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~ 5. In consideration of the State assuming a portion of the cost of the preparation of the said .project feasibility report, the Contractor shall pay to the State the sum of Twelve Thousand Nine Hundred '.Fifty Dollars ($12,950) provided that construction of the subject water project is initiated within ten (10) years of the date of this contract. The Contractor shall fulfill this obligation irrespective of how." or by whom or to what specifications or plans the subject project is financed, paid, or constructed for so long as construction of the project is initiated within the specified time. 6. In the event the Contractor must make payment pursuant to the terms of paragraph 5 above, then the said sum of Twelve Thousand Nine Hundred Fifty Dollars ($12,950) shall be payable in ten (10) equal yearly installments of One Thousand Two Hundred Ninety-Five Dollars ($1,295) each, the first installment to be due and payable upon the January 1st next succeeding the initiation of construction on the said water project. Subsequent payments shall be due and payable on January 1st of each year thereafter. 7. This contract is personal in nature and assignment of performance by the Contractor to another is prohibited unless prior approval in writing is granted by the State. 8. The Contractor is an independent contractor and as such is not entitled to any benefits of the State personnel system. 9. All notices, correspondence, or other documents required by this contract shall be delivered or mailed to the following addresses: a. For the State b. For the Contractor Director Colorado Water Conservation Board 721 State Centennial Building 1313 Sherman Street Denver, CO 80203 Attn: Nick Ioannides Mr. Michael K. Higbee President Manvel Canal and Irrigation Company P.O. Box 256 Granada, CO 81041 Page 2 of 4 Pages