C153339 Contract

• Contract/PO #: C153339
• Contractor Name: Farmers Extension Ditch & Highland Lake Lateral Company
• Contract Type: Loan
• Water District: 1
• County: Weld
• Bill Number: SB 80-67
• Loan Projects - Doc Type: Contract Documents

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($259,560) payable in forty (40) annual installments of Six Thousand
Four Hundred Eighty~Nine Doll~rs ($6,489) eaco, which first install-
ment shall be due and payable on October 15, 1982 and yearly there-
after until the entire principal sum shall have been paid. Said
installment payment shall be made payable to the Colorado Water Con-
servation Board, payable at the offices of said Board in Denver,
Colorado.

B. upon default in the payments herein set fo~th to be made by the
Contractor, or in the performance of any covenant or agreernertt contained
herein, the State, at its option, :nay (a) declare the entire principal
amount then outstanding immediately due and payable; (b) for the account
of the Contractor iocur and pay reasonable expenses for repair, main-
tenance, and operation of the irrigation system herein described and
such other reasonable expenses as may be necessary to cure the cause
of uefault; and/or (c) take possession of the system, repair, maintain,
and operate or lease it. The provisions of this cOntract may be en-
forced by the State, at its option without reqard to prior waivers by
it of previous defa~lt~ by the contractor, through judIcial proceedings
to require specific pe'rf6rmance of this contract or by such other
proceedings in law or equity as may be deemed necessary by the State
to insure compliance with provisions of this contract and the laws
and regulations under which this contract is made.

C. The State agrees that it will:

1. Make available to the Contractor for the purpose of this cOntrac~
the 'sum of One Hundred Fifty Thousand Dollars ($150,000). Said One
Hundred Fifty Thousand Dollars ($150,000) shall be made available to
the Contractor in accordance with the fallowing terms and conditions:

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a. Beginning with the monthly period commencing October 15,
1980 and for every month thereafter until said project has
been completed, the Contractor shall prepare with the con-
sulting 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 not 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 forty (40) days from the
receipt of &uch estimate, pay over to the Contractor the
amount of tpe monthly estimate or such portion thereof as
has been ap~roved by the State.

2. Assist the Contractor with such technica~ 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 plaris
for the area in which the project is located.

o. In its sole discretion, the State may at ani time give any consent,
deferment, subordination, release, satisfactio~, or termination of
any or all of the Contractor's obligations under this agreement, with
or without valuable consideration, upon such terms and conditions as
the State may determine to be (a) advisable to further the purposes
,)[ this contract or to protect the State's fin~ncial interest therein,
and (b) consistent with both the statutory purposes of this contract
und the limitations of the statutory authority under which it is made.

]~. Upon completion of the payment of the full purchase price to the
~;tate in the sum of ~wo Hundred Fifty-Nine Thousand Five Hundred Sixty
I)o]lars ($259,560) as set forth in paragraph A.9. of this contract,
l:ile State agrees to convey to the Contractor all of the State's right,
I:itlc, and illterest in and to the project by deed or other proper
, " ! 111/" Y;' II"'~ .

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