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f.....\ I.i... - installments of Six Thousand Ninety-Two Dollars ($6,092) each, which first installment shall be due and payable on October 1, 1977 and yearly thereafter until the entire principal sum shall have been paid, Said installment payment shall be made payable to the Colorado Water Conservation Board, payable at the offices of said board in Denver, Colorado, C' l "'w"~ 10. Upon default in the payments herein set forth to be made by the Contractor, or in ~he performance of any covenant or agreement contained herein, the State, at its option may (a) declare the entire principal amount then outstanding immediately due and payable, (b) for the account of the Con- tractor incur and pay reasonable expenses for repair, main- tenance, and operation of the domestic, water system herein' described and such other reasonable expenses as may be necessary to cure the cause of default, and/or (c) take pos- session of the system, repair, maintain, and operate or lease it; provided that the Farmers Home Administration shall have the first right to lease or otherwise acquire the State's interest in the system upon terms and conditions mutually agreeable to the State and the Farmers Home Administration. In addition, the provisions of this contract may be enforced by the State, at its option without regard to prior waivers by it of previous defaults by Contractor, through'judicial proceedings to require specific performance of this contract or by such other proceedings. in law or equity as may be deemed necessary by the State to insure compliance with provisions of this contract and the laws and regulations under which this contract is made. B. The State agrees that it will: 1. Hake available to the Contractor for the purpose of this contract the sum of One Hundred Ninety-Eight Thousand Two Hundred Fifty Dollars ($198,250), representing the authorized Two Hundred Thousand Dollar ($200,000) appropriation less the sum of One Thousand Seven Hundred Fifty Dollars ($1,750) previously advanced by the State for the preparation of a project feasibility report. Said One Hundred Ninety-Eight Thousand Two Hundred Fifty Dollars ($198,250) shall 'be made available to the Contractor in accordance with the following terms, schedule and conditions: a, Beginning with the monthly period commencing October 1, 1975 and for every month thereafter until said project has been completed, Contractor shall prepare an estimate of the funds required from the State for project con- struction during that month and shall forward said estimate to the State not less than fifteen (15) days prior to the beginning of such month. b. Upon receipt and approval by the State of such monthly estimate, the State will, within thirty (30) days from the receipt of such estimate, pay over to the Contrac- tor the amount of the monthly estimate or such portion thereof as has been approved by the State, 2. Assist the Contractor with such technical assistance as the State deems appropriate in planning, constructing and operating the project and coordinating the project with local official comprehensive plan3 for sewer and water and with any state or area plans for the area in which the project is located, 3. In its sole discretion, the State may at any time give any consent, deferment, subordination, release, satisfaction, or termination of any or all of Contractor's obligations under this agreement, with or without valuable consideration, upon such terms and conditions as the State may determine to be (a) advisable to further the purposes of this contract or to Page 3 of 2- pages