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<br />.'"", <br />,. , <br /> <br />Contract or to protect the State's financial interest therein, and consistent with both the <br />statutory purposes of this Contract and the limitations of the statutory authority under which <br />it is made. <br /> <br />12, Casualty And Eminent Domain. If, at any time, during the term of this Contract, (a) the <br />Borrower's Project facilities are damaged or destroyed, in whole or in part, by fire or other <br />casualty, or (b) title to or use of the Project facilities or any part thereof shall be taken under <br />the exercise of the power of eminent domain, the Borrower shall cause the net proceeds of <br />any insurance claim or condemnation award to be applied to the prompt replacement, repair <br />and restoration of the Project facilities or any portion thereof, or to repayment of this Loan. <br />Any net proceeds remaining after such work has been completed shall be retained by the <br />Borrower. If the net insurance proceeds are insufficient to pay the full cost of the <br />replacement, repair and restoration, the Borrower shall complete the work and pay any cost <br />in excess of the net proceeds, In the event Borrower opts to repay the Loan, Borrower shall <br />remain responsible for the full Loan amount outstanding regardless of the amount of such <br />insurance proceeds or condemnation award, <br /> <br />13, Captions. The captions and headings contained in this Contract are for convenience and <br />reference only and shall not be construed so as to define or limit the terms or provisions <br />contracted herein. <br /> <br />14, State's Approval. This Contract requires review and approval of plans, specifications, and <br />various other technical and legal documents. The State's review of these documents is only <br />for the purpose of verifying Borrower's compliance with this Contract and shall not be <br />construed or interpreted as a technical review or approval of the actual design or <br />construction of the Project rehabilitation. Notwithstanding any consents or approvals given <br />to the Borrower by the State on any such documents, Borrower and its consultants, by <br />preparing any such documents, shall be solely responsible for the accuracy and <br />completeness of any of said documents, <br /> <br />15, Waiver. The waiver of any breach of a term of this Contract shall not be construed as a <br />waiver of any other term, or of any subsequent breach of the same term, <br /> <br />16. Addresses for mailing. All notices, correspondence, or other documents required by this <br />Contract shall be delivered or mailed to the following addresses: <br /> <br />For the State: For the Borrower: <br /> <br />Colorado Water Conservation Board <br />Attn: Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />For the Owners: <br /> <br />Upper Eagle Regional Water Authority <br />846 Forest Road <br />Vail, CO 81657 <br /> <br />Vail Associates, Inc. <br />137 Benchmark Road <br />Avon, CO 81620 <br /> <br />Eagle Park Reservoir Company <br /> <br />Page 9 of 13 <br /> <br />Eagle Park Reservoir Company <br />Attn: Legal Department Compliance Officer <br />P,O, Box 7 <br />Vail, CO 81658 <br /> <br />Eagle River Water and Sanitation District <br />846 Forest Road <br />Vail, CO 81657 <br /> <br />Loan Contract <br />