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<br />,,--c:"::~ <br /> <br />project has been substantially cornpleted, and yearly thereafter until the entire principal sum <br />shall have been paid. Said installment payments shall be made payable to the Colorado <br />Water Conservation Board, payable at the offices of said Board in Denver, Colorado. <br /> <br />14. As security for the loan to be made to it by the State, execute a Deed of Trust <br />within thirty (30) days of the substantial completion of the project that shall convey to the <br />State an undivided one hundred percent (100%) of the following: <br /> <br />The Loloff lateral pipeline and all appurtenant structures thereto. <br /> <br />15. Obtain and maintain general fire and hazard insurance on the project in an amount <br />not less than the outstanding amount of the loan made by the State to the Contractor until <br />the Contractor has repaid the loan in full under the terms of paragraph A13. above. The <br />State shall be the sole insured of this policy. The Contractor shall submit certificates of <br />insurance evidencing such insurance policies to the State at the signing of this' contract. <br />Notices of renewals of said policies shall also be filed with the State as they occur. The <br />outstanding loan amount payable to the State shall be reduced in the amount of any <br />payments made to the State under this insurance coverage. If only a portion of the <br />outstanding loan amount is paid to the State under this policy, the number of installment <br />payments shall remain unchanged; however, the amount of each payment shall be reduced. <br /> <br />16. Comply with the Construction Fund Program Procedures attached hereto as Exhibit <br />D and incorporated by reference herein. <br /> <br />17. Comply with the provisions of section 37-60-120, Colorado Revised Statutes, and <br />any other applicable statutes, procedures, requirements, rules, or regulations which the State <br />has. <br /> <br />18. Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise <br />dispose of the project or any portion thereof, so long as any of the annual instaIlrnents <br />required by paragraph A13. above remain unpaid, without the prior written concurrence of <br />the State. <br /> <br />B. Upon default in the payments herein set forth to be made by the Contractor, or default <br />in the performance of any covenant or agreement contained herein, the State, at its option, <br />may: (a) declare the .entire principal amount then outstanding immediately due and <br />payable; (b) for the account of the Contractor, incur and pay reasonable expenses for repair, <br />maintenance, and operation of the project herein described and such expenses as may be <br />necessary to cure the cause of default; (c) take possession of the project, repair, maintain, <br />and operate or lease it; (d) act upon the security (described in paragraph A.14. above) <br />conveyed to the State; (e) take action to enforce paragraphs All. and 13. above; and/or <br />(f) take any other appropriate legal action. All remedies described herein may be <br />simultaneously or selectively and successively enforced. The provisions of this contract may <br />be enforced by the State at its option without regard to prior waivers by it of previous <br />defaults by the Contractor, through judicial proceedings to require specific performance of <br />this contract, or by such other proceedings in law or equity as may be deemed necessary by <br /> <br />Page ~ of 11 pages <br />