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<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 /> <br />10. Upon default in the payments herein set forth to be made by <br />the Contractor, O~ in the performance of ,any covenant or agree- <br />ment contained he~ein) 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 ca~se 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 necessary by the <br />State to insure compliance with provisions of this contract and <br />the laws and regulations under which this contract is made. <br /> <br />B.. The State agrees that it will: <br /> <br />1. Make available to the Contractor for the purpose of this <br />contract the sum of Three Hundred Ninety-Five Thousand Dollars <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 /> <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 engineer1s 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 /> <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 /> <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 /> <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 /> <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 /> <br />Page 3 of 5 pages <br />