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<br />'t,}/; G. <br /> <br />~ 9f,~J, I As securi ty for the 10ao~~US~e made to it by the <br />Sta~ execute a ~.i,['on.~y deedMthin thirty (30) days of the completion <br />the proj ec t f"'.iTS t- -adva nc-e. -Qf- -t-\UIQ~ -t.HHU.. -t.he- -St.-a t.~ -a s- -pE-Gv4.-d-ed - -i-n- -p a -c -a.g-F a ph <br />D-.-l-....a...--b&lQw which shall convey to the Sto-t-e.-t-he--!e-l-l-GW'iil-g+ Public TrustE <br />the following, as such are incorporated in the project: of ~1ontezuma County <br />d. 23.000.:t. cubic yards of embankment material for the benefit of <br />the State <br />R.C. pipe with <br /> <br />b. <br /> <br />140i linear feet of la-inch class V <br />all appurtenances. <br /> <br />c. An IS-inch gate. air vent pipe. and all appurtenances. <br /> <br />d. 5.:t. cubic yards of concrete in association with item c. <br />above. <br /> <br />e. 6~ cubic yards of concrete for five cutoff collars. <br /> <br />f. Five gauge rods. <br /> <br />g. 4BO.:t. cubic yards of 6-inch pit run. sand and gravel <br />mat. <br /> <br />h. 725~ cubic yards of IS-inch rock riprap. <br /> <br />i. 750.:t. cubic yards of old riprap. <br /> <br />j. 3.:t. cubic yards of concrete for spillway control <br />sections. <br /> <br />15. Obtain and maintain general fire and hazard insurance <br />on the project in an amount not less than the outstanding <br />amount of the loan made by the State to the Contractor until <br />the Contractor has repaid the loan in full under the terms of <br />paragraph B.13. above. The State shall be the sole insured of <br />this policy. The outstanding loan amount payable to the State <br />shall be reduced in the amount of any payments made to the <br />State under this insurance coverage. If only a portion of the <br />outstanding loan amount is paid to the State under this policy, <br />the number of installment payments shall remain unchanged; <br />however. the amount of each payment shall be reduced. <br /> <br />16. <br />attached <br />herein. <br /> <br />Comply with the Construction Fund Program Procedures <br />hereto as Exhibit D and incorporated by reference <br /> <br />17. Comply with the provisions of section 37-60-120. <br />Colorado Revised Statutes, and any other applicable statutes. <br />procedures. requirements, rules. or regulations which the State <br />has. <br /> <br />18. Not sell. convey. assign, grant. transfer, mortgage, <br />pledge, encumber. or otherwise dispose of the project or any <br />portlon thereof, 60 long as any of the annual installments <br />required by paragraph B.13. above remain unpaid, without the <br />prior written concurrence of the State. <br /> <br />C. Upon default in the.payments herein set forth to be made by <br />the Contractor. or default in the performance of any covenant <br />or agreement contained herein. the State. at its option, may: <br />(a) declare the entire principal amount then outstanding <br />immediately due and payable: (b) for the account of <br />the Contractor. incur and pay reasonable expenses for repair. <br />maintenance. and operation of the project herein described and <br />such expenses as may be necessary to cure the cause of default: <br />(c) take possession of the project. repair. maintain, and <br />operate or lease it; (d) act upon the security (described in <br />paragraph B.14. above) conveyed to the State; (e) take action <br />to enforce paragraphs B.ll. and 13. above; and/or (f) take any <br />other appropriate legal action. All remedies described herein <br />may be simultaneously or selectively and successively <br /> <br />Page i of 11 Pages <br />