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<br />, <br />., <br /> <br />1':'-"" <br />.:.~ ' <br />. <br /> <br />Twenty-Six .Thousand Twenty-Three Dollars and Fifty Cents ($26,023.50) <br />each, which first installment shall be due and payable on October 1, <br />1981; and yearly thereafter until the entire principal sum shall have <br />been paid. Said installment payment shall be made payable to the <br />Colorado Water Conservation Board, payable at the offices of said board <br />in Denver, Colorado. <br /> <br />10. Upon uefault. in the payments herein set forth to be madc,by <br />the Contractor, or in the performance of any covenant or agreeme~t <br />contained here.in, the State, at its option, may (a) declare the entire <br />.principal amo~nt then outs tanding inunediately due and payable; (b) for <br />the account of the Contractor incur and pay reasonable expenses for <br />repair, maintenance, and operation of the domestic water system herein <br />described and such other reasonable expenses as may be necessary to <br />cure the cause of default; and/or (c) take possession of the system, <br />repair, maintain, and operate or lease it. The provisions of this <br />contract may be enforced by the State, at its option without regard to <br />prior waivers by it of previous defaults by the Contractor, through <br />judicial proceedings to require specific performance of this contract <br />or by such other proceedings in law or equity as may be deemed necessary <br />by the 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 Four Hundred Fifty !:housand Dollars ($450,000). <br />Said Four Hundred Fifty Thousand Dollars ($450,000) shall be made avail- <br />able to the Contractor in accordance with the following terms, schedule <br />and conditions: <br /> <br />a. Beginning with the monthly period commencing October 1, <br />1979 and for every month thereafter until said project has been <br />completed, the Contractor shall prepare with the consulting <br />engineer's help an estimate of the funds required from the State <br />for project construction during that month and shall forward said <br />estimate to the State not less than fifteen (15) days prior to <br />the beginning of such month. <br /> <br />b. Upon receipt and approval by the State of such monthly <br />estimate, the State will, within forty (40) days from the receipt <br />of such estimate, pay over to the Contractor the amount of the <br />monthly estimate or such portion thereof as has been approved by <br />the State. . <br /> <br />2. Assist the Contractor with such technical assistance ap the <br />State deems appropriate in planning, constructing, and operating the <br />project and in coordinating the project with local official compre- <br />hensive plans for sewer and water and with any state or area plans for <br />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 termina- <br />tion of any or all of the Con~ractor's obligations under this agreement, <br />with or without valuable consideration, upon such terms and conditions <br />as the State may determine to be (a) "advisable tOj further the purposes <br />of this contract or to protect the State's financial interest therein, <br />and (b) consistent with both the statutory purposes of this contract <br />and the limitations of the statutory authority under which it is made. <br /> <br />Page 3 of ~ pages <br />