Laserfiche WebLink
<br />13. 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 <br />the contractor has repaid the loan in fUll under the terms of <br />paragraph B.ll. abOve. The State shall be the sole insured Of <br />this pOlicy. The Contractor Shall submit certificates of <br />insurance evidencirtg such insurance POlicies to the State at <br />the signing of thiG contract. Notices Of renewals of said <br />pOlicies shall also be filed ~ith the State as they occur. The <br />outstanding loan amount payable to the State shall be reduced I <br />in 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 <br />amount of each pay~ent shall be reduced. <br /> <br />14. Comply with the Const~uction Fund Program ~rocedures <br />attached hereto as Exhibit D Qnd incorporated by r~ference ~ <br />herein. <br /> <br />IS. Comply with the provisions of section 37-60-120. <br />Colorado Revised Statutes. and any other applicabl~ statutes. <br />procedures. requirements. rul~s. or regulatio~s which the State <br />has. ) <br /> <br />16. Not sell. convey. assign. grant. tran@fer. mortgage. <br />pledge. encumber. or otherwis~ dispose ot the proj~ct or any <br />portion thereof. so long as any of the annual installments <br />required by paragraph B.ll. above remain unpa!d. without t~e <br />prior written concurrence of the State. <br /> <br />C. Upon default in the payments herein $et forth to be made by <br />the Conttactor. or default in the performance of any covenant <br />or agreement contained herein. tne State. at its option. may: <br />(a) decl~re the entire principal amount then Qutstqnding <br />immediately due and payable; (b) for the account of <br />the Conttactor. which the Contractor agr~es to repay. incur and <br />pay reasonable expenses for repair. maintenance. and operation <br />of the ptoject herein described ~nd such expenses as may be <br />necessary to cure the cause of default; (c) take pOssession of <br />the proj~ct. repair. maintain. and operate or lease it; (d) a~t <br />upon the security (described in paragraph 8,12, abave) conveyed <br />to the State; (e) take action to enforce paragraph B.ll. above; <br />and/or (f) take any other appropciate legal action. All <br />remedies described herein may be simultaneouslY or selectively <br />and succ~ssively entorced. The provisions of this contract may <br />be enfor~ed by the 6tate at its option without regard to priot <br />waivers by it of previous defaults by th~ Contractor. through <br />jUdicial proceeding~ to require specific performance of this <br />contract. or by such other proceedings in law or equity as may <br />be deemed necessary by the State to enSUte comPliance with <br />provisions of this contract and the laws and regulations undet <br />which this contract is entered into. <br /> <br />D. 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 NinetY-Two Thousand <br />Three Hundred Seventeen Dollars ($192.317). said One Thousand <br />Ninety~T~o Thousand Three Hundred Seventeen Dollars ($192.317} <br />shall be made avail~ble to the Contractor in accordance with <br />the following terms and conditions: <br /> <br />a. Commen~ing ten (10) days from the date of this <br />contract and for every month thereafter until said <br />project has been completed. the Contractor shall <br />prepare. with the assistance of the consultant <br />referred to in paragraph B.l. above. an estimate ot <br />the funds tequired for project construction during <br />that month and shall forward said estimate to the <br /> <br />Page ~ of 1Q Pages <br />