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<br />replacement, repair and restoration, the BORROWER shall complete the work and pay any <br />cost in excess of the net proceeds. <br /> <br />8. 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 />9. STATE'S Approval, This contract requires review and approval of plans, specifications, <br />and various other technical and legal documents. The STATE'S review of these <br />documents is only for the purpose of verifying BORROWER'S compliance with this contract <br />and shall not be construed or interpreted as a technical review or approval of the actual <br />design or construction of the PROJECT rehabilitation. Notwithstanding any consents or <br />approvals given to the BORROWER by the STATE on any such documents, BORROWER and <br />its CONSULTANT, by preparing any such documents, shall be solely responsible for the <br />accuracy and completeness of any of said documents. <br /> <br />10. Waiver. The waiver of any breach of el term of this contract shall not be construed as a <br />waiver of any other term, or of any subsequent breach of the same term. <br /> <br />11. Addresses for mailing. All notices, correspondence, or other documents required by <br />this contract shall be delivered or mailed to the following addresses: <br /> <br />For the STATE: For the BORROWER: <br /> <br />Colorado Water Conservation Board <br />Attn.: Construction Fund Section <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Pinon Mesa Ranches Community Assn. <br />300 Angus Road CR310 <br />Ignacio, CO 81137 <br /> <br />D. Special provisions (1997 version) <br /> <br />1. Controller's Approval. This contract shall not be deemed valid until it shall have been <br />approved by the Controller of the State of Colorado or such assistant as he may designate. <br />This provision is applicable to any 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 <br />fiscal year are contingent upon funds for that purpose being appropriated, budgeted, and <br />otherwise made available. <br /> <br />3. Bond Requirement. If this contract involves the payment of more than fifty thousand dollars <br />for the construction, erection, repair, maintenance, or improvement of any building, road, <br />bridge, viaduct, tunnel, excavation or other public work for this STATE, the CONTRACTOR shall, <br />before entering upon the performance of any such work included in this contract, duly <br />execute and deliver to the STATE official who will sign the contract, a good and sufficient <br />bond or other acceptable surety to be approved by said official in a penal sum not less than <br />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 <br />contract and in addition, shall provide that if the CONTRACTOR or his subcontractors fail to <br />duly pay for any labor, materials, team hire, sustenance, provisions, provendor or other <br />supplies used or consumed by such CONTRACTOR or his subcontractor in performance of the <br />work contracted to be done or fails to pay any person who supplies rental machinery, tools, <br />or equipment in the prosecution of the work the surety will pay the same in an amount not <br />exceeding the sum specified in the bond, together with interest at the rate of eight per cent <br /> <br />Pinon Mesa Ranches Community Association <br /> <br />Page 10 of 13 <br /> <br />Loan Contract <br />