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<br />8, CWCS May Release Contract. /n its sole discretion, the CWCB 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 CWCS may determine to be advisable to further the purposes of
<br />this contract or to protect the CWCB's financial interest therein, and consistent with both
<br />the statutory purposes of this Contract and the limitations of the statutory authority under
<br />which it is made,
<br />
<br />9, 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
<br />domain, the BORROWER shall cause the net proceeds of any insurance claim or
<br />condemnation award to be applied to the prompt replacement, repair and restoration of
<br />the PROJECT facilities or any portion thereof, or to repayment of this loan, Any net
<br />proceeds remaining after such work has been completed or this loan has been repaid
<br />shall be retained by the BORROWER, If the net insurance proceeds are insufficient to pay
<br />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
<br />repay the loan, BORROWER shall remain responsible for the full loan amount outstanding
<br />regardless of the amount of such insurance proceeds or condemnation award,
<br />
<br />10. 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 />11. cwes's Approval. This contract requires review and approval of plans, specifications,
<br />and various other technical and legal documents. The CWCS's review of these
<br />documents is only for the purpose of verifying BORROWER'S compliance with this Contract
<br />and shall not be construed or interpreted as a technical review or approval of the actual
<br />design or construction of the PROJECT, Notwithstanding any consents or approvals given
<br />to the BORROWER by the CWCB on any such documents, !2PRROWER shall be solely
<br />responsible for the accuracy and completeness of such documents,
<br />
<br />12, 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 />13. Addresses for mailing. All notices, correspondence, or other documents required by
<br />this contract shall be delivered or mailed to the addresses shown in the Section 1
<br />(Borrower Information) of the Project Summary, for the BORROWER and to the address
<br />below for the CWeB:
<br />
<br />Colorado Water Conservation Board
<br />Attn: Construction Fund Section
<br />1313 Sherman Street, Room 721
<br />Denver, CO 80203
<br />
<br />14. Additional Contract Requirements, Any additional contract requirements are shown in
<br />Additional Contract Requirement (Section 10) of the Project Summary,
<br />
<br />SPECIAL PROVISIONS, State Fiscal Rule 3-1 requires the inclusion of these Special
<br />Provisions in every STATE contract, including grants,
<br />
<br />Page 7 of9
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<br />Upper Platte and Beaver Creek Canal Co.
<br />
<br />Loan Contract
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