <br />be due and payable on the first day of the month next <br />succeeding the month in which the State determines that the <br />project has been substantially completed, and yearly thereafter <br />until the entire principal sum shall have heen paid. ~owever, <br />in the event the Borrower does not draw funds commencing on the <br />date specified in paragraph C.1.a. below, the obligation to <br />repay shall be postponed for the same number of months as the <br />Borrower delays in drawing funds. Said installment payments <br />shall be made payable to the Colorado Water Conservation Board, <br />payable at the offices of said Board in Denver, Colorado. The <br />Borrower pledges its full faith and credit in supoort of this <br />Obligation and warrants that it has taken all steps necessary <br />to pledge its full faith and credit for this Obligation. <br /> <br />12. Obtain and maintain general fire and hazard insurance <br />on the project in an amount not less than the outstanding <br />amount of the loan made by the State to the Borrower until the <br />Borrower has repaid the loan in the full under the terms of <br />paragraph A.l1. above. The State shall be the sole insured of <br />this policy. The outstanding loan amount oavable to the State <br />shall be reduced in the amount of any payments marle to the <br />State under this insurance coveraqe. If only a nortion of t.he <br />outstanding loan amount is paid to the St~te unner this pOlicy, <br />the number of installment payments shall remain unchanqed; <br />however, the amount of each payment shall he reduced. <br /> <br />13. <br />attachen <br />herein. <br /> <br />Comply with the Construction Funn Proqram Procenures <br />hereto as Exhibit 3 and incorporat~d bv reference <br /> <br />14. Comply with the provisions of section 37-60-120, <br />Colorado Revised statutes, and any other applicable statutes, <br />procedures, requirements, rules, or regUlations which the State <br />has. <br /> <br />15. Not sell, convey, assiqn, grant, transfer, mortqaae, <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 paragr~ph A.11. above remain unpaid, without the <br />prior written concurrence of the State. <br /> <br />B. Upon defaul t in the oayments herein set forth to he mane <br />by the Borrower, of default in the per.formance of any covenant <br />or agreement conta~ned her.ein, the State, at its option, ~ay <br />(a) declare the en~ire principal amount then outstanrlinq <br />immediately due anO payable; (b) for the account of the <br />Borrower, incur and pay reasonable expenses for renair, <br />maintenance, and operation of the pro;ect herein descrihen ann <br />such expenses as m~y he necessary to cure the cause of default; <br />(c) take possessiol1 of the project, repair, maintain, ann <br />operate or lease i~; (d) act upon the security (descrihed in <br />paragraph A.S. ab01Te) deeded to the State; and/or (e) take any <br />other appropriate legal action. All remedies described herein <br />may be simultaneou~ly or selectively and successivley <br />enforced. The pro~isions of this contract may he enforced bv <br />the State at its option without regard to prior waivers by it <br />of previous defaults by the Borrower, through ;udicial <br />proceedings to require specific performance of this contr~ct or <br />by such other proceedings in law or equity as may be deemed <br />necessary by the State to insure compliance with provisions of <br />this contract and t.he laws and regulations under which this <br />contract is entereo into. <br /> <br />C. The State agrees that it shall: <br /> <br />1. Loan and qrant to the Borrower for the purpose of this <br />contract an amount not to exceed Two Million Three Bunared <br />Fifty-One Thousand Nine Hundred Two Dollars (S2,351,Q02). <br /> <br />Paqe 4 of 8 Pages <br />