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<br />8 <br /> <br />at a total purchase price of Four Million One Hundred Fifty-One <br />Thousand Eight Hundred Eighty Dollars ($4,151,880) payable in <br />forty (40) annual installments of One Hundred Three Thousand <br />Seven Hundred Ninety-Seven Dollars ($103,797) each, which first <br />installment shall De due and payable on August 1, 1985, and <br />yearly thereafter until the ent.ire principal sum shall have <br />been paid. Said installment payments shall be made payable to <br />the Colorado Water Conservation Board. payable at the offices <br />of said Board in Denver, Colorado. <br /> <br />13. Obtain and maintain general fire and hazard insurance <br />On the project system in an amount not less than the amount <br />owing to the State for purchase of the project SYSt.BIl until <br />the Contractor has purchased the project system. The State <br />shall be the sole insured of this p:>licy. The purchase price <br />payable to the State shall be reduced in the amOWlt of any <br />payments made to the State under this insurance coverage; if <br />only a portion of the purchase price is paid to the State under <br />this policy, the .number of installment payments shall remain <br />unchanged, however the amount of each payment shall be <br />red uced , <br /> <br />14. Comply with construction Fund Program Procedures <br />attached hereto as Schedule A. <br /> <br />15. Comply with the provisions of Section 5 of S.B. 439, <br />1981 Session of the Colorado General Assembly. <br /> <br />16. Not sell, convey, assign, grant, transfer, or <br />otherwise dispose of the project or any portion thereof, so <br />long as any of the annual installments required by para'3raph <br />A.12. above remain unpaid, ~ithout the prior written <br />concurrence of the State. <br /> <br />B. Upon 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 <br />immediately due and payable; (b) for the account of the <br />COntractor incur and pay reason~ble expenses for repair, <br />maintenance, and operation of the systen herein described and <br />such expenses as may be necessary to cure the cause of default; <br />and/or (c) take possession of the system, repair, maintain, and <br />operate or lease it. The provisions of this contract may be <br />enforced by the State at its option without r83ard to prior <br />waivers by it of previous defaults by the COntractor, through <br />judicial proceedings to require specific performance of this <br />contract or by such other proceedings in law or equity as may <br />be deemed necessary by the State to insure compliance with <br />provisions of this contract and the laws and regulations under <br />which this contract is made. <br /> <br />c. The State agrees that it shall: <br /> <br />1. Make available to the Contractor for the purpose of <br />this contract not to exceed the sum of One Million Seven <br />Hundred Eighty-One Thousand Dollars {$1,781,OOO}. Said One <br />Million Seven Hundred Eighty-One Thousand Dollars ($1,781,000) <br />shall be made available to the Contractor in accordance with <br />the following terms and conditions: <br /> <br />a. Beginning with the m:mthly period canmencing <br />August 1, 1983, and for every month thereafter until <br />said project has been completed, the Contractor shall <br />prepare with the assistance of the consulting <br />engineer referred to in paragraph A.i. above an <br />estimate of the funds requi red fran the State for <br />project construction during that month and shall <br />forward said estimate to the State not less than <br />fifteen (IS) days prior to the beginning of such <br />month. <br /> <br />page 4 of ~ pages <br />