Laserfiche WebLink
<br />14. Upon default in the payments herein set forth by <br />. paragraph A. 13. to be made by the Contractor, or default in the <br />performance of any covenant or agreement contained hereint' the <br />state, at its option, may: (a) declare the entire principal <br />amount then outstanding immediately due and payable; (b) for the <br />account of the Contractor, incur and pay reasonable expenses for <br />repair, maintenance, and operation of the project herein described <br />and such expenses as may be necessary to cure the cause of <br />default; (0) take possession of the project, repair, maintain, and <br />operate it; (d) take action to specifically enforce paragraphs of <br />this agreemer.~; and/or (e) take any other appropriate legal or <br />equitable action. All remedies described herein may be <br />simultaneously or selectively and successively enforced. The <br />provisions of this contract may be enforced by the state at its <br />option without regard to prior waivers by it of previous defaults <br />by the Contractor, through judicial proceedings to require <br />specific performance of this contract, or by s~ch other <br />proceedings in law or equity as may be deemed necessary by the <br />state to ensure compliance with provisions of this contract and <br />the laws and regulations under which this contract is entered <br />into. <br /> <br />15. Comply with the Construction Fund Program Procedures <br />attached hereto as E~hibit E and incorporated by reference herein. <br /> <br />16. Not sell, convey, assign, grant, transfer, mortgage, <br />pledge, encumber, or otherwise dispose of the project or any <br />portion thereof, so long as any of the annual installments <br />required by paragraph A.13. above remain unpaid, without the prior <br />written concurrence of the State. <br /> <br />17. Comply with the provisions of section 37-60-120, Colorado <br />Revised statutes, and any other applicable statutes, procedures, <br />requirements, rules, or regulations which the state has. <br /> <br />B. The state agrees that it shall: <br /> <br />1. Loan to the contractor for the construction of the project <br />an amount not to exceed Three Hundred Thirteen Thousand Five <br />Hundred Thirty Dollars ($313,530). Said Three Hundred Thirteen <br />Thousand Five Hundred Thirty Dollars ($313,530) shall be made <br />available to the Contractor in accordance with the followinq terms <br />and conditions: <br /> <br />a. Commencing ten (10) days from the date of this <br />contract and for every month thereafter until said <br />project has been completed, the Contractor shall <br />prepare, with the assistance of the consultant referred <br />to in paragraph A.4. above, an estimate of the funds <br />required for project construction during that month and <br />shall forward said estimate to the State not less than <br />fifteen (15) days prior to the beginning of such month. <br /> <br />b. Upon receipt and approval by the state of such <br />monthly estimate, the State will, within forty (40) <br />days from the receipt of such estimate, pay over to the <br />Contractor the amount of the monthly estimate or such <br />portion thereof as has been approved by the State. <br /> <br />c. No payments will be made under this contract unless <br />and until the requirements referred to in paragraph <br />A.4. above are approved by the State in writing. <br /> <br />d. Project construction costs eligible for payment by <br />the State shall be limited to the cost of: <br /> <br />(1) Preparing final designs and specifications for <br />the project. <br /> <br />Page ! of ~ Pages <br /> <br />, <br />