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<br />9. To purchase from the state all of the state's right, title,
<br />and interest in said project and any facilities th(,;reof at a totfll
<br />purchase price of pOur Hundred 'fhirty-lwo Thousand Six Hundred Dollars
<br />($432,600), payable in forty (40) annual installments of 'fen 'l'hOllsand
<br />Eight Hundred Fifteen Dollars ($10,815) each, which first installment
<br />shall be due and payable On October 1, 1981, and yearly thereafter
<br />until the entire principal sum shall have been paid. Said insti:lllment
<br />payment shall be made payable to the Colorado Water Conservation
<br />Board, payable at the offices of said board in Denver, ColoraQo.
<br />
<br />10. Upon default in the payments herein set forth to be mckle by
<br />the Contractor, or in the performance of any covenant Or agreement
<br />contained herein, tl1e 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 nerein
<br />descr ibed 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, a~d 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 proceed.ing9 to require specific perfo.rmance of this contract
<br />or by such other proceedings in law or equity as may be deemed
<br />necessary by the state to insure compliance with provisions of this
<br />contract and the laws and regulations under which this contract is
<br />made.
<br />
<br />B. The State agrees that it will:
<br />
<br />1. Make available to the contractor for the purpose of this
<br />contract the sum of Two Hundred Forty-Seven Thousand Eight Hundred
<br />Dollars ($247,800). Said Two Hundred Forty-Seven Thousand Ei911t
<br />Hundred Dollars ($247,800) shall be made availi'l.ble to the Contructor
<br />in accordance with the following terms, schedu:Lc, and concHtions:
<br />
<br />a. Beginning with the monthly period (:ommcncing September 15,
<br />1979, and for every month thereafter until said project has been
<br />completed, the Contractor shall prepare wiCh the consulting
<br />engineer's help an estimate of the funds r(~quired froln the state
<br />for project construction during that month and slwll forwarcl said
<br />estimate to the State not less than fifteeD (15) days prior to
<br />the beginning of such month.
<br />
<br />b. Upon receipt and approval by the St.ate of such monthly
<br />estimate, the state will, within forty (40) days from the reccLpt
<br />of such estimate, pay over to the Contractor the amount of the
<br />monthly estimate Or such portion thereof at> has been approved by
<br />t.he State.
<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 compLe~
<br />henslve plans for sewer and water and with any state Or area pIons for
<br />the area in which the project is located.
<br />
<br />3. In its sole discretion, the State may ot any time give any
<br />consent, deferment, subordination, release, satisfaction, Or t.cnnina-
<br />tion of any Or all of the Contractor's obligations uocler this agree-
<br />ment, with or without valuable consideration, upon such terms and
<br />conditions as the state may determine to be (a) advisable to further
<br />the purposes of this contract Or to protect the state's financial
<br />interest therein and (b) consistent with both the statutory purposes
<br />of this contract and the limitations of the sta.tutory authority llnd~r
<br />which it is made.
<br />
<br />4. Upon completion of the payment of the full purchase price to
<br />the state in the sum of FOUr Hundred Thirty-'l'wo 'l'honsand Six HundJ:ed
<br />Dollars ($432,600) as set forth in paragraph p,.. 9. of this contract,
<br />to convey to the Contractor all of the state's right, title, and
<br />interest in and to the project by deed Or other proper conveyance.
<br />
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