C153445 Contract

• Contract/PO #: C153445
• Contractor Name: Summit Reservoir and Irrigation Company
• Contract Type: Loan
• Water District: 32
• County: Montezuma
• Bill Number: HB 84-1128
• Loan Projects - Doc Type: Contract Documents

EXHIBIT A
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DEPARTMENT OR AGENC NUMBER
34-04-0
CON"fRACT RO~nNr; NUMBER.
'6f.elOa _
No encumbrance

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TERHINATION
CONTRACT

THIS CONTRACT. made this 1st day of August 1985, by and between the
Slale of Colorado for the use and benefit of the Department of"1 Natural Resburces
(Colorado Water Conservation Board) .
hereinafter refefTed 10 as the State, and '2 Surmnit Reservoir and Irrigt'l.t;on r(')n!p.a'n~
P. O. Box 127. Dolores. CO 8]323.
hereinafter referred 10 as the contractor,

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WHEREAS. rC4uired approval, clearance and coordination has been accomplished from and with appropriate
agencies: and

WHEREAS, the State and the Contractor entered into a
contract on August 15, 1983 (attached as Exhibit A and
incorporated by reference herein, which contract shall
hereinafter be referred to as the "feasibility report contract,"
in which the State agreed to pay the Contractor Four Thousand
Seven Hundred Forty-Six Dollars ($4,746) for the purpose of
partially funding a feasibility report concerning the repairs of
the Summit dam; and

WHEREAS, the feasibility report contract provided in part
the following terms:

5. In consideration of the State assuming a
portion of the cost of the preparation of the said project
feasibility report, the Contractor shall pay to the State
the sum of Six Thousand One Hundred Forty-Six Dollars and
Ten Cents ($6,146.10) provided that constructi-on of the
subject water project is initiated within ten (10) years of
the date of this contract. The Contractor Shdll fulfill
this Obligation irrespective of how, or by whom, the subject
water project is financed or paid for so long as
construction is initiated within the specified time.

6. In the event the Contractor must make payment
~ursuant to the terms of paragraph 5 above, then the said
sum of Six Thousand One Hundred Forty-Si~ Dollars and Ten
Cents ($6.146.10) shall be payable in ten (10) equal yearly
installments of Six Hundred Fourteen Dol~ars and Sixty-One
Cents ($614.61) 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 Jan~ary 1st of each
year thereafter; and

WHEREAS. the State and the Contractor intend to enter into a
contract (hereinafter referred to as the "project contract") in
which the State will loan the Contractor money for the purpose of
repairing the Summit dam; and

WHEREAS, initiation of construction to repair the Summit dam
would create an Obligation on the part of the Contractor to make
payments under the terms, specifically paragraph Nos. 5 and 6, of
the existing ieasibility report contract; and

WHEREAS, the parties agree that it would be mutually
beneficial to terminate the Contractor's obligation under the
feasibility report contract and to integrate repayment of the
Four Thousand Seven Hundred Forty-Six Dollars ($4,746) (which
represents the principal amount provided by the State for the
purpose of partially funding the feasibility report for the
Summit dam project) with the Contractor's repayment of the loan
which will be made pursuant to the project contact;

39s.5W1-1014

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