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<br />l <br /> <br />~.;,."'-- <br /> <br />b, 1,600L linear feet of B-inch PVC pipe with all <br />appurtenances. <br /> <br />c. Three metal fJumes. <br /> <br />15. Obtain and maintain general fire and"-'hilz'arif'insuc'ance <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. Comply with the Construction Fund Program Procedures <br />attached hereto 86 Exhibit D and incorporated by reference <br />herein. <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 />portion thereof. so 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 fortb to be made by <br />the Contractor. or default in the performance of any covenant <br />or agreement contained her~in, 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 />enforced. The provisions of this contract may be enforced by <br />the State at its option without regard to prior waivers by it <br />of previous defaults by the Contractor, through jUdicial <br />proceedings to require specific performance of this contract. <br />or by such other proceedings in law or equity as may be deemed <br />necessary by the State to ensure compliance with provisions of <br />this contract and the laws and regulations under which this <br />contract is entered into. <br /> <br />D, The State agrees that it shall: <br /> <br />1. Loan to the Contractor for the construction of the <br />project an amount not to exceed Thirty-Three Thousand Dollars <br />($33,000), Said Thiny-Thr,ee Thousand Dollars ($33,000) shall <br />be made available to the Contractor in accordance with the <br />following terms and conditions: <br /> <br />a. Beginning with the monthly period commencing <br /> <br />an;;-S:;ct'~"7;:'~h ~fef:ea~!.~~ntil said p~oject has <br /> <br />been completed. the Contractor shall prepare. with .the <br />assistance of the consultant referred to in paragraph <br />B.l. above. an estimate of the funds required for <br /> <br />Page ~ of !Q Pages <br />