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<br />installment shall be due and payable on November 1, 1982 and yearly <br />thereafter until the entire principal sum shall have been paid. <br />Said installment payment shall be made payable to the Colorado Water <br />Conservation Board, payable at the offices of said Board in Denver, <br />Colorado. <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 (al declare the <br />entire principal amount then outstanding immediately due and,puyablej <br />(b) for the account of the Contractor incur and pay reasonab~e <br />expenses for repair, maintenance, and operation of the water supply <br />system herein described and such other reasonable expenses as may be <br />necessary to cure the c~u~e of defdultj and/or (c) take possession <br />of the system, repair, maintain, and operate or lease it. The <br />provisions of this contract may be enforced by the State, at its <br />option without regard to prior waivers by it of previous defaults <br />by the Contractor, through judicial proceedings to require specific <br />performance of this contract or by such other proceedings in law <br />or equity as may be deemed necessary by the State to insure compliance <br />with provisions of this contract and the laws and regulations under <br />which this 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 Three Hundred Thousand Dollars ($300,000). SQ~d Three <br />Hundred Thousand Dollars ($300,000) shall be made available to the <br />Contractor in accordance with the following terms and conditions: <br /> <br />a. Beginning with the monthly period commencing November 1, 1980 <br />and for every month thereafter until said project has been <br />completed, the Contractor shall prepare with the consulting <br />engineer's help an estimate of the funds required from the <br />State for project construction during that month and shall <br />forward said estimate to the State not less than fifteen (15) <br />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 <br />receipt of such estimate, pay over to the Contractor the <br />amount of the monthly estimate or such portion thereof as <br />has been approved by the State. <br /> <br />2. Assist the COntractor with such technical assistance as the <br />State deems appropriate in planning, constructing, and operating <br />the project and in coordinating the project with. local official <br />comprehensive plans for sewer and water and with any State or area <br />plans (or the area in'which the project is located. <br /> <br />D. In its sole discretion, the State may at any time give any <br />consent,deferment, subordination, release, satisfaction, or termina- <br />tion of any or all of the Contractor's obligation under this agree- <br />ment, with or without valuable consideration, upon such terms and <br />conditions as the State may determine to be (a) advisable to further <br />the purposes of this contract or to protect the state's financial <br />interest herein, and (b) consistent with both the statutory purposes <br />of this contract and the limitations of the statutory authority under <br />which it is made. <br /> <br />~. ~pcc =omplction of the payment of the filII pq~~haRe pr!ce to the <br />State in the sum of Six Hundred Si~ Thousand Two Hundred Forty Dollars <br />($606,240) as set forth in paragraph A.9. of this contract, the State <br />agrees to convey to the Contractor all of the State's right, title, <br />and interest in and to the project by deed or other proper conveyance. <br /> <br />Page _1_ of _~_ pages <br />