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PROJ00554
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Last modified
11/19/2009 11:20:26 AM
Creation date
10/6/2006 12:01:42 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153478
Contractor Name
San Luis Valley Irrigation District
Contract Type
Loan
Water District
20
County
Hinsdale
Bill Number
SB 86-27
Loan Projects - Doc Type
Contract Documents
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<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 Program Procedures <br />hereto as Exhibit B and incorporated by reference <br /> <br />14. 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 /> <br />15. 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.II. above remain unpaid. without the <br />prior written concurrence of the State. <br /> <br />B. Upon default in the payments herein set forth to be made by <br />the Borrower. 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 <br />immediately due and payable: (b) for the account of the <br />Borrower. incur and pay reasonable expenses for repair. <br />maintenance. and operation of the project herein 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 />operate or lease it; (d) act upon the security (described in <br />paragraph A.5. above); and/or (e) take any other appropriate <br />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 />defaults by the Borrower. through jUdicial proceedings to <br />require specific performance of this contract or by such other <br />proceedings in law or equity as may be deemed necessary by the <br />State to insure compliance with provisions of this contract and <br />the laws and regUlations under which this contract is entered <br />into. <br /> <br />C. The State agrees that it shall: <br /> <br />1.. Loan and grant to the Borrower the amounts of Three <br />Hundred Seventeen Thousand Eight Hundred Dollars ($317.800) and <br />Three Hundred Eighty-Two Thousand Two Hundred ($382.200) <br />respectively for the purpose of this contract. Said total <br />amount of Seven Hundred Thousand Dollars ($700.000) shall be <br />made available to the Borrower in accordance with the following <br />terms and conditions: <br /> <br />a. Beginning with the monthly period commencing <br />November 14. 1986. and for every month thereafter <br />until said project has been completed. the Borrower <br />shall prepare. with the assistance of the engineering <br />firm referred to in paragraph A.l, above. an estimate <br />of the funds required from the State for project <br />construction during that month and shall forward said <br />estimate to the State not less than fifteen (15) days <br />prior to the beginning of such month. <br /> <br />b. Upon receipt and approval by. the State of such <br />monthly estimate. the State will. within forty (40) <br />days from the receipt of such estimate. pay over to <br />the Borrower the amount of the monthly estimate <br />O[ such portion thereof as has been approved <br />by the State. <br /> <br />Page ~ of Z Pages <br />
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