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<br />\ <br />\ <br />I <br />I <br /> <br />" <br /> <br />WHf':REAS, the pacties agree that it would be mutually <br />beneficial to terminate the Contractor's separate Twenty-Two <br />Thousand Six Hundred F.ighty-Three-Dollar ($22,683) obligation <br />under the feasibility report contract provided that the <br />repayment of the Twenty-Two Thousand Six Hundred gighty-Three <br />Dollars ($22.683) (whiCh represents the principal amount <br />provided by the State for the purpose of partially funding the <br />feasibility report for the rehabilitation of the Barnes Meadow <br />Dam and Reservoir) will be integrated with the Contractor's' <br />repayment of the construction loan of the project contract. <br />which will be executed contemporaneously with and immediately <br />prior to the execution of this termination contr.act. <br /> <br />NOW, TH~RF.FORE it is hereby agreed that: <br /> <br />1. The feasibility report contract entered into between <br />the State and the Contractor on July 1. 1987 (attached as ~ <br />Exhibit B and incorporated by reference herein), Contract <br />Encumbrance No. C-153495. is hereby ter.minated and the <br />remaining Obligations of the State and the ~ontractor under the <br />terms of that contract a~e no longer enforceable. <br /> <br />2. The Contractor agrees to the fOllowing terms for the <br />repayment of Twenty-Two Thousand Six Hundred Eighty-Three <br />Dollars ($22.683) which represents the principal amount <br />provided by the State as partial financing for. the feasibility <br />report under the terms of the feasibility report contract: <br /> <br />a. The Twenty-~wo Thousand Six Hundred Eighty-Three <br />Dollars ($22.683) referred to above will be added to <br />that amount loaned to the Contractor by the State <br />under the project contract for the rehabilitation work <br />on the Barnes Meadow Dam and Reservoir. <br /> <br />b. The total amount described in paragraph 2.a. <br />above and interest for the full term will be repaid <br />under the terms of the project contract to be entered <br />into between the State and the Contractor. <br /> <br />3. This termination of the feasibility report contract <br />will not be effective until such time as a valid and <br />enforceable project contract containing the terms of paragraph <br />7.. above 1S in effect for the rehabilitation work on the Barnes <br />MeadoW Dam and Reservoir. <br /> <br /> <br /> <br />Page ~ of ~ Pages <br />