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<br />7. Casualty And Eminent Domain. If, at any time, during the term of this contract, (a) the <br />BORROWER'S PROJECT facilities and/or property pledged as collateral for this loan, including <br />buildings or any portion thereof, are damaged or destroyed, in whole or in part, by fire or other <br />casualty, or (b) title to or use of the PROJECT facilities or any part thereof shall be taken under the <br />exercise of the power of eminent domain, the BORROWER shall cause the net proceeds of any <br />insurance claim or condemnation award to be applied to the prompt replacement, repair and <br />restoration of the PROJECT facilities or any portion thereof. Any net proceeds remaining after such <br />work has been completed shall be paid to the BORROWER. If the net proceeds are insufficient to <br />pay the full cost of the replacement. repair and restoration. the BORROWER shall complete the <br />work and pay any cost in excess of the net proceeds. <br /> <br />8. 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 />9. STATE'S Approval. This contract requires review and approval of plans, specifications, and <br />various other technical and legal documents. The STATE'S review of these documents is only for <br />the purpose of verifying BORROWER'S compliance with this contract and shall not be construed or <br />interpreted as a technical review or approval of the actual design or construction of the PROJECT <br />rehabilitation. Notwithstanding any consents or approvals given to the BORROWER by the STATE <br />on any such documents, BORROWER and its CONSULTANT, by preparing any such documents, shall <br />be solely responsible for the accuracy and completeness of any of said documents. <br /> <br />10. Waiver. The waiver of any breach of a term of this contract shall not be construed as a waiver of <br />any other term, or of any subsequent breach of the same term. <br /> <br />11. Addresses for mailing. All notices, correspondence, or other documents required by this <br />contract shall be delivered or maiied to the following addresses: <br /> <br />For the STATE: <br /> <br />For the BORROWER: <br /> <br />Smith Irrigation Ditch <br />96193 E. Highway 40 <br />Craig, CO 81625 <br /> <br />Colorado Water Conservation Board <br />Attn.: Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />D. Special provisions (1997 version) <br /> <br />1. Controller's Approval. This contract shall not be deemed valid until it shall have been approved <br />by the Controller of the State of Colorado or such assistant as he may designate. This provision is <br />applicable to any contract involving the payment of money by the STATE. <br /> <br />2. Fund Availability. Financial obligations of the State of Colorado payable after the current fiscal <br />year are contingent upon funds for that purpose being appropriated, budgeted, and otherwise made <br />available. <br /> <br />3. Bond Requirement. If this contract involves the payment of more than fifty thousand dollars for <br />the construction, erection, repair, maintenance, or improvement of any building, road, bridge, <br />viaduct, tunnel, excavation or other public work for this STATE, the CONTRACTOR shall, before <br />entering upon the performance of any such work included in this contract, duly execute and deliver <br />to the STATE official who will sign the contract, a good and sufficient bond or other acceptable <br /> <br />Smith Irrigation Ditch <br /> <br />Page 10 of 13 <br /> <br />Loan Contract <br />