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<br />its agents and employees, is be~eby designated as the agent of the <br />State for the pu~poses of this cont~act. <br /> <br />8. Purchase from the state all of the State's right, title, and <br />interest in said project and any facilities thereof at a total purchase <br />p r ice 0 f '!:.~~~~,X._!!2.E.~~_!!!~~~~.!2~_!:2~!_~~E..9.!~..9_.!j!_t.J'_.P_o_lJ._<:...:..~_i..t~~!...~~~L____ <br />. payable in annual installments of X~~~~_J~J~~_~~~~J_~~y_~~~_~t~~______ <br />QolldL~_Lt~~li~t__________ each, which first installment shall be due <br />and payable on _UQ~emhaL_l~_l~~~____, and yearly thereafter until the <br />entire principal sum shall have been paid. Said annual installment <br />payment shall be made payable to the Division of Disaster Emergency <br />Services in the offices of said services in Golden, Colorado. Such payments, <br />will automatically be credited back to the Colorado Water Conservation <br />Board Construction Fund. <br /> <br />B. Upon default in the payments herein set forth to be made by the <br />Contractor, or in the performance of any covenant or agreement <br />contained herein, the State, at its option, may (a) declare the <br />entire principal amount then outstanding immediately due and payable; <br />(b) for the account of the Contractor incur and pay reasonable expen- <br />ses for repair, maintenance, and operation of the water system herein <br />described and such other reasonable expenses as may be necessary to <br />cure the cause of default; 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 reg~rd <br />to prior waivers by it of previous defaults by the Contractor <br />through judicial proceedings to require specific performance of this <br />contract or by such other proceedings in law or equity as may be <br />deemed necessary by the State to insure compliance with provisions <br />of this contract and the laws and regulations under which this <br />contract is made. <br /> <br />C. The State agrees that it will: <br /> <br />1. Make available to the Contractor for the purposp. of this contract <br />the sum of __~~~Q!Y_!~2~~2E2_P2~_~J~~_G~~~_~q.V_______________________' <br />Said _!~~~!X_!~~~~~~E_EE112!~_JJJ~~~JJ________________~________ shall <br />be made available to the Contractor in accordance with the following <br />terms, schedule and conditions. <br /> <br />(a) Beginning with the monthly period commencing ~~Z~~~~~_1~_1280 <br />____________ and for every month thereafter until the project has <br />been completed, the Contractor shall prepare an estimate of the <br />funds require6 from the st~te for project construction during', <br />that month and shall forward said estimates to the State not less: <br />than fifteen (15) days prior to the beginning of such month. <br /> <br />(b) Upon receipt and approval by the State of such monthly <br />estimate, the State will, within forty (40) days from the receipt <br />of such estimate, pay over to the Contractor the amount of the <br />monthly estimate or such portion thereof as has been approved by <br />the State. <br /> <br />2. Assist the Contractor in such technical assistance as the State <br />deems appropriate in constructing and operating the project and in <br />coordinating the project with local official comprehensive plans and <br />with any state or area plans for the-.area in which the project is <br />located. <br /> <br />D. Upon completion of the payment of the full purchase price to the State <br />in the sum of _1:~~Eli'_1'E.!2~_2'J:l-9~_~a3_d_.!ou_~_I!.~'!.~.E..~~_Fif~x._Q.~!!~.E~1.t~.l!j50) , <br />as set forth in paragraph A.B. of this contract, to convey to the <br />Contractor all of the State1s right, title, and interest in and to <br />the project by deed or other conveyance. <br /> <br />E. In its sole discretion, the State may at any time give any consent, <br />deferment, subordination, release, satisfaction, or termination of any <br />or all of the Contractor's obligation under this agreement, with or <br />without valuable consideration, upon such terms and conditions as the <br />State may determine to be (a) advisable to further the purposes of <br />this contract or to protect the 'State's 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 />Page _1_ of _~_ pages <br />