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<br />o <br /> <br />Q <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. encumIJer. or otherwise dispose of the project or any <br />portion thereof, sa long as any of the annual installments <br />required by paragraph A.II. above remain unpaid, without the <br />prior written concurrence of the State. <br /> <br />B. Upon default ill tile payments flerein set forth to be made by <br />tile COlltractor. or default in tlte performallce of any covenant <br />or agreement contained herein. the State. at its option. may <br />(a) declare the entire principal amount tllen outstanding <br />immediately due and payable; (b) for the accouIlt of the <br />Contractor. incur alld pay reaSOllable expenses for repair. <br />mainterlance. 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.S. above) deeded to the State; and/or (e) take any <br />other appropriate legal action. All remedies described herein <br />may be simultaneou6ly or selectively and successively <br />enforced. The provisions of this contract may be enforced by <br />ttle 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. Tile State agrees that it shall: <br /> <br />1. Loan to the Contractor for the purpose of this contrdct <br />an amount not to exceed One Hundred Twenty-Fi'le Thousand <br />Dollars ($125.000). Said One Hundred Twenty-five Thousand <br />Dollars ($125.000) sllall be made available to the Contractor in <br />accordance with the following terms and conditions: <br /> <br />a. neginnillg with the monthly period commencing with <br />tile date of tllis contract and for every month <br />tllereafter ulltil said project has been completed. the <br />Contractor shall prepare. with the ~ssistance of the <br />engineering firm referred to in par~graph A.I. above. <br />an estimate of the funds required from the State for <br />project constructioll during that month and shall <br />forward said estimate to the State not less tllan <br />fifteen (15) days prior to the begioning of such <br />month. <br /> <br />" <br /> <br />b. Upon receipt and approval by the Stale of such <br />monthly estimate. the State will. within forty (10) <br />days Crom the receipt of such estimate. pay over to <br />the Contractor the amount of tIle monthly estimate or <br />such portion thereof as has been approved by the <br />State. <br /> <br />c. No payments will be made under tilLs contract <br />until the project plans and specifications referred <br />to in paragrapll A.I. above are approved by the State. <br /> <br />i. Provide tile Contractor with such techllical assistance <br />as the State deems appropriate in planning, constructing, and <br />operating tile project and ill coordinating ttle project with <br />local official comprehellsive plans for sewer and water and with <br />allY State or area plalls for the area in whicll tIle project is <br />locate(l. <br /> <br />Page ~ of I Pages <br />