C150009 Contract

• Contract/PO #: C150009
• Contractor Name: Boulder and Left Hand Irrigation Company
• Contract Type: Loan
• Water District: 5
• County: Boulder
• Bill Number: SPL
• Loan Projects - Doc Type: Contract Documents

b. incur and pay reasonable expenses for repair, maintenance, and operation of the PRO�ECT
facilities herein described and such expenses as may be necessary to cure the cause of default,
and add the amount of such expenditures to the principal of the loan amount;
c. exercise its rights under the Promissory Note, Security Agreement, Assignment Of Deposit
Account As Security, and Deed Of Trust,
d. take any other appropriate action.
All remedies described herein may be simuitaneously or selectively and successive4y enforced. The
provisions of this contract may be enforced by tFie STaTE at its option without regard to prior waivers
of previous defaults by the BoRROwEtz, through judicial proceedings to require specfic performance
of this contract, or by sucfi other proceedings in law or equity as may be deemed necessary by the
STaTE to ensure compliance with provisions of this contract and the laws and regulations under
which this contract is executed. The STa.TE's exercise of any or all of the remedies described herein
shall not relieve the BoRROwER of any of its duties and obligations under this contract.
16. Progress Reports. The BoRROwER shall, with the assistance of the CONSULTANT, prepare a
periodic progress report which contains a statement of the PRO,IECT costs expended for that period
and shall fonvard said statement to the STa,TE.
17. Periodic lnspections. Throughout the term of this contract, the BoRROwER shall permit a
designated representative of the SraTE to make periodic inspections Of the PR�JECT. SuCh
inspections are solely for the purpose of verifying compliance with the terms and conditions of this
contract. Furthermore, such inspections shall cover the condition of the PRO�ECT, operating records,
maintenance records, and financial records, and shall not be construed nor interpreted as an
approval of the actual designand/or construction of any element of the PRO�EGT facilities.
18. Adhere To Applicabie Laws. The BoRROwER shall strictly adhere to all applicable federal, state,
and local laws and regulations that are in effect or may hereafter be established throughout the term
of this contract.
19. No Discrimination Of Services. The services of said PROJECT shall be made available within its
capacity and in accordance with all pertinent statutes, rules and regulations, and operational
guidelines without discrimination as to race, color, religion, or national origin, in accordance with a
schedule of such charges formally adopted by the BoRROwER, as may be modified from time to time.
B. The SraTE agrees as follows:
1. Agreement To Loan Money. The STArE agrees to loan to the BoRrxowER an amount not to exceed
that specified in the Promissory Note Provisions of this contract.
2, Disbursements. After receipt of the periodic progress report from the BoRROWER, and review and
acceptance of the items therein as eligible expenses as described below, the STATE wiil pay to che
BoRROwER the amount set forth in the report or such portion that has been approved by the ST.aTE.
Such payment shall be made within thirty (30) days from the SrqTE's approval of each progress
report.
3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal, all
accrued interest, and late charges, if any, as specified in the promissory note, the SrATE agrees to
execute a release ot deed of trust to convey to the BORROwER all of the SraTE's right, title, and
interest in and to the property described in the deed of trust, and to file a UCC-3 form with the
Boulder & Left Hand lrrigation Company Page 7 of 12 Loan Contract