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<br />shall have any force or effect whatsoever unless embodied herein <br />in writing. No subsequent notation, renewal, addition, <br />deletion, or other amendment hereto shall have any force or <br />effect unless embodied in a written contract executed and <br />approved pursuant to state fiscal rules. <br /> <br />H. In its sole discretion, the state may at any time and in <br />writing give any consent, deferment, subordination, release, <br />satisfaction, or termination of any or all of the Contractor's <br />obligations under this agreement, with or without valuable <br />consideration, upon such terms and conditions as the state may <br />determine to be: (a) advisable to further the purposes of this <br />contract or to protect the state's financial interest therein, <br />and (b) consistent with both the statutory purposes of this <br />contract and the limitations of the statutory authority under <br />which it is made. <br /> <br />I. Upon completion of repayment to the state in the amount of <br />Two Hundred Eighty-Seven Thousand One Hundred Thirty-Nine <br />Dollars and Thirty-Six Cents ($287,139.36), as set forth in <br />paragraph A.13. above of this contract, the State agrees to <br />convey to the Contractor all of the state's right, title, and <br />interest in and to the project and any other property described <br />in paragraph A.14. above by deed or other proper conveyance. <br /> <br />J. The Colorado Water Conservation Board, its agents and <br />employees, is hereby designated as the agent of the State for <br />the purpose of this contract. <br /> <br />K. The Contractor agrees and understands that Sections <br />37-60-119 through 37-60-122, C.R.S., as amended, require that <br />the loan of money by the state to the Contractor for this water <br />project be conditioned upon the repayment of the loan to the <br />state. The Contractor hereby agrees to take any and all actions <br /> <br />Page 13 of 17 Pages <br />