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<br />5. In consideration of the State assuming a portion of the <br />cost of the preparation of the said project feasibility report. <br />the Contractor shall pay to the State the sum of Thirty <br />Thousand Four Hundred Thirty-Two Dollars and Fifty Cents <br />($30.432.50). provided that construction of the sUbject water <br />project is initiated within ten (10) years of the date of this <br />contract. The Contractor shall fulfill this obligation <br />irrespective of how or by whom or to what specifications or <br />plans the subject project is financed. paid. or constructed for <br />so long as construction of the project is initiated within the <br />specified time. <br /> <br />6. In the event the Contractor must make payment pursuant <br />to the terms of paragraph 5 above. then the said sum of <br />Four Hundred Thirty-Two Dollars and Fifty Cents ($30.432.50) <br />shall be payable in ten (10) equal yearly installments of <br />Three Thousand Forty-Three Dollars and Twenty-Five Cents <br />($3.043.25) each, the first installment to be due and payable <br />upon the January 1st next succeeding the initiation of <br />construction on the said water project. Subsequent payments <br />shall be due and payable on January 1st of each year thereafter. <br /> <br />7. This contract is personal in nature and assignment of <br />performance by the Contractor to another is prohibited unless <br />prior approval in writing is granted by the State. <br /> <br />8. <br />such is <br />system. <br /> <br />The Contractor is an independent contractor and as <br />not entitled to any benefits of the State personnel <br /> <br />9. All notices. correspondence. or other documents <br />required by this contract shall be- delivered or mailed to the <br />fOllowing addresses: <br /> <br />a. For the State <br /> <br />b. For the Contractor <br /> <br />Mr. J. William McDonald. Director <br />Colorado Water Conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver. CO 80203 <br />Attn: Nick Ioannides <br /> <br />Town of Frederick <br />Box 435 <br />Frederick, CO 80530 <br /> <br />Attn: Edward J. Tagliente <br />Member. Board of Trustees <br /> <br />Page ~ of ~ Pages <br />