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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 Fifteen Thousand One Hundred Seventy-Seven Dollars and Forty Cents ($15,177.40) 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 Fifteen Thousand One Hundred Seventy-Seven Dollars and Forty Cents (~15.177.40) shall be payable in ten (10) equal yearly installments of One Thousand Five Hundred Seventeen Dollars and Seventy-Four Cents ($1,517.74) 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. The Contractor, in consideration for the State's promises herein set forth, promises to indemnify, save and hold harmless and defend the State, and all of its employees and agents, acting Officially or otherwise, from any and all liability, claims, demands, actions, debts, and attorney fees arising out of, claimed on account of, or in any manner predicated upon loss or damage to the property of and injuries to, or death of all persons whatsoever, which may occur, or is sustained in connection with the performance of this contract, or by conditions created thereby, or based upon any violation of any statute, ordinance, or regUlation, and the defense of any such claims or actions. 10. 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 The North Poudre Irrigation Company P.O. Box 100 Wellington, CO 80549 Attn: Robert Stieben Page 2 of 4 Pages