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V. CONSIDERATION <br /> A. Term <br /> The consideration amount for the Premises during the Term shall be the sum of Thirty eight thousand <br /> one hundred five and 12/100 dollars ($38,105.12). Grantee shalt pay to the State Land Board the <br /> amount due during the Term of this Contract at the office of the State Land Board specified in the first <br /> paragraph of this Contract. No portion of any prepaid amount is refundable, unless otherwise stated <br /> herein. The initial payment will be due thirty (30) days after this Contract is fully executed. If such <br /> due date shall fall on a weekend or state holiday, such due date shall be the next business day following <br /> such weekend or holiday. <br /> Failure to make any payment required under this Contract, which is not paid within thirty (30) days of <br /> its due date, shall be subject to interest, processing fees and penalties as specified in Section XXI.B.3. <br /> The State Land Board's acceptance of less than the full amount due shalt not operate as an accord and <br /> satisfaction and shall not operate as a waiver of the State Land Board's right to collect the full amount <br /> which is actually due hereunder. <br /> B. Holdover <br /> If Grantee remains in possession of the Premises after the termination of this Contract (by expiration <br /> or otherwise) Grantee shall be liable for additional consideration during such holdover possession. The <br /> additional amount due shall not be less than the rate agreed upon in this Contract, and the State Land <br /> Board may fix a new rate, which shall be paid by the Grantee during continued occupancy. At the <br /> State Land Board's option, the Grantee shall be construed to be in possession of the Premises and to <br /> be occupying the same so tong as the Premises are used in any way to any extent by Grantee, or so <br /> long as any Facilities, unauthorized improvements or personal property remain on the Premises. <br /> Continued occupancy shall not establish a new or extended Contract Term or other right, no matter <br /> how long maintained and regardless of the State Land Board's knowledge thereof. <br /> VI. PERMITS <br /> Grantee may terminate this Contract upon written notice to the State Land Board if Grantee is unable to <br /> obtain, or maintain as required approval(s) or the issuance of, a license or permit by any agency, board, <br /> court or other governmental authority necessary for the construction or operation of the Facilities as now <br /> or hereafter intended by Grantee so long as Grantee pays a termination fee equal to three (3) months <br /> consideration at the then-current rate pursuant to Section V. <br /> VII. INSURANCE <br /> The Grantee at its sole cost and expense, shall during the entire Term hereof procure, pay for and keep <br /> in full force and affect the following types of insurance. If Grantee or subcontractor is a governmental <br /> entity as defined in the Colorado Governmental Immunity Act (CGIA) C.R.S. 5 24-10-101 et seq., Grantee <br /> may provide coverage as self-insured entity as outlined in the CGIA. If Grantee or subcontractor is a non- <br /> governmental entity then the following insurance provisions shall apply: <br /> A. Property Insurance <br /> A policy of property insurance covering all insurable Facilities located on the Premises (except for <br /> land, foundation, excavation, and other matters normally excluded from coverage), in an amount not <br /> less than necessary to cover the replacement cost. Such insurance shalt afford protection against at <br /> least the following: (1) loss or damage from fire and other perils normally covered by the standard <br /> extended coverage endorsement; and (2) such risks as shall customarily be covered with respect to <br /> projects similar in construction, location and use, including all perils normally covered by the standard <br /> "all risk" endorsement where such is available. <br /> ROW 113070 Page 2 of 16 Revised DOL_20180717 <br />