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I I <br />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 he 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 installment payments shall remain <br />unchanged, however the amount of each payment shall be <br />reduced. <br />14. Comply with Construction Fund Program Procedures <br />attached hereto as Schedule A. <br />15. Comply with the provisions of Section 5 of S.B. 439, <br />1981 Session of the Colorado General Assembly. <br />B. Upon default In the payments herein set'forth to be made <br />by the Contractor, or in the performance of any covenant or <br />agreement contained herein, the State, at its option, may (a) <br />declare the entire principal amount then outstanding <br />Immediately due and payable; (b) for the account of the <br />Contractor incur and pay reasonable expenses for repair, <br />maintenance, and operation of the system herein described and <br />such expenses as may be necessary ure h cause of default; <br />and /or (c) take possession of the m, ir, maintain, and <br />operate or lease it. The provi of i contract may be <br />enforced by the State at its o wi regard to prior <br />waivers by it of previous def by e Contractor, through <br />judicial proceedings to require pe performance of this <br />contract or by such other proceedi gs law or equity as may <br />be deemed necessary by the State 'nsure compliance with <br />provisions of this contract and 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 Four Hundred Sixty -Five <br />Thousand .Dollars ($465,000). Said Four Hundred Sixty -Five <br />Thousand Dollars ($465,000) shall he made available to the <br />Contractor in accordance with the following terms and <br />conditions: <br />a. Beginning with the monthly period commencing <br />August 15, 1981, and for every month thereafter until <br />said project has been completed, the Contactor 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 Lhe monthly estimate or <br />�- h �� prov,� -d by 1 -he. <br />suc;ii Portia +� .her�af �s h�s� �e^ Y' <br />State. <br />C. No payments will he 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 />2. Provide the Contractor with such technical assistance <br />as the State deems appropriate in planninq, constructinq, and <br />operatioq the project and in coordinating the project with <br />local official comprehensive plans for sewer and water and with <br />Page 4 of' 7 <br />