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<br />this policy. The outstanding loan amount payable to the State <br />shall be reduced in the amount of any payments made to the <br />State under this insurance coverage. If only a portion of the <br />outstanding loan amount is paid to the State under this pOlicy. <br />the number of installment payments shall remain unchanged: <br />however. the amount of each payment shall be reduced. <br /> <br />13. <br />attached <br />herein. <br /> <br />Comply with the Construction Fund Program Procedures <br />hereto as Exhibit B and incorporated by 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. assign. grant. transfer, mortgage, <br />pledge. encumber. or otherwise dispose of the project or any <br />portion thereof. 50 long as any of the annual installments <br />required by paragraph A.Il. 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 the <br />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.5. above) deeded to the State; and/or (e) 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 regard to prior waivers by it <br />of previous defaults by the Contractor. through jUdicial <br />proceedings to require specific performance of this contract 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 the laws 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 Contractor for the purpose of this contract <br />an amount not to exceed One Hundred One Thousand Dollars <br />($101,000). Said One Hundred One Thousand Dollars ($101.000) <br />shall 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 />January 15. 1987. and for every month thereafter until <br />said project has been completed. the Contractor shall <br />prepare. with the assistance of the engineering firm <br />referred to in paragraph A.l. above. an estimate of <br />the funds required from the State for project <br />construction during that month and shall forward said <br />estimate to the State not less than fifteen (is) days <br />prior to the 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 <br />or such portion thereof as has been approved <br />by the State. <br /> <br />Page ~ of I Pages <br />