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plans and specifieations for the design and construction as descri.bed in Recital E above and the 1992 Agreeinent. 2. Oversi~ht and Fiscal Agent Res~onsibilitv. The County will serve as Fiscal Agent for the Project. I~Z consultation with other Parties to this agreement, it will pravide direct oversight of the project management agreement witll the River District. 3. Fundin~ Obligations. Each Party hereby agrees to allocate funds (the "Punds") up to an aggregate maximum of $b5,000 for implementation of Phase I as follows: County: $49,600 (76.4% of the final cost) Town of Dillon: $12,400 (20% of the finai cost) Town of Silverthome~ $3,000 (or 4.6% of the final cost) Summit Count, acting as the Fiscal Agent, will invoice each Party for expenses incurred. Each Party will have 60 days from the date of invoice to make paytnent. 4. Amendments. Parties to this Old Dillon Reservoir Consortium Agreement agree to revisit the terms af this Agreement, including but not Iimited to the provisions regarding funding obligations, upon co~npletion of the first phase of the Project and to amend this Agreement as necessary to facilitate implernentation of the prefened alternative. 5. Annual Appropriation and Termination. This Agreement is subject to and contingent upon the parties' aruiual budgeting and appropriation of fiznds, in accordance with law, required to undertaka their respective obligations for any particular calendar budget year. This Agreement, therefare, may be terminated by any party due to a failure of that party to budget necessary funds by giving written notice of such failure to budget ta the other parties. In the event that this Agreement is terminated by any party prior to the completion of the Project, the terminating party sl~all be Iiable for all sums already appropriated and budgeted for the then current calendar budget year. 6. Termination. In the event that any party terminates its participation in this Agreement in accordance with the foregoing pazagraph 5, the Agreement shall remain in full force and effect as between the remaining parties unless either af such parties notifies the other party of its intention to terminate its participation. Upon terminakion by either of the remaining parties, the Agreement shall be of no further force and effect; provided that alI parties shall be liable for all sums already appropriated and budgeted for the then cunent calendar budget year. 7. Enforceabilitv. If any portion of this Agreement is deemed invalid or unenforceable by a court of competent jurisdiction as to any party, such invalidity or unenforceability shall not cause the entire Agreement to be terminated. 8. Notices. All notices, demands or other communications required or permitted to be given hereunder will be in writing and any and all such items will be deemed to have been C:IDDCUMENTS AND SETTINGSICMCnONNELLILQCAL SEfTING5ITEMPORARY INTERNET FILE510LK2012005090&LOCAL iGA OLD DILLON CONSORTIUM- PETA03 ORAF~ CLF1W (2).DOC 3