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<br />its agents and employees, is hereby designated as the agent of the <br />State for the purposes of this contract. <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 />price of !~~E!~~~~~--~~~~3Y~--~~~~~~~~~~~-~~~~~~~_~~!!~E~_ii33~32~1____~ <br />payable in annual installments of -~~~~~~!~~_~~~~~~~_~~~~~~=~~~~~~Q~!!~rs <br />-------______~J~~~~~J______ each, which first installment shall be due <br />and payable onN2S~~~~J_J~__~_~______, 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 immedia'tely 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 regard <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 provisio~s <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 purpose of this contract <br />the sum of ~j~~-~~~~-~~~~~~~_~~iiaL~_11~~QQQ1_______________________. <br />Said ~j~~~SS~-3~-~~~~~~_Q~L~~L~_itl~~~~Ql________________________" 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 _~3~_~_ <br />----~--- and for every month thereafter ~<<~il the project has <br />been completed, the Contractor shall prepare an estimate of the <br />funds required from the State for project construction during <br />that month and shall forward said estimates to the State not less <br />than fifteen (IS) 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 /> <br />2. Assist the Contract~r in such technical ~ssistance as the State <br />deems appropriate in cqnstructing and operating the project and in <br />coordinating the projeqt 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 t'he full purchase price to the State <br />in the sum 0 f _T-"'L~lLt.Y:.:::..'r..tQ._'t!:lQ.l,L~s.!l9._i.~.Q_!!Q.n.9.!~lL12.!!:.Y~.DJ:'y_.p..9.J._I_a..L!LL~~L...~?..Q.) <br />as set forth in paragraph A.S. of tpis contract, to convey to the <br />Contractor all of the State's rightj 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, upo~ 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 st~tutory purposes of this contract <br />and the limitations of the statutory authority under which it is made. <br /> <br />Page _1_ of _2_ pages <br />