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<br />BORROWER'S PROJECT facilities including buildings or any portion thereof, are damaged or <br />destroyed, in whole or in part, by fire or other casualty, or (b) title to or use of the PROJECT <br />facilities or any part thereof shall be taken under the exercise of the power of eminent <br />domain, the BORROWER shall cause the net proceeds of any insurance claim or <br />condemnation award to be applied to the prompt replacement, repair and restoration of the <br />PROJECT facilities or any portion thereof, or to repayment of this loan. Any net proceeds <br />remaining after such work has been completed shall be retained by the BORROWER. If the <br />net insurance proceeds are insufficient to pay the full cost of the replacement, repair and <br />restoration, the BORROWER shall complete the work and pay any cost in excess of the net <br />proceeds. In the event Borrower opts to repay the loan, Borrower shall remain responsible <br />for the tullloan amount outstanding regardless of the amount of such insurance proceeds <br />or condemnation award. <br /> <br />9. 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 />10. STATE'S Approval. This contract requires review and approval of plans, specifications, <br />and various other technical and legal documents. The STATE'S review of these documents <br />is only for the purpose of verifying BORROWER'S compliance with this contract and shall not <br />be 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 <br />given to the BORROWER by the STATE on any such documents, BORROWER and its <br />CONSULTANT, by preparing any such documents, shall be solely responsible for the <br />accuracy and completeness of any of said documents. <br /> <br />11. 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 />12. 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 />Altn: Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Sterling Irrigation Company. <br />Altn: President <br />P.O. Drawer 1825 <br />Sterling, CO 80751 <br /> <br />0, SPECIAL PROVISIONS (6/97 version). State Fiscal Rule 3,' requires the inclusion of these <br />Special Provisions in every STATE contract, including grants. <br /> <br />Controller's Approval <br /> <br />1. This contract shall not be deemed valid until it shall have been approved by the Controller of the State <br />of Colorado or such assistant as he may designate. This provision is applicable to any contract <br />involving the paymenl of money by the STATE. <br /> <br />FUND AVAILABILITY <br /> <br />2. Financial obligations of the State of Colorado payable after the currenl fiscal year are contingent upon <br />funds for that purpose being appropriated, budgeted, and otherwise made available. <br /> <br />Sterling Irrigation Company <br /> <br />Page 10 of 13 <br /> <br />Loan Contract <br />