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6. STATE may release contract at its option. In its sole discretion, the STATE may at any time give any consent, deferment, subordination, release, satisfaction, or termination of any or all of the BORROWER'S obligations under this contract with or without valuable consideration, upon such terms and conditions as the STATE may determine to be: a. advisable to further the purposes of this contract or to protect the STATE'S financial interest therein, and b. consistent with both the statutory purposes of this contract and the limitations of the statutory authority under which it is made. '. 7: Casualty and emil)ent domain. If, at any time, during the term of this contract, (a) the BORROWER'S PROJECT facilities which lire pledged as collateral for this loan, including buildings or any portion thereof, are damaged or destroyed, in whole or in part, by fire or other casualty, or (b) title to or use of the PROJECT facilities or any part thereof shall be taken under the exercise of the power of eminent domain, the STATE and the BORROWER shall cause the net proceeds of any insurance claim or condemnation award to be applied to the prompt replacement, repair and restoration of the PROJECT facilities or any portion thereof. Any net proceeds remaining after such work has been completed shall be paid to the BORROWER. If the net proceeds are insufficient to pay the full cost of the replacement, repair and restoration, the BORROWER shall complete the work and pay any cost in excess of the net proceeds (provided, however, that the BORROWER shall be obligated to pay any such cost in excess of net proceeds only to the extent of any moneys available therefor in any funds created under this contract). 8. Cost-share. No monies will become available from this contract unless an equal amount is made available by the BORROWER as the equal cost-share for the PROJECT. 9. Captions. That the captions and headings contained in this contract are for convenience and reference only and shall not be construed so as to define or limit the terms or provisions contracted herein. 10. STATE'S approval. This contract.requires review and approval of plans, specifications, and various other technical and legal documents. The STATE'S review of these documents is only for the purpose of verifying BORROWER'S compliance with this contract and shall not be construed or interpreted as a technical review or approval of the actual design or construction of the PROJECT. Notwithstanding any consents or approvals given the BORROWER by the STATE on any such documents, BORROWER and its CONSULTANT preparing any such documents shall be solely responsible for the accuracy and completeness of any of the construction documents. 11. Severability. The parties intend that the various provisions of this contract is severable. If any part, term, or provision of this contract is held by a court of competent jurisdiction to be illegal, void, or unenforceable, or to render all or any portion of the remainder of this contract to be ille{JJJl, void, or unenforceable, the validity of the'remaining provisions of this contract shall not be affected. In such case, the invalid provision shall be considered deleted from this contract, and this contract shall be construed and enforced as if it did not contain the invalid provision. 12. Addresses for mailing. All notices, correspondence, or other documents required by this contract shall be delivered or mailed to the following addresses: For the STATE: For the BORROWER: Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 Attn: William P. Stanton Ute Water Conservancy District P. O. Box 460 Grand Junction, CO 81502-0460 Attn: Lawrence Aubert, Manager - C:\WP51\DOC\CONTRACT\UTE.con UTE WATER CONSERVANCY DISTRICT Page 9 of 11 LOAN CONTRACT