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5. In consideration of the State assuming a portion of the <br />cost of the preparation of the said project feasibility report, <br />the Contractor shall pay to the State the sum of Two Thousand <br />Five Hundred Ninety Dollars ($2,590) provided that construction <br />of the subject water project is initiated within ten (10) years <br />of the date of this contract. The Contractor shall fulfill this <br />obligation irrespective of how or by whom or to what <br />specifications or plans the subject project is financed, paid, or <br />constructed for so long as construction of the project is <br />initiated within the specified time. <br />6. In the event the Contractor must make payment pursuant <br />to the terms of paragraph 5 above, then the said sum of Two <br />Thousand Five Hundred �inety Dollars ($2,590) shall be payable in <br />ten (10) equal yearly installments of Two Hundred Fifty-Nine <br />Dollars ($259) each, the first installment to be due and payable <br />upon the January 1st next suc d' initiation of <br />construction on the said wate Subsequent payments <br />shall be due and payable on J st of ach year thereafter. <br />7. This contract is a i , and assignment of <br />performance by the Contract��� o er is prohibited unless <br />prior approval in writing is granted by the State. <br />8. The Contractor is an independent contractor and as such <br />is not entitled to any benefits of the State perso�nel system. <br />9. All notices, correspondence, or other documents required <br />�y tnis contract shall be delivered or mailed to the following <br />addressea: <br />a. For the State b. For the .Contractor <br />Director Leroy Everett, President <br />Colorado Water Conservation Board Bauer Lakes Water Co. <br />721 State Cantennial Building 11747 Co. Rd. 41 <br />1313 Sherman Street Mancos, CO 81328 <br />Denver, CO 80203 <br />Attn: Nick Ioannides <br />Page 2 of 4 Pages <br />