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<br />. <br /> <br />. <br /> <br />Now THEREFORE, in consideration of the mutual and dependent covenants contair.led <br />herein, the parties agree as follows: <br /> <br />1. Project performance. The GRANTEE shall conduct the PROJECT in accordance with the <br />Scope of Services, which is attached hereto as Appendix A and incorporated herein. <br />The GRANTEE recognizes that time is of the essence and shall complete the PROJECT <br />within 4 years from the date of this contract. <br /> <br />2. Disbursement of funds. The GRANTEE shall submit statements of estimated PROJECT <br />costs and the anticipated percent of completion of the tasks to be performed. Upon <br />approval of each statement of costs, the STATE will remit the costs, or the portion thereof <br />approved by the STATE to the GRANTEE. The STATE shall disburse such funds within <br />thirty days following receipt of each statement, with total disbursements under this <br />contract not to exceed $240,000. <br /> <br />3. Access to study results. The GRANTEE shall provide the STATE with full access to <br />PROJECT development data, drafts and conclusions, and shall submit annual progress <br />reports to the STATE detailing PROJECT methodology and accomplishments. Said <br />progress reports shall include all hydrologic analysis conducted and any GIS databases <br />developed, and reports on specific site investigations. The GRANTEE also shall provide <br />the STATE with a copy of the Final Report. <br /> <br />4. Obligation of the STATE. The STATE'S participation in the PROJECT in no way obligates <br />the STATE to loan or grant additional funds for projects that may be identified through the <br />continuation of the Tamarack PROJECT. To obtain additional STATE funds for such <br />projects, the GRANTEE must utilize the CWCB's standard application process, which <br />includes the submittal of feasibility studies for such projects. The STATE recognizes that <br />the PROJECT results may be incorporated into feasibility studies for future projects. <br /> <br />5. Termination of agreement for cause. If, through any cause, the GRANTEE fails to fulfill <br />in a timely and proper manner its obligations under this contract, or if the GRANTEE <br />violates any of the covenants, agreements, or stipulations of this contract, the STATE <br />shall thereupon have the right to terminate this contract for cause by giving written notice <br />to the GRANTEE of such termination and specifying the effective date thereof, at least five <br />(5) days before the effective date of such termination. In that event, the GRANTEE shall <br />provide the State with copies of all finished PROJECT development, data, drafts, <br />conclusions, hydrologic analysis, matrixes and reports. The GRANTEE shall provide such <br />copies to the STATE within thirty (30) days of the effective date of such termination. Upon <br />submittal to the STATE of a cost statement, the GRANTEE shall be entitled to receive the <br />agreed-upon percentage of the cost of any such PROJECT materials that have been <br />satisfactorily prepared before the effective date of the termination of this contract and <br />have not yet been paid for as of the effective termination date. <br /> <br />Notwithstanding the above, the GRANTEE shall not be relieved of liability to the STATE for <br />any damages sustained by the STATE by virtue of any breach of contract by the <br />GRANTEE, and the STATE may withhold any payments to the GRANTEE for the purpose of <br />setoff until such time as the exact amount of damages due the STATE from the GRANTEE <br />is determined. <br /> <br />The South Platte Lower River <br />Group, Inc. <br /> <br />Page 2 of 7 <br /> <br />Grant Contract <br />