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<br />competitive pUblic bidding, said project to be completed <br />within five (5) years of the date of this contract in <br />accordance with the project plans and specifications and <br />any necessary modification thereof approved by the State. <br />The State must approve, in writing, all contracts before <br />they can become effective. The above-specified time may be <br />extended by the State if such time is insufficient because <br />of acts of God or other acts or circumstances beyond the <br />control of the Contractor. <br /> <br />A.5. Execute a warranty deed which shall convey the <br />fallowing real property to the State as security for the <br />loan: <br /> <br />An undivided sixty-nine percent (69%) interest in <br />the service spillway and the emergency spillway of <br />the rehabilitated Fuchs dam with all appurtenances <br />attached thereto.. <br /> <br />The deed will be recorded by the Contractor in the <br />proper county or counties and all recording fees shall be <br />paid by the Contractor, The retainage shall not be paid to <br />the Contractor until a warranty deed has been executed, <br />recorded, and filed with the State. ' <br /> <br />A.il. Repay to the State the total principal sum of One <br />Hundred Twenty-Six Thousand Three Hundred Sixty-Six Dollars <br />~nd Forty-Five Cents ($126.366.45), which includes the <br />project loan amount and the feasibility report amount, <br />together with interest at the rate of five percent (5%) per <br />annum, said rep~t t-G-be. rnaG-e-4..n-.-constant.~annual' ....-.-... <br />installments of Three Thousand Six Hundred Ten Dollars and <br />Forty-Seven Cents ($3.610.47) each, for thirty-five (35) <br />years, as shown in Attachment B. which first installment <br />shall 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 <br />thereafter until the entire principal sum shall have been <br />paid. However. in the event the Contractor does not draw <br />funds commencing on the date specified in paragraph C.I.a. <br />below, the Obligation to repay shall be postponed for the <br />same number of months as the Contractor delays in drawing <br />funds. Said installment payments shall be made payable to <br />the Colorado Water Conservation Board. payable at the <br />offices of said Board in Denver. Colorado. The Contractor <br />pledges its full faith and credit in support of this <br />Obligation and warrants that it has taken all steps <br />necessary to pledge its full faith and credit for this <br />Obligation. <br /> <br />C. The State agrees that it shall: <br /> <br />1. Loan to the Contractor for the purpose of this <br />contract an amount not to exceed Fifty-Six Thousand six <br />Hundred Dollars ($56,600). Said Fifty-Six Thousand Six <br />Hundred Dollars ($56,600) shall be made available to the <br />Contractor in accordance with the following terms and <br />conditions: <br /> <br />a. Beginning with the monthly periOd commencing <br />August 18, 1985, and for every month thereafter <br />until said project has been completed, the <br />Contractor shall prepare, with the assistance of <br />the engineering firm referred to in paragraph A.l. <br />above, an estimate of the funds required from the <br />State for project construction during that month <br />and shall forward said estimate to the State not <br />less than fifteen (15) days prior to the beginning <br />of such month. <br /> <br />Page ~ of i Pages <br />