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Twenty- Six.Thousand Twenty -Three Dollars and Fifty Cents ($26,023.50) <br />each, which first installment shall be due and payable on October 1,. <br />1981, and yearly thereafter until the entire principal sum shall have <br />been paid. Said installment payment shall be made payable to the <br />Colorado Water Conservation Board, payable at the offices of said board <br />in Denver, Colorado. <br />10. Upon default in the payments herein set forth to be made by <br />the Contractor, or in the performance of any covenant or agreement <br />contained herein, the State, at its option, may (a) declare the entire <br />principal amount then outstanding immediately due and payable; (b) for <br />the account of the Contractor incur and pay reasonable expenses for <br />repair, maintenance, and operation of the domestic water system herein <br />described and such other reasonable expenses as may be necessary to <br />cure the cause of default; and /or (c) take possession of the system, <br />repair, maintain, and operate or lease it. The provisions of this <br />contract may be enforced by the State, at its option without regard to <br />prior waivers by it of previous defaults by the Contractor, through <br />judicial proceedings to require specific performance of this contract <br />or by such other proceedings in law or equity as may be deemed necessary <br />by the State to insure compliance witboftrovigicps of this contract and <br />the laws and regulations under whic c ct is made. <br />B. The State agrees that it wil <br />1. Make available to the Cont ac or the purpose of this <br />contract the sum of Four Hundred Fi T ousand Dollars ($450,000). <br />Said Four Hundred Fifty Thousand D s (.$450 ,000) shall be made avail - <br />able to the Contractor in accordanc ith the following terms, schedule <br />and conditions: <br />a. Beginning with the monthly period commencing October 1, <br />1979 and for every month thereafter until said project has been <br />completed, the Contractor shall prepare with the consulting <br />engineer's help an estimate of the funds required from the State <br />for project construction during that month and shall forward said <br />estimate to the State not less than fifteen (15) days prior to <br />the beginning of such month. <br />b. Upon receipt and approval by the State of such monthly <br />estimate, the State will, within forty (40) days from the receipt <br />of such estimate, pay over to the Contractor the amount of t e <br />monthly estimate or such portion thereof as has been approved by <br />the State. <br />2. Assist the Contractor with such technical assistance as the <br />State deems appropriate in planning, constructing, and operating the <br />project and in coordinating the project with local official compre- <br />hensive plans for sewer and water and with any state or area plans for <br />the area in which the project is located. <br />3. in its sole discretion, the State may at any time give any <br />consent, deferment, subordination, release, satisfaction, or termina- <br />tion of any or all of the Contractor's obligations under this agreement, <br />with or without valuable consideration, upon such terms and conditions <br />as the State may determine to be (a) advisable to further the purposes <br />of this contract or to protect the State's financial interest therein, <br />and (b) consistent with both the statutory purposes of this contract <br />and the limitations of the statutory authority under which it is made. <br />Page 3 of 6 pages <br />