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..� ,,' . , <br />� <br />a. Sixty percent (60�), to wit, Thirty Thousand Dollars <br />($30,000.00), of the total amount shall be paid to the <br />Contractor within 30 days of execution of this contract. <br />b. The remaining forty percent (40�), to wit, Twenty <br />Thousand Dollars ($20,000.00) of the total.amount shall <br />be paid to the Contractor within 30 days following <br />receipt and acceptance of the final work products <br />specified in paragraph 3 of this contract. <br />5. The Contractor agrees and understands that §$ 37-60-119 <br />through 37-60-122, C.R.S., require that the loan of money by the <br />State to the Contractor for this project be conditioned upon the <br />repayment of the loan to the State. The Contractor hereby agrees <br />to take any and all actions necessary to guarantee such repayment <br />as provided herein. <br />6. The Contractor agrees to repay the loan as follows: <br />a. Installments s ual annual payments of <br />$4,013, based upon $5 0 � ch is the principal amount <br />amortized in equal annual �over 20 years at 5$ <br />interest. � �. <br />� <br />b. Payments will ence the end of the first calendar <br />year following the first full irrigation season (April <br />through September) following approval of federal <br />legislation transferring operation, maintenance and <br />replacement responsibilities for Platoro Dam and <br />Reservoir from the United States to the Contractor, or <br />the end of the third calendar year following execution of <br />this contract, whichever occurs first. Payments will be <br />due on or before December 31 of each year. <br />c. In the event that the Contractor enters into a <br />contract with the State to obtain the remaining money <br />authorized pursuant to Senate Bill 15, the balance <br />remaining unpaid and owing pursuant to this contract may <br />be refinanced and repaid pursuant to the terms of the <br />subsequent contract. <br />7. Upon default in the payments herein set forth to be <br />made by the Contractor, or default in the performance of any <br />covenant or agreement contained herein, the State, at its option, <br />may declare the entire principal amount then outstanding <br />immediately due and payable and/or take any other appropriate legal <br />action. The provisions.of this contract may be enforced by the <br />State at its option without regard to prior waivers by it of <br />previous defaults by the Contractor, through judicial proceedings <br />to require specific performance of this contract, or by such other <br />proceedings in law or equity as may be deemed necessary by the <br />State to ensure compliance with provisions of this contract and the <br />3 <br />