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WHEREAS, the parties agree that it would be mutually <br />beneficial to terminate the Contractor's separate Twenty -Two <br />Thousand Six Hundred Eighty- Three - Dollar ($22,683) obligation <br />under the feasibility report contract provided that the <br />repayment of the Twenty -Two Thousand Six Hundred Eighty -Three <br />Dollars ($22,683) (which represents the principal amount <br />provided by the State for the purpose of partially funding the <br />feasibility report for the rehabilitation of the Barnes Meadow <br />Dam and Reservoir) will be integrated with the Contractor's <br />repayment of the construction loan of the project contract, <br />which will be executed contemporaneously with and immediately <br />prior to the execution of this termination contract. <br />NOW, THEREFORE it is hereby agreed that: <br />1. The feasibility report contract entered into between <br />the State and the Contractor on July 1, 1.987 (attached as <br />Exhibit B and incorporated by reference herein), Contract <br />Encumbrance No. C- 153495, is hereby terminated and the <br />remaining obligations of the State and the Contractor under the <br />terms of that contract are no longer enforc - bl.e. <br />2. The Contractor agrees to th ,11 ca' terms for the <br />repayment of Twenty -Two Thousand Si. r,Hl+ii4 ed El y -Three <br />Dollars ($22,683) which represents the pr' 1 unt <br />provided b the State as partial f' c.' <br />Y P aii'.' �A easi.bility <br />report under the terms of the fea�t�' r� rt contract: <br />a. The Twenty -Two Thousand Six Hundred Eighty -Three <br />Dollars ($22,683) referred to above will be added to <br />that amount loaned to the Contractor by the State <br />under the project contract for the rehabilitation work <br />on the Barnes Meadow Dam and Reservoir. <br />b. The total amount described in paragraph 2.a. <br />above and interest for the full term will be repaid <br />under the terms of the project contract to be entered <br />into between the State and the Contractor. <br />3. This termination of the feasibility report contract <br />will not be effective until such time as a valid and <br />enforceable project contract containing the terms of paragraph <br />2. above is in effect for the rehabilitation work on the Barnes <br />Meadow Dam and Reservoir. <br />Page 2 of 4 Pages <br />