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An undivided ten (10) percent interest in and to the Rio Grande Reservoir together with all inlet and outlet ditches and structures appurtenant thereto or used in connection therewith~ 3. Permit periodic inspection of construction by the authorized representatives of the State during construction and permit the State to review and approve or disapprove any contracts for the construction of the project or the performance of work pursuant to such contracts or subcontracts~ 4. Without expense to the State) exclusively manage) operate) and maintain the project system continuously in an efficient and economical manner, and assume all legal liability for such management, operation and maintenance~ 5. Make the services of said project available within its capacity to all persons in the Contractor's service area entitled to service by law without discrimination as to race) color) religion, or natural origin at reasonable charges pursuant to law) including assessments) taxes) or fees in accordance with a schedule of such charges, whether for one or more classes of service, formally adopted by the Contractor through its board of directors, as may be modified from time to time by the Con- tractor~ The initial assessment shall be fixed in accordance with statutes governing irrigation districts. Thereafter, the Contractor may make such modifications to the assessment as the Contractor deems necessary to efficiently and economically provide for the financial requirements of the district as long as the assessment remains reasonable and non-discriminatory) so as to provide for the payment to the State called for by this agreement. 6. Adjust its operating costs and service charges from time to time to provide for adequate operation and maintenance, emergency repair services, obsolescence reserves) debt service) and debt reserves~ 7~ Provide the State with such periodic reports as it may require and permit periodic inspections of its operations and accounts by a designated representative of the State. The Colorado Water Conservation Board, its agents, and employees, is hereby designated as the agent of the State for the purposes of this contract. 8. To purchase from the State all of the State's right, title and interest in said project and any facilities thereof at a total purchase price of One Hundred Fifty-Five Thousand Seven Hundred Thirty-Six Dollars ($155,736), payable in forty (40) annual installments of Three Thousand Eight Hundred Ninety-Three Dollars and Forty Cents ($3,893.40) each, which first installment shall be due and payable on August 1, 1981, and yearly thereafter until the entire principal sum shall have been paid. Said installment payment shall be made payable to the Colorado Water Conserva- tion Board, payable at the offices of said board in Denver, Colorado. 9. Upon default in the payments herein set forth to be made by the Contractor) or in the performance of any covenant or agreement contained herein, the State, at its option, may (a) declare the entire principal amount then outstanding immediately due and payable; (b) for the account of the Contractor incur and pay reasonable expenses for repair, mainte- nance, and operation of the dam and reservoir herein described and such other reasonable expenses as may be necessary to cure the cause of default; and/or (c) take possession of the property herein conveyed, and repair, maintain, and operate or lease it. The provisions of this con- tract may be enforced by the State, at its option without regard to prior waivers by it of previous defaults by the Contractor, through judicial Page 2 of 2.. pages