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<br />12. Provide the State with such periodic reports as the <br />State may require and permit periodic inspections of its _ I <br />operations and accounts by a designated representative of the ~~ <br />State. c-A-d-nj <br />"n" 1) ~r.aiiJ:, V\I-"I... <br />l3. Repay to the State the total principal sum -e-.f.",,- Two <br />Hundred Fifty Thousand Dollars ($250,000). which includes the <br />project loan amount with interest Btrthe rate of five percent <br />(S') per annum, said repayment to be' made in constant annual <br />installments of Seventeen Thousand Seven Hundred Thirty-Seven <br />Dollars and Forty-Nine Cents ($l7,737.49) each, for twenty-five <br />(25) years, as shown in Exhibit A, attached hereto and <br />incorporated by reference herein. which first installment shall <br />be due and payable on the first day of the month next <br />succeeding the month in which the State determines that the <br />project has been substantially completed, and yearly thereafter <br />until the entire principal sum shall have been paid. However, <br />in the event the Contractor does not draw funds commencihg on <br />the date specified in paragraph C.l.a. below. the Obligation to <br />repay shall be postponed for the same number of months as the <br />Contractor delays in drawing funds. Said installment payments <br />shall be made payable to the Colorado Water Conservation Board, <br />payable at the offices of said Board in Denver, Colorado. <br /> <br />14, As security for the loan to be made to it by the <br />State, execute a warranty deed within thirty (30) days of the <br />first advance of funds from the State as provided in paragraph <br />C.I.a. below which shall convey to the State the fallowing: <br /> <br />An undivided fifty percent (50%) of 5866z feet of 30-inch <br />class 50 ductile iron pipe. inclusive of all intake <br />structures, incidentals, and appurtenances, the pipe to be <br />laid between the Kannah Creek existing diversion structure <br />and Juniata Reservoir. <br /> <br />15. In addition to maintaining utilities rates sufficient <br />to pay the indebtedness on the note and to insure adequate <br />funds for operation of the pipeline, the Contractor will <br />provide revenues in the Contractor's Water Fund sufficient to <br />maintain and operate in good working order the North Fork <br />Diversion Pipeline (from Kannah Creek to Juniata Reservoir) <br />until, at least, the total loan Obligation to the State is <br />discharged. The Contractor's Obligation to repay the loan is <br />not terminated by loss or damage to or destruction of the <br />project. <br /> <br />16. <br />attached <br />herein. <br /> <br />Comply with the Construction Fund Program Procedures <br />hereto as Exhibit B and incorporated by reference <br /> <br /> <br />17. Comply with the provisions of section 37-60-120, <br />Colorado Revised Statutes, and any other applicable statutes, <br />procedures, requirements, rules, or regulations which the State <br />has. <br /> <br />lB. Not sell, convey. assign. grant, transfer. mortgage, <br />pledge, encumber, or otherwise dispose of the project or any <br />portIon thereof. so long as any of the annual installments <br />required by paragraph A.13. above remain unpaid, witho~t the <br />prior written concurrence of the State. <br /> <br />B. Upon default in the payments herein set forth to be made by <br />the Contractor. or default in the performance of any covenant <br />or agreement contained herein, the State, at its option, may: <br />(a) declare the entire principal amount then outstanding <br />immediately due' and payable; (b) for the account of <br />.the Contractor, incur and pay reasonable expenses for repair. <br />.aintenance. and operation of the project herein described and <br /> <br />Pag--.! of 10 Pages <br />" J <br />...... <br />