|
<br />--,
<br />
<br />Colorado Water Conservation Board, payable at the offices of said Board in Denver,
<br />Colorado.
<br />
<br />14. As security for the loan to be made to it by the State, execute a deed of trust
<br />within thirty (30) days of the substantial completion of the project that shall convey to the
<br />State an undivided one hundred percent (100%) of the following:
<br />
<br />The Pole Mountain dam and reservoir and the land on which
<br />they lie plus all of the decreed water storage rights for the
<br />reservoir.
<br />
<br />15. Obtain and maintain general fire and hazard insurance on the project in an amount
<br />not less than the outstanding amount of the loan made by the State to the Contractor until
<br />the Contractor has repaid the loan in full under the terms of paragraph A13. above, The
<br />State shall be the sole insured of this policy. The Contractor shall submit certificates of
<br />insurance evidencing such insurance policies to the State at the signing of this contract,
<br />Notices of renewals of said policies shall also be filed with the State as they occur, The
<br />outstanding loan amount payable to the State shall be reduced in the amount of any
<br />payments made to the State under this insurance coverage, If only a portion of the
<br />outstanding loan amount is paid to the State under this policy, the number of installment
<br />payments shall remain unchanged; however, the amount of each payment shall be reduced,
<br />
<br />16, Comply with the Construction Fund Program Procedures attached hereto as Exhibit
<br />D and incorporated by reference herein,
<br />
<br />17, Comply with the provisions of section 37-60-120, Colorado Revised Statutes, and any
<br />other applicable statutes, procedures, requirements, rules, or regulations which the State
<br />has,
<br />
<br />18, Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise
<br />dispose of the project or any portion thereof, so long as any of the annual installments
<br />required by paragraph A13, above remain unpaid, without the prior written concurrence
<br />of the State,
<br />
<br />B, Upon default in the payments herein set forth to be made by the Contractor, or default
<br />in the performance of any covenant or agreement contained herein, the State, at its option,
<br />may: (a) declare the entire principal amount then outstanding immediately due and
<br />payable; (b) for the account of the Contractor, incur and pay reasonable expenses for
<br />repair, maintenance, and operation of the project herein described and such expenses as
<br />may be necessary to cure the cause of default; (c) take possession of the project, repair,
<br />maintain, and operate or lease it; (d) act upon the security (described in paragraph A.14,
<br />above) conveyed to the State; (e) take action to enforce paragraphs A.Il. and 13, above;
<br />and/or (f) take any other appropriate legal action, All remedies described herein may be
<br />simultaneously or selectively and successively enforced, The provisions of this contract may
<br />
<br />Page 2 of 11 Pages
<br />
|