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<br />r'-", <br /> <br />management for STATE-approved change orders. <br /> <br />h, Legal servicesJor reviewing engineering services contracts, reviewing this contract, reviewing <br />construction ..contract documents, and for complying with all federal, state. and local <br />regulatory requirements, Legal services must be approved by the STATE in writing and in <br />advance to be eligible for financing by the STATE. <br /> <br />7. STATE May Release Contract. In its sole discretion, the STATE may at any time give any <br />consent, deferment, subordination, release, satisfaction, or termination of any or all of the <br />BORROWER'S obligations under this contract, with valuable consideration. upon such terms and <br />conditions as the STATE may determine to be advisable to further the purposes of this contract or <br />to protect the STATE'S financial interest therein, and consistent with both the statutory purposes of <br />this contract and the limitations of the statutory authority under which it is made. <br /> <br />8. Casualty And Eminent Domain. If, at any time, during the term of this contract, (a) the <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 domain, <br />the BORROWER shall cause the net proceeds of any insurance claim or condemnation award to <br />be applied to the prompt replacement, repair and restoration of the PROJECT facilities or any <br />portion thereof, or to repayment of this loan. Any net proceeds remaining after such work has <br />been completed shall be retained by the BORROWER. If the net insurance proceeds are <br />insufficient to pay the full cost of the replacement, repair and restoration, the BORROWER shall <br />complete the work and pay any cost in excess of the net proceeds. In the event Borrower opts <br />to repay the loan, Borrower shall remain responsible for the full loan amount outstanding <br />regardless of the amount of such insurance proceeds 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, 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, <br />shall be solely responsible for the 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 waiver of <br />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: <br /> <br />For the BORROWER: <br /> <br />Colorado Water Conservation Board <br />Attn: Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />North Poudre Irrigation Company <br />Duane Aranci, President <br />P.O. Box 100 <br />Wellington, CO 80549 <br /> <br />North Poudre Irrigation Company <br /> <br />Page 10 of 13 <br /> <br />Loan Contract <br />