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<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.ll. above remain unpaid, without the'
<br />prior written concurrence of the State.
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<br />16. In consideration for the State's promises herein set
<br />forth, promise to indemnify, save and hold harmless and defend
<br />the State, and all of its employees and agents, acting
<br />officially or otherwise, from any and all liability, claims,
<br />demands, actions, debts, and attorney fees arising out of,
<br />claimed on account of, or in any manner predicated upon loss or
<br />damage to the property of and injuries to, or death of all
<br />persons whatsoever, which may occur, or is sustained in
<br />connection with the performance of this contract, or by
<br />conditions created thereby, or based upon any violation of any
<br />statute, ordinance, or regulation, and the defense of any such
<br />claims or actions.
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<br />B. Upon default in the payments herein set forth to be made
<br />by the Borrower, or default in the performance of any covenant
<br />or agreement contained herein, the State, at its option, may
<br />{a} 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) deeded to the State; and/or (e) take any
<br />other appropriate legal action. All remedies described herein
<br />may be simultaneously or selectively and successivley
<br />enforced. The provisions of this contract may be enforced by
<br />the State at its option without regard to prior waivers by it
<br />of previous defaults by the Borrower, through judicial
<br />proceedings to require specific performance of this contract or
<br />by such other proceedings in law or equity as may be deemed
<br />necessary by the State to insure compliance with provisions of
<br />this contract and the laws and regulations under which this
<br />contract is entered into.
<br />
<br />c.
<br />
<br />The State agrees that it shall:
<br />
<br />1. Loan to the Borrower for the purpose of this contract
<br />an amount not to exceed One Hundred Fifty Thousand Dollars
<br />($150,000). Said One Hundred Fifty Thousand Dollars ($150,000)
<br />shall be made available to the Borrower in accordance with the
<br />following terms and conditions:
<br />
<br />a. Beginning with the monthly period commencing
<br />August 15, 1985, and for every month thereafter until
<br />said project has been completed, the Borrower shall
<br />prepare, with the assistance of the engineering firm
<br />referred to in paragraph A.l. above, an estimate of
<br />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 />or such portion thereof as has been approved by the
<br />State.
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<br />Page 4 of 7 Pages
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