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<br />reviewing construction contract documents, and for complying with all federal, state, and <br />local regulatory requirements. Legal services must be approved by the STATE in writing <br />and in 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 <br />and conditions as the STATE may determine to be advisable to further the purposes of this <br />contract or to protect the STATE'S financia,1 interest therein, and consistent with both the <br />statutory purposes of this contract and the limitations of the statutory authority under which it <br />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 and/or property pledged as collateral for this loan, including <br />buildings or any portion thereof, are damaged or destroyed, in whole or in part, by fire or <br />other casualty, or (b) title to or use of the PROJECT facilities or any part thereof shall be taken <br />under the exercise of the power of eminent domain, the BORROWER shall cause the net <br />proceeds of any insurance claim or condemnation award to be applied to the prompt <br />replacement, repair and restoration of the PROJECT facilities or any portion thereof. Any net <br />proceeds remaining after such work has been completed shall be paid to the BORROWER. If <br />the net proceeds are insufficient to pay the full cost of the replacement, repair and <br />restoration, the BORROWER shall complete the work and pay any cost in excess of the net <br />proceeds. <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 <br />for the purpose of verifying BORROWER'S compliance with this contract and shall not be <br />construed or interpreted as a technical review or approval of the actual design or construction <br />of the PROJECT rehabilitation. Notwithstanding any consents or approvals given to the <br />BORROWER by the STATE on any such documents, BORROWER and its CONSULTANT, by <br />preparing any such documents, shall be solely responsible for the accuracy and <br />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 <br />waiver of 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: 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 />The Weldon Valley Ditch Company <br />P.O. Box 626 <br />Weldona, CO 80653 <br /> <br />The Weldon Valley Ditch Company <br /> <br />Page 10 of 14 <br /> <br />Loan Contract <br />