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<br />-, <br />. "'} <br /> <br />6. STATE may release contract at its option. In its sole discretion, the STATE may at any time give any" <br />consent, deferment, subordination, release, satisfaction, or termination of any or all of the BORROWER'S <br />obligations under this contract with valuable consideration, upon such terms and conditions as the STATE may <br />determine to be: <br /> <br />a. advisable to further the purposes of this contract or to protect the STATE'S financial interest therein, <br />and <br /> <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, (al the BORROWER'S <br />PROJECT facilities and/or property pledged as collateral for this loan, including buildings or any portion thereof, <br />are damaged or destroyed, in whole or in part, by fire or other casualty, or (b) title to or use of the PROJECT <br />facilities or any part thereof shall be taken under the exercise of the power of eminent domain, the BORROWER <br />shall cause the net proceeds of any insurance claim or condemnation award to be applied to the prompt <br />replacement, repair and restoration of the PROJECT facilities or any portion thereof. Any net proceeds remaining <br />after such work has been completed shall be paid to the BORROWER. If the net proceeds are insufficient to pay <br />the full cost of the replacement, repair and restoration, the BORROWER shall complete the work and pay any cost <br />in excess of the net proceeds. <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 />Attn: William P."Stanton <br /> <br />Kings Row Homeowners Association <br />c/o Leavenworth & Caloia, P .C. <br />P. O. Drawer 2030 <br />Glenwood Springs, CO 81602 <br />Attn: Mr. Loyal E. Leavenworth <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 />KINGS ROW HOMEOWNERS ASSOCIATION <br /> <br />Page 8 of 11 <br /> <br />LOAN CONTRACT <br />