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be made in constant annual installments of Four Thousand Three Hundred Seventy-One'Dollars ($4,371) each, for forty (40) years; as shown in Exhibit A. attached hereto and incorporated by reference herein, which first installment shall be due and ,payable on the first day~ the month next succeeding the month in which the State determines that the project has been substantially completed, o~ on Dec,ember I, 1988, whichever occurs later, and yearly thereaf'ter until the entire principal sum shall have been paid. However, in the event the contractor does not draw funds co~mencing on the date specified in paragraph C.I.a. below, the obliqation to repay shall be postponed for the same number of months as the contractor delays in drawing funds. Said installment payments shall be made payable to the colorado Water Conservation Board, payable at the offices of said Board in Denver. Colorado. The contractor pledqes its full faith and credit in support of this obligation and warrants that it has taken all steps necessary to pledge its full faith and credit for this Obliqation. 13. Obtain and maintain general fire and hazard insurance on the project in an amount not less than the outstandinq amount of the loan made by the State to the contractor until the' contractor has repaid the loan in the full under. the terms of paraqraph A.Il. above. The Stat~ shall be the sole insured of this pOlicy. The outstandinq loan amount payable to the State shall be reduced in the amount of any payments made to the state under this "insurance <;.overaqe. If only a portion of the outstandinq loan amount is paid to the State under this policy, the number of inStallment payments shall remain unchanqed: however. the amO~nt of each payment ,shall be reduced. 14. comply With the Construction Fund Proqram procedures attached hereto .s Exhibit B and incorporated by reference, herein. I I IS.' Comply With the provisions of section 37-60-120, . Co"laeado Revised Statutes, and any other applicable. s'1;.atutes. procedures, requlrements. rules. or regulations which~the State has. ," "" 1"6; .Not "_s_e,11. convey. as"sign. grant. transfer. mortgage. "pledqe. en~umber. or otherw~se dispose ot the project or a~y" portion thereof" so' lonq' as any of the annQal installments reqUired by para~raph A.ll. above remain unpaid, without, the prior written cOQcurrence of the ,State.,' ~ B. Upon default in the payments herein set forth to be made by the contractor. Or default in the performance of any covenant or agreement contained herein, the State. at ita option, may (a) declare "the ~ritire principal amount then outstanding immediately due and payable; (b) for the account of the Contractor, "incuI:' and pay reasonable expenses for repair I maintenance, and operation of the project herein described and such expenses as may be necessary to cure the cause of default: (c) take posseSSion of the ,project, repair, maintain, and operate or lease' it; (d)'a~t upon the'secu~ity (described in paraqraph A.5. above) deeded to the State: and/or (e) take any other appropriate legal action. All remedies described herein may be simUltaneously or selectively and sUccessively enforced. The provisions of this contract may be enforced by the State at its option without regatd to ~rior waivers by it of previous defaUlts by the Contractor, thtough Judicial proceedings to require specific performance of this contract or by such other proceedings in law or equity as. may be deemed necessary by the State to insure complianCe with provisions of this contract and the laws and regUlations under which this contract is entered into. Page i of k Pages