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<br />(>\ <br /> <br />.- <br /> <br />any portion thereof, are damaged or destroyed, in whole or in part, <br />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 <br />of the power of eminent domain, the State and the Borrower shall <br />cause any portion of the net proceeds of any insurance claim or <br />condemnation award which belong to the Borrower or over which the <br />Borrower has any control to be applied to the prompt replacement, <br />repair and restoration of the Project facilities or any portion <br />thereof. If the net proceeds for all of the entities participating <br />in the Project are insufficient to pay the full cost of the <br />replacement, repair, and restoration and the enti ties participating <br />in the Proj ect determine not to repair, replace or restore the <br />project facilities, the Borrower shall promptly pay any portion of <br />the net proceeds to which it is entitled or over which it has any <br />control to the State as partial payment of its obligations under <br />this Contract. <br /> <br />12. The Borrower shall not convey, sell, lease, assign, <br />grant, transfer, mortgage, pledge, encumber, or otherwise dispose <br />of its interest in the Allotment Contract, or any portion thereof, <br />so long as any of the annual installments required by this Contract <br />remain unpaid, without the prior written concurrence of the State. <br /> <br />13. The Borrower shall provide the State with such <br />periodic reports as the State may require and permit periodic <br />inspections of its operations and accounts by a designated <br />representative of the State qualified in the area in which such <br />inspection is being made. Any such inspections by the state is <br />solely for the purpose of verifying compliance with the terms and <br />conditions of the contract and shall not be construed nor <br />interpreted as an approval of the actual design and/or construction <br />of any element of the project. <br /> <br />14. The Borrower shall comply with the requirements of <br />s37-60-120, C.R.S. and with any other applicable state, federal or <br />local statutes, procedures, requirements, rules, regulations or <br />ordinances. <br /> <br />C. Upon default in the payments herein set forth to be made <br /> <br />by the Borrower, or default in the performance of any covenant or <br /> <br />agreement contained herein, the State, at its option, may 1,/Qi7 <br /> <br /> <br />( 1. declare the entire amount, principal and interest, then 1 \ <br />\,\ outstanding immediately due and payable for the purpose of enforcing its rights yJ' <br />\, under this contract, provided however, nothing herein shall require the increase of. ~~ f <br />V\,~ the water user charges and fees more than necessary to pay the annual inBtal~ent / 'f\'; <br />. rJ'. then due; \.'i <br />, <br /> <br />2. for the account of the Borrower, incur and pay <br />reasonable expenses for maintenance of the Borrower's interest in <br />the Allotment Contract and such expenses as may be necessary to <br />cure the cause of the default; <br /> <br />3. take action to enforce the security interests <br />required by this contract, including without limitation action to <br />enforce the State's security interest in the revenues generated by <br /> <br />Page 8 of 12 pages <br />