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<br />completed shall be retained by the BORROWER. If the net insurance proceeds are insufficient to <br />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. In the event Borrower opts to repay the <br />loan, Borrower shall remain responsible for the full loan amount outstanding regardless of the <br />amount of such insurance proceeds or condemnation award. <br /> <br />9. Captions. The captions and headings contained in this contract are for convenience and <br />reference only and shall not be construed so as to define or limit the terms or provisions <br />contracted herein. <br /> <br />10. 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 for <br />the purpose of verifying BORROWER'S compliance with this contract and shall not be construed or <br />interpreted as a technical review or approval of the actual design or construction of the PROJECT <br />rehabilitation. Notwithstanding any consents or approvals given to the BORROWER by the STATE <br />on any such documents, BORROWER and its CONSULTANT, by preparing any such documents, <br />shall be solely responsible for the accuracy and completeness of any of said documents. <br /> <br />11. Waiver. The waiver of any breach of a term of this contract shall not be construed as a waiver of <br />any other term, or of any subsequent breach of the same term. <br /> <br />12. 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 />Otero Ditch Company <br />P.O. Box 239 <br />La Junta, CO 81050 <br /> <br />Colorado Water Conservation Board <br />Attn: Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />D. SPECIAL PROVISIONS (6/97 version). State Fiscal Rule 3-1 requires the inclusion of these <br />Special Provisions in every STATE contract, including grants. <br /> <br />Controller's Approval <br /> <br />1. This contract shall not be deemed valid until it shall have been approved by the Controller of the State of <br />Colorado or such assistant as he may designate, This provision is applicable to any contract involving the <br />payment of money by the STATE. <br /> <br />FUND AVAILABILITY <br /> <br />2. Financial obligations of the State of Colorado payable after the current fiscal year are contingent upon <br />funds for that purpose being appropriated, budgeted, and otherwise made available. <br /> <br />BOND REQUIREMENT <br /> <br />3. If this contract involves the payment of more than fifty thousand dollars for the construction, erection, <br />repair, maintenance, or improvement of any building, road, bridge, viaduct, tunnel, excavation or other <br />public workfor this STATE, the CONTRACTOR shall, before entering upon the performance of any such work <br />included in this contract, duly execute and deliver to the STATE official who will sign the contract, a good <br />and sufficient bond or other acceptable surety to be approved by said official in a penal sum not iess than <br />one-half of the total amount payable by the terms of this contract. Such bond shall be duly executed by a <br />qualified corporate surety conditioned upon the faithful performance of the contract and in addition, shall <br />provide that if the CONTRACTOR or his subcontractors fail to duly pay for any labor, materials, team hire, <br /> <br />Otero Ditch Company <br /> <br />Page 10 of 13 <br /> <br />Loan Contract <br />