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j <br /> 7 . Expand the system from time to time to meet reasonable <br /> growth or service requirements in the area within its juris- <br /> dicticn. <br /> 8. Provide the State with such periodic reports as it may <br /> require and permit periodic inspections of its operations and <br /> accounts by a designated representative of the State. The <br /> Colorado Water Conservation Board, its agents and employees, <br /> is hereby designated as the agent of the State for the purposes <br /> of this contract. <br /> 9. To purchase from the State all of the State ' s right, title <br /> and interest in said project and any facilities thereof at a <br /> total purchase price of Ninety-Seven Thousand Four Hundred <br /> Seventy-Two Dollars ($97, 472) , payable in forty (40) annual <br /> installments of Two Thousand Four Hundred Thirty-Six Dollars <br /> and Eighty Cents ($2, 436. 80) each, which first installment <br /> shall be due and payable on September 15, 1979, and yearly <br /> thereafter until the entire principal sum shall have been paid. <br /> Said installment payment shall be made payable to the Colorado <br /> Water Conservation Board, payable at the offices of said board <br /> in Denver, Colorado. <br /> 10. U-Don 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 immediately <br /> due and payable, (b) for the account of the Contractor incur <br /> and pay reasonable expenses for repair, maintenance, and opera- <br /> tion of the domestic water system herein des ibed and such <br /> other reasonable expenses as may be necessa � tojcutke„the cause <br /> of default, and/or (c) take possession of 0 t , rpair, <br /> maintain, and operate or lease it. T - rovisio r'ot�# is <br /> contract may be enforced by the State : s.o tion without . <br /> regard to prior waivers by it of prey- Q, s LtefIII t* 1y--,,,ttheCon- <br /> LBitractor, through judicial proceedings to regt� e.?;spbcfic per- <br /> formance of this contract or by such other proceec7inga....; n law or <br /> equity as may be deemed necessary by the State to insure com- <br /> plience with proficions of this contract and the laws and regu- <br /> lations under which this contract is made. <br /> B. The State agrees that it will: <br /> 1 . Make available to the Contractor for the purpose of this <br /> contract the sum of Seventy-Two Thousand Two Hundred Ten Dollars <br /> ($72, 210) . Said Seventy-Two Thousand Two Hundred Ten Dollars <br /> ($72, 210) shall be made available to the Contractor in accordance <br /> with the following terms, schedule, and conditions : <br /> a. Beginning with the monthly period commencing September <br /> 15, 1977, and for every month thereafter until •said project <br /> has 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 <br /> and shall forward said estimate to the State not less than <br /> fifteen (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 <br /> has been approved by the State. <br /> Page 3 of 6 pages <br />