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PROJC01055
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Last modified
3/7/2013 2:07:20 PM
Creation date
10/6/2006 12:17:20 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153579
Contractor Name
Highline Buzzard Ditch Company
Contract Type
Loan
Water District
72
County
Mesa
Bill Number
SB 90-41
Loan Projects - Doc Type
Contract Documents
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<br />the signing of this contract. Notices of renewals of said <br />pOlicies shall also be filed with the State as they occur. The <br />outstanding loan amount payable to the State shall be reduced <br />in the amount of any payments made to the State under this <br />insurance coverage. If only a portion of the outstanding loan <br />amount is paid to the State under this policy, the number of <br />installment payments shall remain unchanged; however, the <br />amount of each payment shall be reduced. <br /> <br />16. Comply with the Construction Fund Program Procedures I <br />attached hereto as Exhibit E and incorporated by reference <br />herein. <br /> <br />17. Comply with the provisions of section 37-60-120. <br />C.R.S., and any other applicable statutes, procedures, <br />requirements. rules. or regulations which the State has. <br /> <br />18. Not sell, convey. assign, grant'~ transfer. mortgage. <br />pledge. encumber, or otherwise dispose of the project or any <br />portion thereof, so long as any of the annual installments <br />required by paragraph A.13. above remain unpaid. without the <br />prior written concurrence of the State. <br /> <br />B. Upon default in the payments herein set forth to be made by <br />the Contractor, or default in the performance of any covenant <br />or agreement contained herein, the State, at its option, may: <br />(a) declare the entire principal amount then outstanding <br />immediately due and payable; (b) for the account of <br />the Contractor, incur and pay reasonable expenses for repair, <br />maintenance. and operation of the project herein described and <br />such expenses as may be necessary to cure the cause of default; <br />(c) take possession at the project, repair. maintain, and <br />operate or lease it; (d) act upon the security (described in <br />paragraph A.14. above) conveyed to the State; (e) take action <br />to enforce paragraphs A.ll. and 13. above; and/or (f) take any <br />other appropriate legal action. All remedies described herein <br />may be simultaneously or selectively and successively <br />enforced. The provisions of this contract may be enforced by <br />the State at its option without regard to prior waivers by it <br />of previous defaults by the Contractor. through judicial <br />proceedings to require specific performance of this contract. <br />or by such other proceedin9s in law or equity as may be deemed <br />necessary by the State to ensure compliance with provisions of <br />this contract and the laws and regulations under which this <br />contract is entered into. <br /> <br />C. The State agrees that it shall: <br /> <br />1. Loan to the Contractor for the construction of the <br />project an amount not to exceed Sixty-Five Thousand Dollars <br />($65.000). Said Sixty-Five Thousand Dollars ($65.000) shall be <br />made available to the Contractor in accordance with the <br />following terms and conditions: <br /> <br />a. Commencing ten (10) -days from the date of this <br />contract and tor every month thereafter until said <br />project has been completed. the Contractor shall <br />prepare. with the assistance of the Consultant <br />referred to in paragraph A.l. above, an estimate of <br />the funds required for project construction during <br />that month and shall forward said estimate to the <br />State not less than fifteen (15) days prior to the <br />beginning of such month. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate. the State will. within forty (40) <br />days from the receipt of such estimate. pay over to <br />the Contractor the amount of the monthly estimate or <br />such portion thereof as has been approved by the State. <br /> <br />Page ~ of 10 Pages <br />
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