Laserfiche WebLink
<br />, :1 <br /> <br />6. STATE may release contract at its option. In its sole discretion, the STATE may at any time give <br />any consent, deferment, subordination, releas~, satisfaction, or termination of any or all of the <br />BORROWER'S obligations under this contract With valuable consideration, upon such terms and <br />conditions as the STATE may determine to be: <br /> <br />a. advisable to further the purposes of this contract or to protect the STATE'S financial interest <br />therein, and <br /> <br />b. consistent with both the statutory purposes of this contract and the limitations of the statutory <br />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 and/or property Pledged as collateral for this loan, including buildings <br />or any portion thereof, are damaged or destroyed, in whole or in part, by fire or other casualty, or <br />(bl title to or use of the PROJECT facilities or any part thereof shall be taken under the exercise of the <br />power of eminent 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 the PROJECT <br />facilities or any portion thereof. Any net proceeds remaining after such work has been completed <br />shall be paid to the BORROWER. If the net proceeds are insufficient to pay the full cost of the <br />replacement, repair and restoration, the BORROWER shall complete the work and pay any cost in <br />excess of the net proceeds. <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 contracted <br />herein. <br /> <br />9. STATE'S approval. This. contract requirf!s review and approval of plans, specifications, and <br />various other technical and legal documents. The STATE'S review of these documents is only for the <br />purpose of verifying BORROWER'S compliance with this contract and shall not be construed or <br />interpreted as a technical review or approval <:>f the actual design or construction of the PROJECT <br />rehabilitation. Notwithstanding any consents Or approvals given the BORROWER by the STATE on any <br />such documents, BORROWER and its CONSULTANT preparing any such documents shall be solely <br />responsible for the accuracy and completeness of any of the construction documents. <br /> <br />10. 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 />Colorado Water Conservation Boarej <br />1 31 3 Sherman Street, Room 721 <br />Denver, CO 80203 <br />Attn: William P. Stanton <br /> <br />Appleton ML350 Ditch Co., Inc. <br />2327 H Road <br />Grand Junction, CO 81505 <br />Attn: Janice Muller, President <br /> <br />D. Special provisions (1993 version) <br /> <br />1. Controller's approval. This contract shall not be deemed valid until it shall have been approved by the Controller of the State <br />of Colorado or such assistant as he may designate. This proviSion is applicable to any contract involving the payment of money by the <br />STATE. <br /> <br />2. Fund availability. Financial obligations of the State of Colorado payable after the current fiscal year are contingent upon funds <br />for that purpose being appropriated, budgeted, and otherwise made available. <br /> <br />APPLETON ML350 DITCH COMPANY, INC. LOAN CONTRACT <br /> <br />Page 9 of 11 <br />