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<br />'.~ <br /> <br />#.. <br />V <br /> <br />. <br /> <br />o <br /> <br />. <br /> <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 />15. <br />attached <br />herein. <br /> <br />Comply with the Construction Fund Program Procedures <br />hereto as Exhibit D and incorporated by reference <br /> <br />16. 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 />17. 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 B.13. above remain unpaid. without the <br />prior written concurrence of the State. <br /> <br />C. 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) take action to enforce paragraphs <br />B.ll. and 13. above; and/or (e) take any other appropriate <br />legal action. All remedies described herein may be <br />simultaneously or selectively and successively enforced. The <br />provisions of this contract may be enforced by the State at its <br />option without regard to prior waivers by it of previous <br />defaults by the Contractor. through jUdicial proceedings to <br />require specific performance of this contract. or by such other <br />proceedings in law or equity as may be deemed necessary by the <br />State to ensure compliance with provisions of this contract and <br />the laws and regulations under which this contract is entered <br />into. <br /> <br />D. The State agrees that it shall: <br /> <br />1. Loan to the Contractor for the construction of the <br />project an amount not to exceed Two Hundred Twelve Thousand <br />Five Hundred Twenty-Five Dollars ($212.525). Said Two Hundred <br />Twelve Thousand Five Hundred Twenty-Five Dollars ($212.525) <br />shall be made available to the Contractor in accordance with <br />the 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 B.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 />c. No payments will be made under this contract <br />unless and until the project plans and specifications <br /> <br />Page ~ of 10 Pages <br />