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The North Poudre Reservoir numbers 5 and 6, all <br />appurtenant structures thereto and all lands upon which <br />t <br />hese reservoirs lie. <br />To t e,exte t rea ox�abl ava 1 le, <br />/Ob ain and maintain gyenera� fire and hazard insurance <br />on the project in an amount not less than the outstanding amount <br />of the loan made by the State to the Contractor until the <br />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 Contractor shall submit certificates of <br />insurance evidencing such insurance policies to the State at the <br />signing of this contract. Notices of renewals of said policies <br />shall also be filed with the State as they occur. The <br />outstanding loan amount payable to the State shall be reduced in <br />the amount of any payments made to the State under this <br />insurance coverage. If only a portion of the outstanding loan <br />amount is paid to the State under this policy, the number of <br />installment payments shall remain unchanged; however, the amount <br />of each payment shall be reduced. <br />16. Comply with the Construction Fund Program Procedures <br />attached hereto as Exhibit D and incorporated by reference <br />herein. <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 />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 annual installments <br />required by paragraph A.13. above remain unpaid, without the <br />prior written concurrence of the State. <br />B. Upon default in the payments herein set forth to be made by <br />the Contractor, or default in the performance of any covenant or <br />agreement contained herein, the State, at its option, may: (a) <br />declare the entire principal amount then outstanding immediately <br />due and payable; (b) for the account of the Contractor, incur <br />and pay reasonable expenses for repair, maintenance, and <br />operation of the project herein described and such expenses as <br />may be necessary to cure the cause of default; (c) take <br />possession of the project, repair, maintain, and operate or <br />lease it; (d) act upon the security (described in paragraph <br />A.14. above) conveyed to the State; (e) take action to enforce <br />paragraphs A.11. and 13. above; and/or (f) take any other <br />appropriate legal action. All remedies described herein may be <br />simultaneously or selectively and successively enforced. The <br />provisions of this contract may be enforced by the State at its <br />option without regard to prior waivers by it of previous <br />Page 6 of 13 Pages <br />