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( ".' is a condition precedent to state performance of this contract. Such ordinance shall be irrepealable for the period of repayment of the project contract loan. Such ordinance shall specifically authorize the City to enter into this Contract. Such ordinance shall specifically pledge the full faith and credit of the City to repay the project contract loqn in the event of default. Such ordinance shall be attached hereto as Exhibit D and is incorporated herein by this reference. a. At the Contractor's option, the total principal repayment cost can be repaid to the State by the Contractor at any time within the twenty-five (25)-year repayment period, thereby terminating this contract. The repayment of the total principal repayment cost prior to the end of the twenty-five (25)-year period can be done by submitting. a final payment to the. State equal in amount to the outstanding unpaid prin9ipal of the total principal repayment cost when this final payment is made plus the interest accumulated on the unpaid total principal repayment cost calculated at a rate of five percent (5%) per annum for that period from the last scheduled annual payment date to the date final payment of the outstanding total principal repayment cost principal is received by the state. 12. 'Obtain and maintain general fire and hazard insurance on the project in an amount not less than the outstanding amount of the loan made by the state to the Contractor until the Contractor has repaid the loan in full under the terms of paragraph A.ll. above or paragraph A.ll.a. above. The state shall be the sole insured of this policy. The outstanding loan amount payable to the State shall be reduced in the amount of any payments made to the State under this insurance coverage. If only a portion .of the outstanding loan amount is paid to the state under this policy, the number of installment payments shall remain unchanged; however, the amount of each payment shall be reduced to accurately reflect the reduction in outstanding loan principal. A copy of the ordinance creating the Contractor's self-insurance program and a letter of credit creating a reserve for the program are attached and made a part hereof as Exhibit A. 13. Comply with the Construction Fund Program Procedures attac~ed hereto as Exhibit E and incorporated by reference herein. 14. Comply with the provisions of section 37-60-120, Colorado Revised statutes, and any other applicable statutes, procedures, requirements, rules, or regulations which the state has. 15. Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the project or any portion thereof so long as any of the annual installments required by paragraph A.1l. above remain unpaid, or until the outstanding principal of the project loan is repaid in accordance with paragraph A.11.a., without the prior written concurrence 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 its option, may (a) declare the entire principal amount then outstanding immediately due and payable; (b) for the account of the Contractor, incur and pay reasonable expenses for repair, 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) act upon the security (described in paragraph A.5. above) 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 regard to prior waivers by it of previous defaults by the Contractor, through jUdicial proceedings to require . Page ! of ~ pages '.-,~ .t:('z<~'k '. -,-.---- .~ :'-:-'-:::", : :i;:-:~:::::~.:~:~:~:. ".::--:"