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WHEREAS, the termination contract provides that the Contractor will repay to <br /> the State the principal amount of Nine Thousand Five Hundred Seventy-Seven Dollars <br /> and Fifty Cents ($9,577.50) under the terms and conditions of that termination contract <br /> in consideration of the State's partial financing of the feasibility report for the project <br /> pursuant to the feasibility report contract; and <br /> WHEREAS, the State now desires by this project contract to loan money for the <br /> construction of said project upon mutually agreeable terms and conditions, subject to <br /> the availability of funding for that purpose; and <br /> WHEREAS, the State and the Contractor agree that the repayment of the <br /> feasibility report funding shall be consolidated with the repayment of the project <br /> construction loan; and <br /> WHEREAS, pursuant to the Contractor's By-Laws, the Contractor has the <br /> authority to contract to borrow money provided that a Resolution be duly passed by the <br /> Board of Directors and to levy assessments assuring repayment of the State according <br /> to the terms of the contract; and <br /> WHEREAS, pursuant to Section 1 of Chapter 32, Session Laws of Colorado <br /> 1987, as amended by HB 93-1273, the State has been authorized to loan Seven <br /> Hundred Thousand Dollars ($700,000) for construction of the project, including the <br /> cost of the feasibility report. <br /> WHEREAS, the Contractor or Borrower understands that this Contract is also a <br /> promissory note for the repayment of funds loaned to the Borrower according to the <br /> terms set forth herein. <br /> NOW THEREFORE, in consideration of the mutual and dependent covenants <br /> herein contained, it is agreed by the parties hereto as follows: <br /> A. The State and the Contractor have previously entered into a termination <br /> contract, attached hereto as Exhibit A, and a feasibility report contract, attached hereto <br /> as Exhibit B. Exhibits A and B are incorporated by reference herein. <br /> The Contractor agrees that it shall: <br /> 1. Employ an engineering firm (hereinafter referred to as the Consultant) to <br /> prepare project plans and specifications for the project. Both the Consultant and the <br /> project plans and specifications must be approved in writing by the State before <br /> construction on the project can commence. For purposes of this paragraph, <br /> "construction" includes any real estate and water rights acquisitions. <br /> Page 2 of 12 Pages <br />