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6. In the event the Contractor must make payment pursuant to the terms of <br /> paragraph 5. above, then the said sum of Twelve Thousand Four Hundred <br /> Three Dollars ($12,403) shall be payable in ten (10) equal installments of <br /> One Thousand Two Hundred Forty Dollars and Thirty Cents ($1,240.30) <br /> each, the first installment to be due and payable upon the January 1st next <br /> succeeding the initiation of construction on the said water project. Subsequent <br /> payments shall be due and payable on January 1st of each year thereafter. <br /> WHEREAS, the State and the Contractor intend to enter into a separate contract <br /> (hereinafter referred to as the "project contract") in which the State will loan the <br /> Contractor money for the purpose of replacing its Poudre River diversion structure; and <br /> WHEREAS, initiation of construction to complete this project will create an <br /> obligation on the part of the Contractor to make payments under the terms, specifically <br /> paragraph Nos. 5. and 6., of the existing feasibility report contract; and <br /> WHEREAS, the parties agree that it would be mutually beneficial to terminate the <br /> Contractor's separate Nine Thousand Five Hundred Seventy-Seven Dollars and Fifty Cents <br /> ($9,577.50) obligation under the feasibility report contract provided that the repayment of <br /> the Nine Thousand Five Hundred Seventy-Seven Dollars and Fifty Cents ($9,577.50) <br /> (which represents the principal amount provided by the State for the purpose of partially <br /> funding the feasibility report for the replacement of the diversion structure) will be <br /> integrated with the Contractor's repayment of the construction loan of the project contract, <br /> which will be executed contemporaneously with and immediately prior to the execution of <br /> this termination contract. <br /> NOW, THEREFORE it is hereby agreed that: <br /> 1. The feasibility report contract entered into between the State and the Contractor <br /> on f iVor .► , 1993 (attached as Exhibit B and incorporated by reference herein), <br /> Contract Encumbrance No. C S'3 6 3H , is hereby terminated and the remaining <br /> obligations of the State and the Contractor under the terms of that contract are no longer <br /> enforceable. <br /> 2. The Contractor agrees to the following terms for the repayment of Nine Thousand <br /> Five Hundred Seventy-Seven Dollars and Fifty Cents ($9,577.50), which represents the <br /> principal amount provided by the State as partial financing for the feasibility report under <br /> the terms of the feasibility report contract: <br /> a. The Nine Thousand Five Hundred Seventy-Seven Dollars and Fifty Cents <br /> ($9,577.50) referred to above will be added to that amount loaned to the Contractor <br /> by the State under the project contract for the replacement of its Poudre River <br /> diversion structure. <br /> Page 2 of 5 Pages <br />