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<br />.-- <br />- '! <br /> <br />installments of One Thousand Five Hundred Thirty-seven <br />Dollars and Fifty-Six Cents ($1,537.56). each. as shown <br />in Attachment B. attached hereto and incorporated by <br />reference herein. which first installment shall be due <br />and payable on the first day of the month next <br />succeeding the month in which the State determines that <br />the project has been substantially completed. and <br />yearly thereafter until the entire principal sum shall <br />have been paid. However. in the event the Borrower <br />does not draw funds commencing on the date specified in <br />paragraph C.I.a. below. the obligation to repay shall <br />be postponed for the same number of months as the <br />Borrower delays in drawing funds. Said installment <br />payments shall be made payable to the Colorado Water <br />Conservation Board. payable at the offices of said <br />Board in Denver. Colorado. The Borrower pledges its <br />full faith and credit in support of this obligation and <br />warrants that it has taken all steps necessary to <br />pledge its full faith and credit for this obligation. <br /> <br />C. The State agrees that it shall: <br /> <br />1. Loan to the Borrower for the purpose of this <br />contract an amount not to exceed Twenty-One Thousand <br />Six Hundred Thirty Seven Dollars and Eighteen Cents <br />($21,637.18). Said Twenty-One Thousand Six Hundred <br />Thirty Seven Dollars and Eighteen Cents ($21.637.18) <br />shall be made available to the Borrower in accordance <br />with the following terms and conditions: <br /> <br />a. Beginning with the monthly periOd commencing <br />August 1. 1985. and for every month thereafter until <br />said project has been completed. the Borrower shall <br />prepare. with the assistance of the engineering firm <br />referred to in paragraph A.I. above. an estimate of <br />the funds required from the State for project <br />construction during that month and shall forward <br />said estimate to the State not less than fifteen <br />(15) days prior to the beginning of such month. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate. the State will. within forty (40) <br />days from the receipt of such estimate. pay over to <br />the Borrower the amount of the monthly estimate or <br />such portion thereof as has been approved by the <br />State. <br /> <br />c. No payments will be made under this contract <br />until the project plans and specifications referred <br />to in paragraph A.I. above are approved by the State <br />and the warranty deed described in paragraph A.5. <br />above has been executed. recorded. and filed with <br />the Colorado Water Conservation Board. <br /> <br />I. Upon completion of the repayment to the State in the <br />sum of Sixty-One Thousand Five Hundred Two Dollars and <br />Forty Cents ($61.502.40), as set forth in paragraph A,ll. <br />of this contract. the State agrees to convey to the <br />Borrower all of the State1s right. title. and interest in <br />and to the project and any other property described in <br />paragraph A.5. by deed or other proper conveyance. <br /> <br />3, The repayment schedule (EXhibit C of the Original <br />Contract) is hereby amended as shown in Attachment B. <br /> <br />Page ~ of ~ Pages <br />