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. ~9. To purchase from the State all of the State's right, title, and interest in said project and any facilities thereof at a total purchase price of five Hundred- Thirty-Five Thousand Eight Hundred Dollars ($535,800) I payable in thirty (30) annual installments of Seventeen Thousand Eight Hundred Sixty Dollars ($17,860) each, wl1ich first installment 9hall be due and payable on May 1, 1980, and yearly thereafter until the entire principal sum shall have been paid. Said installment payment shall be made payable to the Colorado water Con- servation Board, p~yable at the offices of said board in Denver, Colorado. 10. Upon default in the payments herein set 'forth to be made by the contractor, Or in the performance of any convenant or agreement contained herein, the State, at its option, may (a) declare the entire principal amount then outstanding immediately due and payable~ (b) for the account of the contractor incur and pay reasonable expenses for repair, maintenance, and operation of the domestic water system herein described and such other reasonable expenses as may be necessary to cure the cause of default~ and/or (c) take possession of the system, repair, maintain, and operate Or lease it. TDe provisions of this contract may be enforced by the'State, at its option without regard to prior waivers by it of previous defaults by the contractor, through judicial proceedings to require specific perf9rmance of this contract Or by such other proceedings in law or equity as may be deemed nec- essary by the state to insure compliance with provisions of this con- tract and the laws and regulations under whic~ this contract is made. B. The State agrees that it will: 1. Make available to the Contractor for ~he purpose of this contract the sum of Four Hundred Thousand Doltars ($400,000). Said Four Hundred Thousand Dollars ($400,000) shall be made available to the contractor in accordance with the followi~g terms, schedule and conditions: a. Beginning with the monthly period commencing July 1 1978 and for every month thereafter until ~aid project has h~('f1 completed, the Contractor shall prepare with the consul t I:' i engineer's help an estimate of the funds required from the state for project construction during that month and shall forward said estimate to the state no~ less than fifteen (15) days prior to the beginning of such month. b. Upon receipt and approval by the state of such monthly estimate, the state will, within thirty (30) days from the receipt of such estimate, pay Over to the Contractor the amount of the monthly estimate Or such portion thereof as has been approved by the state. 2. Assist the contractor with such technical assistance as the State deems appropriate in planning, constructing, and operating the project and in coordinating the project with local Official compre- hensive plans for sewer and water and with any state or area plans for the area in which the project is located. 3. In its sole discretion, the State may at any time give any consent, deferment, subordination, release, satisfaction, or termina- tion of any or all Of the contractor's obligations under this agree- ment, with or without valuable consideration, upon such terms and conditions as the state may determine to be (a) advisable to further the purposes of thi.!3 contract Or to protect the State's financial interest therein, and (b) consistent with both the statutory purposes of this contract ano the limitations of the statutory authority under which it is made. 4. Upon compleCion of the payment of the full purchase price to the state in the sum30f Five Hundred Thirty-Five Thousand Eight Hundred Dollars ($5~5,800) as set forth in paragraph A. 9. of this contract, to convey to the Contractor all of the State1s right, title, and interest in and to the project by deed or other proper conveyance. Page 3 of 5 pages