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<br />7. Provide the state with such periodic reports as it may <br />require and I>ermit periodic jflSllccliollS of ilS opcrdlioll dnd <br />dccounls lIy .1 d(:sign,llcd repres(~lll...t.iv(~ ur Lhe St..ILe. The <br />Colorado Waler Conservdlion UOdrd, j ls dgenls ()nd employees, is <br />hereby desIgnated as the agent of the State for the purposes of <br />this contrdct. <br /> <br />8. Purchase from the State all of the State's right, <br />title, and interest In sdld project and any fJcillties thereof <br />at a lotdl purchdsc price of Six ~Iulldred SJx 1110USdlld One . <br />Hundred Twelve Dollars ($606,112) payable In forty (40) annual <br />installments of Fifteen Thousand One Hundred fIfty-Two Dollars <br />and Eighty Cents ($15,152.80) each, which first installment <br />shall be due dnd payable on July 1, 1983, dnd yedrly thereafter <br />until the entire prIncipdl sum shdll ~dve been paid. Sdid <br />annudl In.stdllment pdyment shall be mdde pdYdble to lhe <br />Colorddo Water ConservatIon Board. <br /> <br />9. Comply wIth Construction Fund Program Procedures <br />attached hereto as Schedule A. <br /> <br />B. Upon default in the payments herein set forth to be made <br />by the Contractor, or in the performance of any convendnt <br />or agreement contained herein, the State, at its option, <br />may (a) declare the entire principal amovnt then <br />outstdnding immediately due and payablej (b) for the <br />account of the Contrdctor incur dnd pay reasondble <br />expenses for repair, maintenance, and operation of the <br />water system herein described and such other reasonable <br />expenses dS may be necessary to cure the cause of default; <br />dnd/or (c) take possession of the system, repair, <br />.mdintain, and operate or ledse It. The provisions of this <br />contract mdY be enforced by the State, at its option, <br />without regard to prior waivers by it of previous defaults <br />by the Contrdcl:or through judIciaL procec;dings to require <br />specific perfocmance of this contract or by such other <br />proceedings In law or equity as may be deemed necessary by <br />the State to ipsure compiidnce with provisions of this <br />contrdct dnd Ute ldws dnd reguldlions under which this <br />contrdct Is maoe. <br /> <br />C. The Slate agrees thdt it will: <br /> <br />1. Mdke aVdil.;lble to the ConlacLor for lhe purpose of <br />this contract the sum of Two Hundred Sixty Thousdnd <br />Dolidrs ($260,000). Said Two Hundred Sixty Tllousdnd <br />Dollars ($260,000) shall be made available to the <br />Contrdctor In accorddnce with the following terms, <br />schedule dnd conditions: <br /> <br />(d) Beginning with the monlhly period commencing <br />August 1, 198'1, dnd for every month thereafter until <br />the project h~s been completed, the Contrdctor shall <br />prepdre an estimate of the funds required from the <br />Stdle for project conslrtJclion during Llldl morllh dnd <br />shall forwdrd said estimdtes to the State not less <br />than fJ fteen (15) ddYs prior to the hc:qlllllinc) of stIch <br />month. <br /> <br />(b) Upon receipt dnd approvdl by the Stdte of such <br />monthly estimate, the State wIll, within forty (40) <br />ddYs from the receipl of such estimate, PdY over to <br />l..he Contrdctor the amounl of the monthly estjmdle or <br />such portion thereof as hds been approved by the <br />State. <br /> <br />2. <br />the <br />the <br /> <br />Assist lhe Contractor in such lechnicdl <br />State deems appropriate in constructing <br />project dnd in coordinaling the projecl <br /> <br />dssjslance as <br />dnd operaling <br />wj lh locd l <br /> <br />Pdqe 3 of 6 P.I(lllS <br />