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<br />.. <br /> <br />10. Upon default in the payments herein set forth to be made by <br />the Contractor, or in the performance of any covenant or agreement <br />contained herein, the State, at its option, may (a) declare the entire <br />principal amount then outstanding 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 eel 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 <br />to 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 nec- <br />essary by the State to insure compliance with provisions of this <br />contract and the laws and regulations under which this contract is <br />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 One Hundred Sixty-Seven Thousand Four Hundred <br />Dollars ($167,400). Said One Hundred Sixty-Seven Thousand Four <br />Hundred Dollars ($167,400) shall be made available to the Contractor <br />in accordance with the following terms, schedule and conditions: <br /> <br />a. Beginning with the monthly period commencing February 1, <br />1980 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 as the <br />State deems appropriate in planning, constructing, and operating the <br />project and in coordinating the project with local official compr~- <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 Contractor's obligations under this agree- <br />ment, with or without valuable consideration, upon such terms and <br />conditions as the State may determine to be (a) advisable to further <br />the purposes of this contract or to protect the State's financial <br />inter~5t therein, and (b) consistent with both the statutory purposes <br />of this contract and the limitations of the statutory authority under <br />which it is made. <br /> <br />4. Upon completion of the payment of the full purchase price to <br />the State in the sum of Three Hundred Two Thousand Eight Hundred <br />'Twenty Do'llars ($302,820) as set forth in paragraph A,9. of this <br />contract, to convey to the Contractor all of the State's right, <br />title, and interest in a~d to the project by deed or other proper <br />conveyance. <br /> <br />Page 3 of 5 pages <br />