C153314 Paid in Full Documents

• Contract/PO #: C153314
• Contractor Name: Town of Parachute
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

9. To purchase from the State all of the State ' s right, title,
and interest in said project and any facilities thereof at a total
purchase price of Four Hundred Thirty-Two Thousand Six Hundred Dollars
($432, 600) , payable in forty (40) annual installments of Ten Thousand
Eight Hundred Fifteen Dollars ($10, 815) each, which first installment
shall be due and payable on October 1, 1981, and yearly thereafter
until the entire principal sum shall have been paid. Said installment
payment shall be made payable to the Colorado Water Conservation
Board, payable at the offices of said board in Denver, Colorado.
10. Upon default in the payments herein set forth to be made by
the Contractor, or in the performance of any covenant or agreement
contained herein, the State, at its option, may (a) declare the entire
principal amount then outstanding immediately due and payable; (b) for
the account of the Contractor, incur and pay reasonable expenses for
repair, maintenance, and operation of the domestic water system herein
described and such other reasonable expenses as may be necessary to
cure the cause of default; and/or (c) take possession of the system,
repair, maintain, and operate or lease it. The provisions of this
contract may be enforced by the State, at its option without regard
to prior waivers by it of previous defaults by the Contractor, through
judicial proceedings to require specific performance of this contract
or by such other proceedings in law or equity as may be deemed
necessary by the State to insure compliance with provisions of this
contract and the laws and regulations under which this contract is
made.
B. The State agrees that it will :
1. Make available to the Contractor for the purpose of this
contract the sum of Two Hundred Forty-Seven Thousand Eight Hundred
Dollars ($247, 800) . Said Two Hundred Forty-Seven Thousand Eight
Hundred Dollars ($247, 800) shall be made available to the Contractor
in accordance with the following terms, schedule, and conditions :
a. Beginning with the monthly period commencing September 15,
1979, and for every month thereafter until said project has been
completed, the Contractor shall prepare with the consulting
engineer ' s help an estimate of the funds required from the State
for project construction during that month and shall forward said
estimate to the State not less than fifteen (15) days prior to
the beginning of such month.
b. Upon receipt and approval by the State of such monthly
estimate, the State will, within forty (40) days from the receipt
of such estimate, pay over to the Contractor the amount of the
monthly estimate or such portion thereof as has been approved by
the State.
2. Assist the Contractor with such technical assistance as the
State deems appropriate in planning, constructing, and operating the
project and in coordinating the project with local official compre-
hensive plans for sewer and water and wit . y state or area plans for
the area in which the project is located. Al s �
3. In its sole discretion, the to may .y . ime give any
consent, deferment, subordination, „ satisfa ion, or termina-
tion of any or all of the Contractc�, .;': N lir ii under this agree-
ment, with or without valuable considerti90 � uoirterms and
conditions as the State may determine to be " (a 4 le to further
the purposes of this contract or to protect the S el financial
interest therein and (b) consistent with both the statutory purposes
of this contract and the limitations of the statutory authority under
which it is made.
4. Upon completion of the payment of the full purchase price to
the State in the sum of Four Hundred Thirty-Two Thousand Six Hundred
Dollars ($432, 600) as set forth in paragraph A. 9. of this contract,
to convey to the Contractor all of the State ' s right, title, and
interest in and to the project by deed or other proper conveyance.
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