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<br />9. Adjust its operating costs and service charges from <br />time to time to provide for adequate operation and maintenance, <br />emergency repair services, obsolescence reserves, and debt <br />reserves. <br /> <br />10. Expand the system from time to time to meet reasonable <br />growth or service requirements in the area within its <br />jurisdiction. <br /> <br />11. Provide the State with such periodic reports as it may <br />require and permit periodic inspections of its operations andl <br />accounts by a designated representative of the State. <br /> <br />12. Purchase from the State all of the State's right, <br />title, and interest in said project and any facilities thereof <br />at a total purchase price of Four Million Seven Hundred <br />Ninety-Five Thousand Two Hundred Seventy-Eight Dollars <br />($4,795,278) payable in forty (40) annual installments of One <br />Hundred Nineteen Thousand Eight Hundred Eighty-One Dollars and <br />Ninety-Five Cents ($119,881.95) each, which first installment <br />shall be due and payable on May 1, 1984, and yearly thereafter <br />until the entire principal sum shall have been paid. Said <br />installment payments shall be made payable to the Colorado <br />Water Conservation Board, payable at the offices of said Board <br />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 system until <br />the Contractor has purchased the project system. The State <br />shall be the sole insured of this policy. The purchase price <br />payable to the State shall be reduced in the amount of any <br />payments made to the State under this insurance coverage i 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 />reduced. <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 paragraph <br />A.12. above remain unpaid, without 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 i (b) for the account of the <br />Contractor incur and pay reasonable expenses for repair, <br />maintenance, and operation of the system 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 regard 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 />Page 4 of 8 Pages <br />