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<br />F-~ <br />:) <br /> <br />,,-\ <br />'\ '.", <br /> <br />6. 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 and <br />conditions as the STATE may determine to be advisable to further the purposes of this contract <br />or to protect the STATE'S financial interest therein, and consistent with both the statutory <br />purposes of this contract 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 casuaity, 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, <br />the BORROWER shall cause the net proceeds of any insurance claim or condemnation award to <br />be applied to the prompt replacement, repair and restoration of the PROJECT facilities or any <br />portion thereof, or to repayment of this loan. Any net proceeds remaining after such work has <br />been completed shall be retained by the BORROWER: If the net insurance proceeds are <br />insufficient to pay the full cost of the replacement, repair and restoration, the BORROWER shall <br />complete the work and pay any cost in excess of the net proceeds. In the event Borrower opts <br />to repay the loan, Borrower shall remain responsible for the full loan amount outstanding <br />. reg~rdless bf the 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 />ref~rence .only and sh.all 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 <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 of <br />the PROJECT rehabilitation. Notwithstanding any consents or approvals given to the BORROWER <br />by the STATE on any such documents, BORROWER and its CONSULTANT, by preparing any such <br />documents, shall be solely responsible for the accuracy and completeness of any of said <br />documents. <br /> <br />10. Waiver. The waiver of any breach of a term of this contract shall not be construed as a waiver <br />of 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 />Colorado Water Conservation Board <br />Attn: Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />The Left Hand Ditch Company <br />Attn: Richard Behrmann, President <br />P.O. Box 229 <br />Niwot, CO 80544 <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 />Left Hand Ditch Company <br /> <br />Page 10 of 13 <br /> <br />Loan Contract <br />