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<br />Town of Rangely
<br />Emergency Loan Contract
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<br />No prior or contemporaneous addition, deletion, or other amendment hereto shall have any"',._"
<br />force or effect whatsoever unless embodied herein in writing. No subsequent notation, '
<br />renewal, addition, deletion, or other amendment hereto shall have any force or effect unless
<br />embodied in a written contract executed and approved pursuant to State fiscal rules.
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<br />5. (State may release contract at its option): Pursuant to 937-60-120,
<br />C.R.S., and its other authority, 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
<br />Borrower's obligations under this Contract with or without valuable consideration, upon such
<br />terms and conditions as the State may determine to be:
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<br />a. advisable to further the purposes of this Contract or to protect the state's
<br />financial interest therein, and
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<br />b. consistent with both the statutory purposes of this Contract and the
<br />limitations of the statutory authority unQ('[ which it is made.
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<br />6. (The Borrower further Warrants): The, B(,rrower warrants that by
<br />acceptance of the loan money pursuant to the terms of,this contract and by the Borrower's
<br />representation herein, the Borrower shall be eston;eJ' fwm asserting for any reason that it is
<br />not authorized or obligated to repay the loan mopey to ~the State as required by this contract.
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<br />7. (Casualty and Eminent Domain): If, at (U',y,time, during the term of this
<br />Contract, (a) the Borrower's Project facilities whidi ,<h-e,'pledged as collateral for this loan,
<br />including buildings, or any portion thereof, are dafuaMd~ or destroyed, in whole or in part,
<br />by fire or other casualty, or (b) title to or use of tl-ie~j>r9ject facilities or any part thereof
<br />shall be taken under the exercise of the power of er.linej]~ domain, the State and the
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<br />Borrower shall cause the net proceeds of any insuranee Claim or condemnation award to be
<br />applied to the prompt replacement, repair and restoration of the Project facilities or any
<br />portion thereof. Any net proceeds remaining after such work has been completed shall be
<br />paid to the Borrower. If the net proceeds are insufficient to pay the full cost of the
<br />replacement, repair and restoration, the Borrower shall complete the work and pay any cost
<br />in excess of the net proceeds (provided, however, that the Borrower shall be obligated to pay
<br />any such cost in excess of net proceeds only to the extent of any moneys available therefor
<br />in any funds created under this Contract).
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<br />8. (Borrower to make the services of said project available without
<br />discrimination): The Borrower shall make the services of said project available within
<br />its capacity to all qualified persons in the Borrower's service area without discrimination as
<br />to race, color, religion, or natural origin at reasonable charges (including assessments, taxes,
<br />or fees), whether for one or more classes of service, in accordance with a schedule of such
<br />charges formally adopted by the Borrower through its By-laws, as may be modified from
<br />time to time. The initial rate schedule must be approved in writing by the State before any
<br />such charges are initially assessed. Thereafter, the Borrower may, subject to the approval of
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<br />Page 10 of 12 Pages
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