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~ ) .,' unless such time is extended by mutual agreement of the parties hereto in writing. 3. As compensation for the services of the Contractor, the state shall pay to the Contractor the sum of Forty-Two Thousand Dollars ($42,000) in the manner following: a. Sixty percent (60%), to wit, Twenty-Five Thousand Two Hundred Dollars ($25,200) of the total amount due in two (2) monthly installments of Twelve Thousand six Hundred Dollars ($12,600) each, commencing Thirty (30) days after the date of this contract. b. The remaining forty percent (40%), to wit, sixteen Thousand Eight Hundred Dollars ($16,800) within forty (40) days fOllowing receipt and acceptance of the written report specified in paragraph 2. of this contract. 4. The total cost of services to be rendered for the Contractor by the Consultant is Sixty Thousand Dollars ($60,000) and the Contractor shall pay the sum of Eighteen Thousand Dollars ($18,000) as agreed to by letter dated September 21, 1992, which is hereby attached and made a part of this contract as Appendix B; and in no event shall this payment be the liability of the State of Colorado. 5. In consideration of the State assuming a portion of the cost of the preparation of the said project feasibility report, the Contractor sharI pay to the state the sum of Fifty-Four Thousand Three Hundred Ninety Dollars ($54,390), which is principal plus interest at five percent (5%) per annum for ten years, providen that construction of the subject water project is initiated within ten (10) years of the date of this contract. If, however, Contractor obtains a loan from the Colorado Water Conservation Board for the construction of the project, the Contractor shall pay Forty-Two Thousand Dollars ($4.'2,000) to the State. The Contractor shall fulfill this obligation irrespective of how or by whom or to what specifications or plans the subject project is financed, paid or constructed for so long as ,construction of the project is initiated within the specified time. 6. In the event the Contractor must make payment pursuant to the terms of paragraph 5. above, the Contractor shall pay to the State the said sum of Fifty-Four Thousand Three Hundred Ninety Dollars ($54,390), which is principal plus interest at five percent (Sf) per annum, if the Contractor arranges to finance the water construction project other than by a State loan, and said sum of Fifty-Four Thousand Three Hundred Ninety Dollars ($54,390) shall be payable in ten (10) equal yearly Page f. of i Pages