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.-...,#'-' ,- 14. As security for the loan to be made to it by the State, execute a deed of trust within thirty (30) days of the substantial completion of the project that shall convey to the State an undivided one hundred percent (100%) of the following: The New Cache la Poudre Irrigating Company diversion structure on the Poudre River approxim,ately 2 miles ( southeast of Timnatb, Colorado. ' 15. To the extent reasonably available, obtain and maintain general fire and hazard insurance on the project in an amount not less than the outstanding amount of the loan made by the State to the Contractor until the Contractor has repaid the loan in full under the terms of paragraph B.13. above. The State shall be the sole insured of this policy. The Contractor shall submit certificates of insurance evidencing such insurance policies to the State at the signing of this contract. Notices of renewals of said policies shall also be filed with the State as they occur. The outstanding loan amount payable to the State shall be reduced in the amount of any payments made to the State under this insurance coverage. IT only a portion of the outstanding loan amount is paid to the State under this policy, the number of installment payments shall remain unchanged; however, the amount of each payment shall be'reduced. 16. Comply with the Construction Fund Program Procedures attached hereto as Exhibit F and incorporated by reference herein. 17. Comply with the provisions of Section 37-60-120, eRS. (as amended), and any other applicable statutes, procedures, requirements, rules, or regulations which the State has. 18. Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the project or any portion thereof, so long as any of the annual installments required by paragraph B.13. above remain unpaid, without the prior written concurrence of the State. C. Upon default in the payments herein set forth to be made by the Contractor, or default in the performance of any covenant or agreement contained herein, the State, at its option, may: (a) declare the entire principal amount then outstanding immediately due and payable; (b) for the account of the Contractor, incur and pay reasonable expenses for repair, maintenance, and operation of the project herein described and such expenses as may be necessary to cure the cause of default; (c) take possession of the project, repair, maintain, and operate or lease it; (d) act upon the security (described in paragraph B.14. above) conveyed to the State; (e) take action to enforce paragraphs B.1l. and 13. above; and/or (f) take any other appropriate legal action. All remedies described herein may be simultaneously or selectively and successively enforced. The provisions of this contract may be enforced by the State at its option without regard to prior waivers by it of previous defaults by the Contractor, Page ~ of 12 Pages