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the Contractor has purchased the project system. The State <br />shall be the sole insured of this policy. The purchase price <br />payable to the State shall be reduced in the amount of any <br />payments made to the State under this insurance coverage; if <br />only a portion of the purchase price is paid to the State under <br />this policy, the number of installn�ent payments shall remain <br />unchanged, however the amount of E�.ch payment shall be <br />reduced. <br />14. Comply with Construc*ion Fund Proqram Procedures <br />attached hereto as Schedule A. <br />15. Comply with the prooisions of Section 5 of S.B. 439, <br />1981 Session of the Colorado �pnoral Assembly. <br />16. Not se11, convey, assign, qrant, transfer, or <br />otherwise dispose of the pru�e�:t or any portion thereof, so <br />long as any of the annual i�stallments required by paragraph <br />A.12. above remain unpaid, witnout the prior written <br />concurrence of the State. <br />B. Upon default in the pa m n in set forth to be made <br />by the Contractor, or in th ce of any covenant or <br />agreement contained herein, e, at its option, may (a) <br />declare the entire principal amoun utstanding <br />immediately due and paya (b���count of the <br />Contractor incur and pay��n 1 nses for repair, <br />maintenance, and operati f the system herein described and <br />such expenses as may be necessary to cure the cause of default; <br />and/or (c) take possession of the system, repair, maintain, and <br />operate or lease it. The provisions of this contract may be <br />enforced by the State at its option without reqard to prior <br />waivers by it of previous defaults by the Contractor, through <br />judicial proceedings to require specific performance of this <br />contract or by such other proceedings in law or equity as may <br />be deemed necessary by the State to insure compliance with <br />provisions of this contract and the laws and regulations under <br />which this contract is made. <br />C. The State agrees that it shall: <br />1. Make available to the Contractor for the purpose of <br />this contract not to exceed the sum of One Hundred Fifty <br />Thousand Dollars ($150,000). Said One Hundred Fifty Thousand <br />Dollars ($150,000) shall be made available to the Contractor in <br />accordance with the following terms and conditions: <br />a. Beginning with the monthly period commencing <br />August t, 1982, and for every month thereafter until <br />said project has been completed, the Contractor shall <br />prepare with the assistance of the consulting <br />engineer referred to in paragraph A.1. above an <br />estimate of the funds required from the State for <br />project construction during that month and shall <br />forward said estimate to the State not less than <br />fifteen (15) days prior to the beginning of such <br />month. <br />b. Upon receipt and approval by the State of such <br />monthly estimate, the State will, within forty (40) <br />days from the receipt of such estimate, pay over to <br />the Contractor the amount of the monthly estimate or <br />such portion thereof as has been approved by the <br />State. <br />c. No payments will be made under this contract <br />until the project plans and specifications referred <br />to in paragraph A.1. above are approved by the State. <br />Page 4 of 7 Pages <br />