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<br />1.-'--... <br />. .' \ <br /> <br />of previous defaults by th_ITY and/or the BORROWER, through ticial proceedings to require <br />specific performance of this contract, or by such other proceedings in law or equity as may be <br />deemed necessary by the STATE to ensure compliance with provisions of this contract and the laws <br />and regulations under which this contract is executed, The STATE'S exercise of any or all of the <br />remedies described herein shall not relieve the CITY or the BORROWER of any of their duties and <br />obligations under this contract. <br /> <br />17,ln event of a conflict. In the event of conflict between the terms and conditions as set forth in the <br />any of the appendices, the provisions of this contract shall control. <br /> <br />18, Progress reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a periodic <br />progress report which contains a statement of the PROJECT construction costs expended for that <br />period and shall forward said statement to the STATE, <br /> <br />19, Periodic inspections. The BORROWER shall permit the STATE to make periodic inspections of its <br />construction, operations and accounts by a designated representative of the STATE, Any such <br />inspections by the STATE are solely for the purpose of verifying compliance with the terms and <br />conditions of the contract and shall not be construed nor interpreted as an apprOl/,:1i of the actual <br />design and/or construction of any element of the PROJECT," . ,:," <br />.~,. '. ','.. :j <br />20. No dissolution of water enterprise. The CITY ill'ld"the BORROWER agr~ not t9 ter;D:llhate or dissolve <br />, . ,'-,-i'1 <br />the BORROWER, nor adversely withdraw or deplete its assets;,nor otHer::w~dversely affect the <br />BORROWER'S ability to perform during the term of tnis contract. :~i;i:> ":,,,.'~- <br />" ,:,'-~; '.~~)""'- <br /> <br />21. Adhere to applicable laws. The CITY and'~t66' BORROWER shall strictly adhere to all applicable <br />"... <br />federal, state, and local laws and regulations that are in effect or may hereafter be established <br />throughout the term of this contract. <br /> <br />B, The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not to exceed <br />that speCified in the Promissory Note Provisions of this contract. <br /> <br />2, Disbursements. After receipt of the periodic progress report from the BORROWER, and review and <br />acceptance of the items therein as eligible expenses as described below, the STATE will pay to the <br />BORROWER the amount set forth in the report or such portion thereof as has been approved by the <br />STATE, Such payment shall be made within thirty (30) days from the STATE'S approval of each <br />progress report, <br /> <br />3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire principal and <br />any accrued interest as specified in the promissory note provisions of this contract, the STATE agrees <br />to execute a UCC-3 form to terminate all of the STATE'S rights in and to the revenues pledged to repay <br />this loan, and to release to the BORROWER any unused funds contained in the CD ACCOUNT that are <br />not needed for the final loan payment. <br /> <br />C, The STATE, the BORROWER and the CITY mutually &Igree as follows: <br /> <br />1. Designated agent of the STATE. The CWCB, which includes its agents and employees, is hereby <br />designated as the agent of the STATE for the purpose of this contract. <br /> <br />City of Idaho Springs and <br />City of Idaho Springs, Colorado, Water Enterprise <br /> <br />Page 9 of 14 <br />