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<br />7:0, .~', <br />;-'-. '. , <br />,,' .' <br /> <br />J~-- <br />j, <br /> <br />6. In the event the Contractor must make payment pursuant to the terms of <br />paragraph 5. above, then the said sum of Twelve Thousand Four Hundred <br />Three Dollars ($12,403) shall be payable in ten (10) equal installments of <br />One Thousand Two Hundred Forty Dollars and Thirty Cents ($1,240.30) <br />each, the first installment to be due and payable upon the January 1st next <br />succeeding the initiation of construction on the said watev'project. Subsequent <br />payments shall be due and payable on January 1st of each year thereafter. <br /> <br />WHEREAS, the State and the Contractor intend to enter into a separate contract <br />(hereinafter referred to as the "project contract") in which the State will loan the <br />Contractor money for the purpose of replacing its Poudre River diversion structure; and <br /> <br />WHEREAS, initiation of construction to complete this project will create an <br />obligation on the part of the Contractor to make payments under the terms, specifically <br />paragraph Nos. 5. and 6., of the existing feasibility report contract; and <br /> <br />WHEREAS, the parties agree that it would be mutually beneficial to terminate the <br />Contractor's separate Nine Thousand Five Hundred Seventy,Seven Dollars and Fifty Cents <br />($9,577,50) obligation under the feasibility report contract provided that the repayment of <br />the Nine Thousand Five Hundred Seventy-Seven Dollars and Fifty Cents ($9,577.50) <br />(which represents the principal amount provided by the State for the purpose of partially <br />funding the feasibility report for the replacement of the diversion structure) will be <br />integrated with the Contractor's repayment of the construction loan of the project contract, <br />which will be executed contemporaneously with and immediately prior to the execution of <br />this termination contract. <br /> <br />NOW, THEREFORE it is hereby agreed that: <br /> <br />1. The feasibility report contract entered into between the State and the Contractor <br />on _f'\l\t,l\ .1993 (attached as Exhibit B and incorporated by reference herein), <br />Contract Encumbrance No. C I S ,)\,.~~ , is hereby terminated and the remaining <br />obligations of the State and the Contractor under the terms of that contract are no longer <br />enforceable. <br /> <br />2. The Contractor agrees to the following terms for the repayment of Nine Thousand <br />Five Hundred Seventy-Seven Dollars and Fifty Cents ($9,577.50), which represents the <br />principal amount provided by the State as partial financing for the feasibility report under <br />the terms of the feasibility report contract: <br /> <br />a. The Nine Thousand Five Hundred Seventy-Seven Dollars and Fifty Cents <br />($9,577.50) referred to above will be added to that amount loaned to the Contractor <br />by the State under the project contract for the replacement of its Poudre River <br />diversion structure. <br /> <br />Page Z. of i Pages <br />