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_ MI! Thirty Thousand Seven Hundred Nine Dollars and Twenty-Six Cents (S30,709.26) each, which first installment shall be due and payable on December 1, 1984, and yearly thereafter until the entire principal sum shall have been paid. Said installment payments shall be made payable to the Colorado Water Conservation Board, payable at the offices of said bard in Denver, Colorado. 13. Obtain and maintain general fire and hazard insurance on the project system in an amount not less than the amount owing to the State for purchase of the project system until the Contractor has purchased the project system. The State shall be the sole insured of this policy. The purchase price payable to the State shall be reduced in the amount of any payments made to the State under this insurance coverage; if only a portion of. the purchase price is paid to the State uncle r. this policy, the number of installment payments stall remain unchanged, however the amount of each payment shall be reduced. 14. Comply with Construction Fund Program Procedures attached hereto as Schedule A. 15. Comply with the provisions of Section 5 of S.B. 439, 1981 Session of the Colorado General Assembly. 16. Not sell, convey, assign, grant, transfer, or otherwise dispose of the project or any portion thereof, so long as any of the annual installments required by paragraph A.12. above remain unpaid, without the prior written concurrence of the State. 8. Upon default in the payments he t f to be made by the Contractor, or in the performs a ovenant or agreement contained herein, the State, at its option, may (a) declare the entire principal amount then 'n immediately due and payable; (b) he n f e Contractor incur and pay reasons a en s , maintenance, and operation of th stem° erein described and such expenses as may be necessary to cure the cause of default; and/or (c) take possession of the system, repair, maintain, and operate or lease it. The provisions of this contract may be enforced by the State at its option without regard to prior waivers by it of previous defaults by the Contractor, through judicial proceedings to require specific performance of this contract or by such other proceedings in law or equity as may be deemed necessary by the State to insure compliance with provisions of this contract and the laws and regulations under which this contract is made. C. The State agrees that it shall: 1. Make available to the Contractor for the purpose of this contract not to exceed the sum of Six Hundred Seven Thousand Eight Hundred Sixty-Three Dollars and Fifty Cents. (5607,863.50). Said Six Hundred Seven Thousand Eight Hundred Sixty-Three Dollars and Fifty Cents (5607,863.50) shall be made available to the Contractor in accordance with the following terms and conditions: a. Beginning with the monthly period commencing December 1, 1982, and for every month thereafter until said project has been completed, the Contractor shall prepare with the assistance of the consulting engineer referred to in paragraph A. 1. above an estimate of the funds required from the State for project construction during that month and shall forward said estimate to the State not less than fifteen (15) days prior to the beginning of such month. Page 4 of 7 Pages