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<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, lal the BORROWER'S <br />PROJECT facilities which are pledged as collateral for this loan. including buildings or any portion thereof, are <br />damaged or destroyed. in whole or in part, by fire or other casualty, or (b) title to or use of the PROJECT facilities <br />or any part thereof shall be taken under the exercise of the power of eminent domain, the STATE and the <br />BORROWER shall cause the net proceeds of any insurance claim or condemnation award to be applied to the <br />prompt replacement, repair and restoration of the PROJECT facilities or any portion thereof. Any net proceeds <br />remaining after such work has been completed shall be paid to the BORROWER. If the net proceeds are <br />insufficient to pay 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 (provided, however, that the BORROWER shall be obligated <br />to pay any such cost in excess of net proceeds only to the extent of any moneys available therefor in any funds <br />created under this contract). <br /> <br />8. Captions. That the captions and headings contained in this contract are for convenience and reference <br />only and shall not be construed so as to define or limit the terms or provisions contracted herein, <br /> <br />9. STATE'S approval. This contract requires review and approval of plans, specifications. and various other <br />technical and legal documents. The STATE'S review of these documents is only for the purpose of verifying <br />BORROWER'S compliance with this contract and shall not be construed or interpreted as a technical review or <br />approval of the actual design or construction of the PROJECT. Notwithstanding any consents or approvals given <br />the BORROWER by the STATE on any such documents, BORROWER and its CONSULTANT preparing any such <br />documents shall be solely 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 contract shall <br />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 />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br />Altn: William p, Stanton <br /> <br />Military Park Reservoir Company <br />2380 N Road <br />Eckert, CO 81418 <br />Altn: Bud Burgess <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 <br />. Controller of the State of Colorado or such assistant as he may designate. This provision is applicable to any <br />contract involving the payment of money by the STATE, <br /> <br />2. Fund availability. Financial obligations of the State of Colorado payable after the current fiscal year <br />are contingent upon funds for that purpose being appropriated, budgeted. and otherwise made available. <br /> <br />3. Bond requirement, If this contact involves the payment of more than fifty thousand dollars for the <br />construction, erection, repair, maintenance, or improvement of any building, road, bridge, viaduct. tunnel, <br />excavation or other public work for this STATE, the CONTRACTOR shall, before entering upon the performance <br />of any such work included in this contract, duly execute and deliver to the STATE official who will si9n the <br />contdract, a good and sufficient bond or other acceptable surety to be approved by said official in a penal sum <br />not less than one.half of the total amount payable by the terms of this contract, Such bond shall be duly <br />executed by a qualified corporate surety conditioned upon the faithful performance of the contract and in <br />addition, shall provide that if the CONTRACTOR or his subcontractors fail to duly pay for any labor, materials. <br />team hire. sustenance, provisions. provendor or other supplies used or consumed by such CONTRACTOR or his <br />subcontractor in performance of the work contracted to be done or fails to pay any person who supplies rental <br /> <br />MILITARY PARK RESERVOIR COMPANY <br /> <br />Page 8 of 11 <br /> <br />LOAN CONTRACT <br />