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1 <br /> on January 1, 1980, and yearly thereafter until the entire <br /> principal sum shall have been paid. Said installment payment <br /> shall be made payable to the Colorado Water Conservation Board, <br /> payable at the offices of said board 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 agree- <br /> ment contained herein, the State , at its option may (a) declare <br /> the entire principal amount then outstanding immediately due and <br /> payable , (b) for the account of the Contractor incur and pay <br /> reasonable expenses for repair, maintenance , and operation of the <br /> domestic water system herein described and such other reasonable <br /> expenses as may be necessary to cure the cause of default, and/or <br /> (c) take possession of the system, repair, maintain, and operate <br /> or lease it. The provisions of this contract may be enforced by <br /> the 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 n s ary by the <br /> State to insure compliance with provisions of t o and <br /> the laws and regulations under which this cont <br /> B. The State agrees that it will : <br /> 1. Make available to the Contractor for the p r o <br /> contract the sum of Three Hundred Ninety-Five Thousan <br /> ($395,000.00) . Said Three Hundred Ninety-Five Thousand Dollars <br /> ($395 ,000.00) shall be made available to the Contractor in <br /> accordance with the following terms , schedule and conditions : <br /> a. Beginning with the monthly period commencing October 1, <br /> 1977, and for every month thereafter until said project has <br /> been completed, the Contractor shall prepare with the <br /> consulting engineer' s help , an estimate of the funds required <br /> from the State for project construction during that month and <br /> shall forward said estimate to the State not less than fifteen <br /> (15) days prior to the beginning of such month. <br /> b. Upon receipt and approval by the State of such monthly <br /> estimate, the State will, within thirty (30) days from the <br /> receipt of such estimate, pay over to the Contractor the <br /> amount of the monthly estimate or such portion thereof as has <br /> been approved by the State. <br /> 2. Assist the Contractor with such technical assistance as the <br /> State deems appropriate in planning, constructing, and operating <br /> the project and in coordinating the project with local official <br /> comprehensive plans for sewer and water and with any state or <br /> area plans for 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 <br /> termination of any or all of the Contractor's obligations under <br /> this agreement, with or without valuable consideration, upon such <br /> terms and conditions as the State may determine to be (a) advisable <br /> to further the purposes of this contract or to protect the State's <br /> financial interest therein, and (b) consistent with both the <br /> statutory purposes of this contract and the limitations of the <br /> statutory authority under which it is made. <br /> 4. Upon completion of the payment of the full purchase price to <br /> the State in the sum of Four Hundred Forty-Two Thousand Three <br /> Hundred Thirty-Six Dollars ($442,336.00) as set forth in paragraph <br /> A. 9. of this contract, convey to the Contractor all of the State' s <br /> right, title and interest in and to the project by deed or other <br /> proper conveyance. <br /> Page 3 of 5 pages <br />