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<br />15. Obtain and maintain general fire and hazard insurance <br />on the project in an amount not less than the outstanding <br />amount of the loan mad"e by the State to the Contractor until <br />the Contractor has repaid the loan in full under the terms of <br />paragraph A.13. above. The State shall be the sole insured of <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 />, <br />16. Comply with the Construction Fund Program Procedures <br />attached hereto as Exhibit B and incorporated by reference <br />herein. <br /> <br />17. 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 />18. 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 ~nnual installments <br />required by paragraph A.13. above rernai~ 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 th~ perfocmance of any covenant <br />or agreement contained herein", the StatE!, at i~~on. may: <br />(a) declare the entire principal amount th~n " tst~~aJng <br />immediately due and payable; (b) for th~ a 0 :" of \';~ <br />the Contractor, incur and pay reasonab16_~I.Jlen ::~>~,"fo.q::!repair. <br />maintenance, an~ operation of the proje~t~~~~i~a~~ctibed and <br />such expenses as. may be necess~ry t~cut, ,7, t,,'h~":f.?au~,~, of default; <br />(c) take posseSSIon of ~he proJect. ~~aIr. ~?lPtdln, and <br />operate or lease it; (d) act upon th ~l,~-eJ:l",::ity;,'(described ~n " <br />paragraph A.l4. above) convey "tlj~ )~it.~~;: (e) take action <br />to enforce paragraphs A.Il. 'd ": aqoVe~p"-and/or (f) take any <br />other aprropriate legal ac 1 ,,,,i~_, ill ~~edies de~c.ribed herein <br />may be slmultaneous~y.or sele Phyely and succeSSIvely <br />enforced. The provlslons of t ~l:s'\_contract may be enforced by <br />the State at its option without\r~1rard to prior waivers by it <br />of previous defaults by the Con~tactor, through judicial <br />proceedings to require specific performance of this contract, <br />pr by such other proceedings in law or equity as may be deemed <br />necessary by the State to ensure 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 construction of the <br />project an amount not to exceed One Hundred Six Thousand <br />Dollars ($106.000). Said One Hundred SiJe Thousand Dollars <br />($106.000) shall be made available to th~ Contractor in <br />accordance with the fallowing terms and conditions: <br /> <br />a. Commencing ten (10) days from the date of this <br />contract" and for every rnont~ thereafter until said <br />project has been completed. the Contractor shall <br />prepare. with the assistance of the Consultant <br />referred to in paragraph A.I. a~ove, 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 (lS) nnV~ nrinr tn th~ <br />