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<br />419 acre-feet of the absolute portion of <br />reservoir water priority No. 1916-63A <br /> <br />The deed of trust will be recorded by <br />the Contractor in the proper county or <br />counties and all recording fees shall be paid <br />by the Contractor. The retainage shall not <br />be paid to the Contractor until a deed of <br />trust has been executed. recorded. and filed <br />with the Colorado Water Conservation Board. <br /> <br />A.ll. Repay to the State the total sum <br />of One Million Thirty-Four Thousand <br />Twenty-Two Dollars and Forty Cents <br />($1,034,022,40), which includes the project <br />loan amount and interest at the rate of five <br />percent (5') per annum. said repayment to be <br />made in constant annual installments of <br />Twenty-Five Thousand Eight Hundred Fifty <br />Dollars and Fifty-Six Cents ($25,850.56) <br />each. for forty (40) years. as shown in <br />Appendix B. attached hereto and incorporated <br />by reference herein. which first installment <br />shall be due and payable on the first day of <br />the month next succeeding the month in which <br />the State determines that the project has <br />been substantially completed. and yearly <br />thereafter until the entire principal sum <br />shall have been paid. However. in the event <br />the Contractor does not draw funds commencing <br />on the date specified in paragraph C.I.a. <br />below. the Obligation to repay shall be <br />postponed for the same number of months as <br />the Contractor delays in drawing funds. Said <br />installment payments shall be made payable to <br />the Colorado Water Conservation Board. <br />payable at the offices of said Board in <br />Denver. Colorado. The Contractor warrants <br />that it has taken all steps necessary to <br />create a valid first lien in favor of the <br />Board and to constitute this contract as <br />fully enforceable against the Contractor. <br /> <br />C. The State agrees that it shall: <br /> <br />1. Loan and grant to the Contractor the <br />amounts of Four Hundred Forty-Three Thousand <br />Five Hundred Fifty-Eight Dollars ($443,558) <br />and Five Hundred ThirtY-Three Thousand Four <br />Hundred Forty-Two Dollars ($533,442), <br />respectively. for the purpose of this <br />contract. Said total amount of Nine Hundred <br />Seventy-Seven Thousand Dollars ($977.000) <br />shall be made available to the Contractor in <br />accordance with the following terms and <br />conditions: <br /> <br />a. Beginning with the monthly period <br />commencing November 14. 1986. and for <br />every month thereafter until said <br />project has been completed. the <br />Contractor shall prepare. with the <br />assistance of the engineering firm <br />referred to in paragraph A.l. above. an <br />estimate of the funds required from the <br />State for project construction during <br />that month and shall forward said <br />estimate to the State not les6 than <br />fifteen (15) days prior to the beginning <br />of such month. <br /> <br />page ~ of ~ Pages <br />