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<br />.' <br /> <br />6. STATE May Release Contract. In its sole discretion, the STATE may at any time give any consent, <br />deferment, subordination, release, satisfaction, or termination of any or all of the BORROWER'S <br />obligations under this contract, with valuable consideration, upon such terms and conditions as <br />the STATE may determine to be advisable to further the purposes of this contract or to protect the <br />STATE'S financial interest therein, and consistent with both the statutory purposes of this contract <br />and the limitations of the statutory authority under which it is made. <br /> <br />7. 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, the <br />BORROWER shall cause the net proceeds of any insurance claim or condemnation award to be <br />applied to the prompt replacement, repair and restoration of the PROJECT facilities or any portion <br />thereof, or to repayment of this loan. Any net proceeds remaining after such work has been <br />completed shall be retained by the BORROWER. If the net insurance 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. In the event Borrower opts to repay the <br />loan, Borrower shall remain responsible for the full loan amount outstanding regardless of the <br />amount of such insurance proceeds or condemnation award. <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 technicai 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 responsibie for the accuracy and compieteness 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 mailed to the following addresses: <br /> <br />For the STATE: <br /> <br />For the BORROWER: <br /> <br />Highland Ditch Company <br />4309 State Highway 66 <br />Longmont, CO 80504 <br />and <br />Gattis and Kahn <br />Attn: Steve Jeffers, Esq. <br />P. O. Box 978 <br />Longmont CO 80502-0978 <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 (6/97 version). State Fiscal Rule 3-1 requires the inclusion of these Special <br />Provisions in every STATE contract, including grants. <br /> <br />Highland Ditch Company <br /> <br />Page 9 of 12 <br /> <br />Loan Contract <br />