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13. Repay to the State the total principal sum of Three Hundred Twenty Thousand Dollars ($320.000), which includes toe project loan amount and the Nine Thousand Eight HUhdred Eighty-Five Dollars ($9.88~) feasibility report amount, together with interest at the rate of five percent (S\) per annum, said repayment to be made in constant annual installments of Eighteen Thousand six Hundred Forty-Nine Dollars and One Cent ($lB,649.01) each, for forty (40) years, as shown in Exhibit C, attached hereto and incorpora'ted by. reference herein. which first installment Shall be due and payable on the first day of the month next succeeding the ~onth in which the State determines that the project has been substantially completed, and yearly thereafter until the entire principal sum 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 Contra~tQr delays in drawing funds. Said installment payments shall be made payable to the Coloraao Water Conservation Board, payable at ~he offices of said Board in Denver. Colorado. 14. As security for the loan to be made to it by the State, execute a warranty deed within thirty (30) days of the substantial completion of the project which shall convey to the State an undivided fifty percent (50\) of the following: a. 6.900~ cu. yds. of fill for the East Darn b. 12,300z cu. yas. of fill for the West Dam c. 3.500~ cu. yds. of fill for the spillway d. 13,500~ cu. yas. of fill material for the breach e. l,500~ linear feet of toe drain with pipe f. 140z cu. yds. of concrete for outlet works g. IBS~ linear feet of concrete bedning for outlet works h. 18Sz linear feet of sand bedding tor outlet works i. One outlet gate for n 36-inch outlet pipe j. 900~ cu. yas. at riprap for the East Dam K. 2,900~ cu. yds. of riprap for the West Dam 1. BOO~ cu. y6s. of riprap for the spillway m. 350~ cu. yds. of riptap bedding for the East Dam n. 1.lOO~ cu. yas. of riptap bedding for the West Dam o. 300~ cu. yds. of riprap bedding for the spillway p. lOOz cu. yds. of concrete for the emergency spillway q. 140~ cu. yds. of road surface/gravel for the East Dam r. 2S0z cu. yas. of road surface/gravel for the West Darn s. l2.25~ acres of seecing and topsoil for the East Dam, West Dam, and spillway 15. Obtain and maintain general fire and hazard insurance on the project in an amount not less than the outstanding amount of the loan maoe 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 contact. Notices of renewals of said pOlicies shall also be filed with the State as they occur. The outs~anding loan amount payable to the State shall be reduced in the amount of any payments made to the S:ate unaer this insurance coverage. If only a portion of the outstanding 10an amount is paid to the State under this policy, the numoer of installment payments shall remain unchanged; however. the amount of each payment shall be reduced. 16. attached herein. Comply with the Construction Fund Program Procedures hereto as Exhibit D and incorporated by reference 17. Comply with the provisions of section 37-60-120, Colorado Revised Statutes. and any other applicable statutes. Page .?. Ol II Pages