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<br />the loan made by the state to the Contractor until the <br />Contractor has repaid the loan in full under the terms of <br />paragraph B.13. above. The state shall be the sole insured of <br />this policy. The Contractor shall submit certificates of <br />insurance evidencing such insurance policies to the state at the <br />signing of this contract. Notices of renewals of said policies <br />shall also be filed with the state as they occur. The <br />outstanding loan amount payable to the state shall be reduced in <br />the amount of any payments made to the state under this <br />insurance coverage. If only a portion of the outstanding 10qn <br />amount is paid to the state under this policy, the number of <br />installment payments shall remain unchanged; however, the amount <br />of each payment shall be reduced. <br /> <br />16. Comply with the Construction Fund Program Procedures <br />attached hereto as Exhibit F and incorporated by reference <br />herein. <br /> <br />17. Comply with the provisions of section 37-60-120, <br />Colorado Revised statutes, and any other applicable statutes, <br />procedures, requirements, rules, or regulations which the state <br />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 B.13. above remain unpaid, without the <br />prior written concurrence of the state. <br /> <br />\ <br />\ <br />I <br />i <br /> <br />C. Upon default in the payments herein set forth to be made by <br />the Contractor, or default in the performance of any covenant or <br />agreement contained h~rein, the state, at its option, may: (a) <br />declare the entire principal amount then outstanding immediately <br />due and payable; (b) for the account of the Contractor, incur <br />and pay reasonable expenses for repair, maintenance, and <br />operation of the project herein described and such expenses as <br />may be necessary to cure the cause of default, which costs the <br />Contractor agrees to reimburse to the state; (c) take possession <br />of the project, repair, maintain, and operate or lease it; (d) <br />act upon the security (described in paragraph B.14. above) <br />conveyed to the state; (e) take action to enforce paragraphs <br />B.l1. and 13. above; and/or (f) take any other appropriate legal <br />action. All remedies described herein may be simultaneously or <br />selectively and successively enforced. The provisions of this <br />contract may be enforced by the state at its option without <br />regard to prior waivers by it of previous defaults by the <br />Contractor, through judicial proceedings to require specific <br />performance of this contract, or by such other proceedings in <br />law or equity as may be deemed necessary by the state to ensure <br />compliance with provisions of this contract and the laws and <br />regulations under which this contract is entered into. <br /> <br />D. 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 Three Hundred Four Thousand <br />Dollars ($304,000). Said Three Hundred Four Thousand Dollars <br />($3D4,000) shall be made available to the Contractor in <br />accordance with the following terms and conditions: <br /> <br />a. Commencing ten (10) days from the date of this <br />contract and for every month thereafter until said <br />project has been completed, the Contractor shall <br />prepare, with the assistance of the Consultant referred <br />to in paragraph B.1. above, an estimate of the funds <br />required for project construction during that month and <br />shall forward said estimate to the state not less than <br />fifteen (15) days prior to the beginning of such month. <br /> <br />b. Upon receipt and approval by the state of such <br /> <br />Page ~ of 10 pages <br />