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<br />first installment snaIl be due and payable on January 1, 1981, and <br />yearly thereafter until the entire principal sum shall have been paid. <br />Said installment payment shall be made payable to the Colorado Water <br />Conservation Board, payable at the offices of said board in Denver, <br />Colorado. <br /> <br />9. Upon default in the payments herein set forth to be made by <br />the contractor, Or in the performance of any covenant Or agreement <br />contained herein, the state, at its option, may (a) declare the entire <br />principal amount then outstanding immediately due and payable; (b) for <br />the account of the Contractor incur and pay reasonable expenses for <br />repair, maintenance, and operation of the domestic water system herein <br />described and such other reasonable expenses as may be necessary to <br />cure the cause of defaultj and/or (c) take possession of the system, <br />repair, maintain, and operate or lease it. The provisions of this <br />contract may be enfOrced by the state, at its option without regard to <br />prior waivers by it of previous defaults by the Contractor, through <br />jUdicial proceedings to require specific performance of this contract <br />Or by such other prOceedings in law Or equity as may be deemed neces- <br />sary by the state to insure compliance with provisions of this contract <br />and the laws and regulations under which this contract is made. <br /> <br />B, The state agrees that it will: <br /> <br />1. Make available to the contractor for the purpose of this <br />contract the sum of One Million Five Hundred Thousand Dollars <br />($1,500,000), <br /> <br />2. Assist the contractor with such technical assistance as the <br />state deems appropriate in operating the project and in coordinating <br />the project with local official comprehensive plans for sewer and <br />water and with any state Or area plans for the area in which the <br />project is located. <br /> <br />3. In its sole discretion, the state may at any time give any <br />consent, deferment, subordination, release, satisfaction, or termina- <br />tion of any or all of the Contractor1s obligations under this agreement, <br />with or without valuable consideration, upon such terms and conditions <br />as the state may determine to be (a) advisable to further the purposes <br />of this contract or to protect the state1s financial interest therein, <br />and (b) consistent with both the statutory purposes of this contract <br />and the limitations of the statutory authority under which it is made. <br /> <br />4. Upon completion of the payment of the full purchase price to <br />the state in the sum of Two Million Five Hundred Ninety-Five Thousand <br />Six Hundred Dollars ($2,595.600) as set forth in paragraph A.8. of <br />this contract, convey to the Contractor all of the state1s right, <br />title, and interest in and to the project by deed Or other proper <br />conveyance. <br /> <br />Page ~ of ~ pages <br />