C153607L Contract - Laserfiche WebLink

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,! State determines that the project has been substantially completed, and yearly thereafter until the entire principal sum and interest shall have been paid. However, in the event the Contractor does not draw funds commencing on the date specified in paragraph D,1.a. below, the obligation to repay shall be postponed for the same number of months as the Contractor delays in drawing funds. Said installment payments shall be made payable to the Colorado Water Conservation Board, payable at the offices of said Board in Denver, Colorado. / 14. As security for the loan to be made to it by the State, execute herewith a ,/ Deed of Trust conveying to the State an undivided one hundred percent (100%) of the following: The Trinchera Irrigation Company's Mountain Home Reservoir, all appurtenance thereto and the land on which it lies. 15, Obtain and maintain general fire and hazard insurance on the project in an amount not less than the outstanding amount of the loan made by the State to the Contractor until the Contractor has repaid the loan in full under the terms of paragraph B.13. above, The State shall be the sole insured of this policy. The Contractor shall submit certificates of insurance evidencing such insurance policies to the State at the signing of this contract. Notices of renewals of said policies shall also be filed with the State as they occur. The outstanding loan amount payable to the State shall be reduced in the amount of any payments made to the State under this insurance coverage, If only a portion of the outstanding loan amount is paid to the State under this policy, the number of installment payments shall remain unchanged; however, the amount of each payment shall be reduced. 16, Comply with the Construction Fund Program Procedures attached hereto as Exhibit F and incorporated by reference herein. 17. Comply with the provisions of section 37-60-120, Colorado Revised Statutes, and any other applicable state statutes, procedures, requirements, rules, or regulations. 18, Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the project or any portion thereof, so long as any of the annual installments required by paragraph B.13. above remain unpaid, without the prior written concurrence of the State, C. Upon default in the payments herein set forth to be made by the Contractor, or default in the performance of any covenant or agreement contained herein, the State, at its option, may: (a) declare the entire principal amount then outstanding immediately due and payable; (b) for the account of the Contractor, incur and pay reasonable expenses for repair, maintenance, and operation of the project herein described and such expenses as may be necessary to cure the cause of default; (c) take Page Q. of II Pages