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<br />,.-' <br /> <br />employee, agent, or servant of the State. The Contractor will be solely and entirely <br /> <br />responsible for its acts and the acts of its agents, employees, servants, engineering firms, <br />construction firms, and subcontractors during the performance of this contract. <br /> <br />G. At all times during the performance of this contract, the Contractor shall strictly <br />adhere to all applicable federal and State laws and regulations that have been or may <br />hereafter be established. <br /> <br />H. This agreement is intended as the complete integration of all understandings <br />between the parties. No prior or contemporaneous addition, deletion, or other <br />amendment hereto shall have any force or effect whatsoever unless embodied herein in <br />writing, No subsequent notation, renewal, addition, deletion, or other amendment <br />hereto shall have any force or effect unless embodied in a written contract executed <br />and approved pursuant to State fiscal rules. <br /> <br />1. In its sole discretion, the State may at any time and in writing give any consent, <br />deferment, subordination, release, satisfaction, or termination of any or all of the <br />Contractor's obligations under this agreement, with or without valuable consideration, <br />upon such terms and conditions as the State may determine to be: (a) advisable to <br />further the purposes of this contract or to protect the State's financial interest therein, <br />and (b) consistent with both the statutory purposes of this contract and the limitations <br />of the statutory authority under which it is made, <br /> <br />J. Upon completion of repayment to the State in the amount of One Million Two <br />Hundred Eighteen Thousand Two Hundred Twenty-Four Dollars ($1,218,224) or such <br />amount necessary to repay the principal amount borrowed from the State by the <br />contractor, together with interest at the rate of one percent (1%) per annum, by equal <br />amortized annual installments of the amOuIlt necessary to repay said principal amount, <br />together with interest at the rate of one petcent (1%) per annum, over a period offorty <br />years, as set forth in paragraph B.13, above of this contract, the State agrees to convey <br />to the Contractor all of the State's right, title, and interest in and to the project and any <br />other property described in paragraph B.14, above by deed or other proper conveyance. <br /> <br />K The Colorado Water Conservation Board, its agents and employees, is hereby <br />designated as the agent of the State for the purpose of this contract. <br /> <br />L. The Contractor agrees and understands that sections 37-60-119 through 37-60-122, <br />CRS, as amended, require that the loan of money by the State to the Contractor for <br />this water project be conditioned upon the repayment of the loan to the State. The <br />Contractor hereby agrees to take any and all actions necessary to guarantee such <br />repayment as provided herein including, without being limited to, the actions specified <br />in this contract. <br /> <br />Page 2. of II Pages <br />