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<br />7. Exp~md the system from time to time to mCGt reasonable <br />growth or service requirements in the area within its juris- <br />dicticn. <br /> <br />8. Provide the state with such periodic reports as it may <br />require and permit periodic inspections of its operations' and <br />accounts by a designated representative of the State. The <br />Colorado Water Conservation Board, its agents and employees, <br />is hereby designated as the agent of the state for the purposes <br />of this contract. <br /> <br />9. To purchase from the state all of the State's right, title <br />and interest in said project an.d any facilities thereof at a <br />total purchase price of Ninety-Seven Thousand Four Hundred <br />Seventy-Two Dollars ($97,472), payable in forty (40) annual <br />installments of Two Thousand Four Hundred Thirty-Six Dollars <br />and Eighty Cents ($2,436.80) each, which first installment <br />shall be due and payable on September 15, 1979, and yearly <br />thereafter until the entire principal sum shall have been paid. <br />Said installment payment shall be mad~ payable to the colorado <br />Water Conservation Board, payable at the offices of said board <br />in Denver, Colorado. <br /> <br />10. U?on default in the payments nerein set forth to be made <br />by the Contractor, or in the performance of any covenant or <br />agreement contained herein, the state, at its option may (a) <br />declare the entire principal amount then outstanding immediately <br />due and payable, (b) for the account of the Contractor incur <br />and pay reasonable expenses for repair, maintenance, and opera- <br />tion of the domestic water system herein described and such <br />other reasonable expenses as may be necessary to cure the cause <br />of default, and/or (c) take possession of the system, repair, <br />maintain, and operate or lease it_ The provisions of this <br />contract may be enforced by the State, at its option without <br />regard to prior waivers by it of previous defaults by the Con- <br />tractor. through jUdicial proceedings to require specific per- <br />formance of this contract Or by such other proceedings in law Or <br />equity as may be deemed necessary by the state to insure cOm- <br />plience with proficions of this contract and the laws and regu- <br />lations under which this contract is 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 Seventy-Two Thousand Two Hundred Ten Dollars <br />($72,210). Said Seventy-Two Thousand Two Hundred Ten Dollars <br />($72,210) shall be made available "to the contractor in accordance <br />with the following terms, schedule, and conditions: <br /> <br />a. Beginning with the monthly period commencing Septenilier <br />15, 1977, and for every month thereafter until .said project <br />has been completed, the contractor shall prepare with the <br />consulting engineer's help an estimate of the funds required <br />from the State for project construction during that month <br />and shall forward said estimate to the state not less than <br />fifteen (15) days prior to the beginning of such month. <br /> <br />, <br /> <br />b. Upon receipt and approval by the State of such monthly <br />estimate. the state will, within thirty (30) days from the <br />receipt of such estimate, pay over to the Contractor the <br />amount of ~he monthly estimate or such portion thereof as <br />has been approved by the State. <br /> <br />Page ~ of Q pages <br />