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<br />9. Adjust its operating costs and service charges from <br />time to time to provide for adequate operation and maintenance. <br />emergency repair services. obsolescence reserves. and debt <br />reseeves. <br /> <br />10. peovide the State with such periodic reports as the <br />State may require and permit periodic inspections of its <br />operations and accounts by a designated representative of the <br />State. <br /> <br />11. Repay to the State the total principal sum of Six <br />Hundred Ninety-Nine Thousand Three Hundred Thirty-Eight <br />Dollars ($699,338). which includes the project loan amount and <br />interest at the rate of five percent (5%) per annum. said <br />repayment to be made in constant annual installments of <br />Seventeen Thousand Four Hundred Eighty-Three Dollars and <br />Forty-Five Cents ($17.483.45) each. for forty (40) years. as <br />shown in Exhibit A. attached hereto and incoeporated by <br />reference herein. which first installment shall be due and <br />payable on the first day of the month next succeeding the month <br />in which the State determines that the project has been <br />substantially completed. and yearly thereafter until the entire <br />principal sum shall have been paid. Howevee. in the event the <br />Contractor does not draw funds commencing on the date specified <br />in paragrapp C.I.a. below. the Obligation to repay shall be <br />postponed for the same number of months as the Contractor <br />delays in drawing funds. Said installment payments shall be <br />made payable to the Colorado Water Conservation Boaed. payable <br />at the offices of said Board in Denver. .Coloeado. The <br />Contractor pledges its full faith and ceedit in suppoet of this <br />Obligation and warrants that it has taken all steps necessary <br />to pledge its full faith and credit for this Obligation. <br /> <br />. <br /> <br />12. 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 made by the State to the Contractor until the <br />Contractoe has repaid the loan in the full undee the teems of <br />paragraph A.II. 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 />13 . <br />attached <br />herein. <br /> <br />Comply with the Construction Fund Progeam Procedures <br />hereto as Exhibit B and incorporated by eeference <br /> <br />14. Comply with the prOVisions of section 37-60-120. <br />Colorado Revised Statutes. and any othee applicable statutes. <br />procedures. requirements. rules. or regulations which the State <br />has. <br /> <br />15. Not sell. convey. assign. grant. transfee. 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.ll. above remain unpaid. without the <br />prior weitten 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 the perfoernance of any covenant <br />or agreement contained herein. the State. at its option. may <br />(a) declare the entire peincipal amount then outstanding <br />immediately due and payable: (b) for the account of the <br />Contractor. incur and pay reasonable expenses for repair. <br />maintenance. and opeeation of the peoject heeein described and <br />such expenses as may be necessary to cure the.cause of default; <br />(c) take possession of the project. repair. maintain. and <br /> <br />Page i of ~ Pages <br />