C153607L Contract - Laserfiche WebLink

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':'.--") 6, In the event the Contractor must make payment pursuant to the terms of paragraph 5, above, then the said sum of Twenty-Five Thousand Twenty-Six . Dollars ($25,026) shall be payable in ten (10) equal installments of Two Thousand Dollars and Sixty Cents ($2,502,60) each, the first installment to be due and payable upon the January 1st next succeeding the initiation of construction on the said water project. Subsequent payments shall be due and payable on January 1st of each year thereafter, WHEREAS, the State and the Contractor intend to enter into a separate contract (hereinafter referred to as the "project contract") in which the State will loan the Contractor money for the purpose of rehabilitating the Mountain Home Reservoir facilities; and WHEREAS, initiation of construction to rehabilitate the Mountain Home Reservoir facilities will create an obligation on the part of the Contractor to make payments under the terms, specifically paragraph Nos, 5. and 6" of the existing feasibility report contract; and WHEREAS, the parties agree that it would be mutually beneficial to terminate the Contractor's separate Twenty-Five Thousand Twenty-Six Dollars ($25,026) obligation under the feasibility report contract provided that the repayment of the Nineteen Thousand Three Hundred Twenty-Five Dollars ($19,325) (which represents the principal amount provided by the State for the purpose of partially funding the feasibility report for the Mountain Home Reservoir rehabilitation) will be integrated with the Contractor's repayment of the construction loan of the project contract, which will be executed contemporaneously with and immediately prior to the execution of this tennination contract. NOW, TIIEREFORE it is hereby agreed that: L The feasibility report contract entered into between the State and the Contractor on April 14, 1992 (attached as Exhibit B and incorporated by reference herein), Contract Encumbrance No, C-153607, is hereby terminated and the remaining obligations of the State and the Contractor under the terms of that contract are no longer enforceable. 2, The Contractor agrees to the following terms for the repayment of Nineteen Thousand Three Hundred Twenty-Five Dollars ($19,325), which represents the principal amount provided by the State as partial financing for the feasibility report under the terms of the feasibility report contract: Page ~ of 2 Pages .