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<br />8. C'~'~':~ ;~:dY Release Contract. in its sole dis\...i clivi I, ,; It ~'v'\J.Co II u::ty Ql OJ IY 1.;1' It :Jive any
<br />consent, deferment, subordination, release, satisfaction, or termination of any or all of the
<br />BORROWER'S obligations under this contract, with valuable consideration, upon such terms
<br />and conditions as the CWCB may determine to be advisable to further the purposes of
<br />this contract or to protect the CWCB's financial interest therein, and consistent with both
<br />the statutory purposes of this Contract and the limitations of the statutory authority under
<br />which it is made,
<br />
<br />9, Casualty and Eminent Domain, If, at any time, during the term of this contract, (a) the
<br />BORROWER'S PROJECT facilities, including buildings or any portion thereof, are damaged or
<br />destroyed, in whole or in part, by fire or other casualty, or (b) title to or use of the PROJECT
<br />facilities or any part thereof shall be taken under the exercise of the power of eminent
<br />domain, the BORROWER shall cause the net proceeds of any insurance claim or
<br />condemnation award to be applied to the prompt replacement, repair and restoration of
<br />the PROJECT facilities or any portion thereof, or to repayment of this loan. Any net
<br />proceeds remaining after such work has been completed or this loan has been repaid,
<br />shall be retained by the BORROWER. If the net insurance proceeds are insufficient to pay
<br />the full cost of the replacement, repair and restoration, the BORROWER shall complete the
<br />work and pay any cost in excess of the net proceeds. In the event BORROWER opts to
<br />repay the loan, BORROWER shall remain responsible for the full loan amount outstanding
<br />regardless of the amount of such insurance proceeds or condemnation award.
<br />
<br />10, Captions, The captions and headings contained in this contract are for convenience and
<br />reference only and shall not be construed so as to define or limit the terms or provisions
<br />contracted herein,
<br />
<br />11. CWCS's Approval. This contract requires review and approval of plans, specifications,
<br />and various other technical and legal documents, The CWCB's review of these
<br />documents is only for the purpose of verifying BORROWER'S compliance with this Contract
<br />and shall not be construed or interpreted as a technical review or approval of the actual
<br />design or construction of the PROJECT. Notwithstanding any consents or approvals given
<br />to the BORROWER by the CWCB on any such documents, BORROWER shall be solely
<br />responsible for the accuracy and completeness of such documents.
<br />
<br />12, Waiver, The waiver of any breach of a term of this contract shall not be construed as a
<br />waiver of any other term, or of any subsequent breach of the same term,
<br />
<br />13, Addresses for mailing, All notices, correspondence, or other documents required by
<br />this contract shall be delivered or mailed to the addresses shown in the Section 1
<br />(Borrower Information) of the Project Summary, for the BORROWER and to the address
<br />below for the CWCB:
<br />
<br />Colorado Water Conservation Board
<br />Attn: Construction Fund Section
<br />1313 Sherman Street, Room 721
<br />Denver, CO 80203
<br />
<br />D. SPECIAL PROVISIONS (6/97 version), State Fiscal Rule 3-1 requires the inclusion of these
<br />Special Provisions in every STATE contract, including grants.
<br />Controller's Approval
<br />
<br />1. This contract shall not be deemed valid untii'it shall have been approved ,by the Controller of the State of
<br />
<br />Julesburg Irrigation District
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<br />Page 9 of 12
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<br />Loan Contract
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