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<br />9. To purchase from the Statl> all of the State's right, title, <br />and interest in said project and "ay facilities thereof at a total <br />purchase price of Three Hundred ~~enty-Eight Thousand Seven Hundred <br />Seventy-Six Dollars ($328,776), payable in forty (40) annual install- <br />ments of Eight Thousahd Two Hundred Nineteen Dollars ($8;219) each, <br />which first iflp~a.t~~t shalt ~e c~e affd payable ~ff Saptember 1, 1981, <br />and yearly thereafter until the entire principal -sum shall have been <br />paid. Said installment payment shall be made payable to the Colorado <br />Water Conservation Board, payable at the offices of said board in <br />Denver, Colorado. <br /> <br />10. Upon default in the payments herein set forth to be made by <br />the Contractor, or in the performance of any covenant or agreement <br />contained herein, the State, at its option, may (a) declare the entire <br />principal amount then outstanding immediately due and payable; (b) for <br />the account of the Contractor incur and pay reasonable expenses for <br />repair, maintenance, and operation of the domestic water system herein <br />described and such other reasonable expenses as may be necessary to <br />cure the cause of default; and/or (c) take possession of the system, <br />repair, maintain, and operate or lease it. The provisions of this <br />contract may be enforced by the State, at its option without regard <br />to prior waivers by it of previous defaults by the Contractor, through <br />judicial proceedings to require specific performance of this contract <br />or by such other proceedings in law or equity as may be deemed nec- <br />essary by the State to insure compliance with provisions of this <br />contract and the laws and regulations under whi contract is <br />made. <br /> <br />B. The State agrees that it will: <br /> <br /> <br />pose of this <br />Th and One Hundred <br />~ve Thousand One Hundred <br />Ie 0 the Contractor in accor- <br />and conditions: <br /> <br />1. Make available to the Contrac <br />contract the sum of One Hundred t <br />Dollars ($185,100). Said One d <br />Dollars ($185,100) shall be"li\ il <br />dance with the following terms edu <br /> <br /> <br />a. Beginning with the mo ly period commencing September 1, <br />1979 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 State <br />for project construction during that mouch and shall forward said <br />estimate to the State not less than fifteen (15) days prior to <br />the beginning of such month. <br /> <br />i <br />! <br />l <br />i <br /> <br />b. Upon receipt and approval by the State of such monthly <br />estimate, the State will, within forty (40) days from the receipt <br />of such estimate, pay over to the Contractor the amount of the <br />monthly estimate or such portion thereof as has been approved by <br />the State. <br /> <br />i <br /> <br />2. Assist the Contractor with such technical assistance as the <br />State deems appropriate in planning, constructing, and operating the <br />project and in coordinating the project with local official compre- <br />hensive plans for sewer and water and with any state or area plans for <br />the area in which the project is located, <br /> <br />3. 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 obligations under this agree- <br />ment, with or without valuable consideration, upon such terms and <br />conditions as the State may d~termine to be (a) advisable to further <br /> <br />Page 3 of 6 pages <br />