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<br />'" <br />. ','- <br /> <br />. u <br /> <br />. <br />"\- ~ <br /> <br />. <br /> <br />. <br /> <br />1. Payment to the State. Ridges shall pay the State <br />$550,000 (five hundred fifty thousand dollars) at the time and in <br />the amounts set forth below: <br /> <br />1.1 Payment Upon Office Sale Closing. Ridges will <br />place its office building located at 372 Ridges Blvd. for sale <br />pursuant to the provisions of Exhibit B. Upon the sale and clos- <br />ing of the transaction, Ridges shall pay the State $50,000 (fifty <br />thousand dollars). Ridges shall pay the State in certified funds <br />in an instrument payable to the State of Colorado, Department of <br />Natural Resources, Colorado Water Conservation Board <br />(Construction Fund). <br /> <br />1.2 Payment Due Upon Annexation. On the annexation <br />date, as defined in Exhibit B, or on the date of the entry of the <br />court decree dissolving Ridges, whichever happens first, Ridges <br />shall pay the State $500,000 (five hundred thousand dollars) in <br />certified funds, instrument made payable to the State of Colo- <br />rado, Department of Natural Resources, Colorado Water Conserva- <br />tion Board (Construction Fund). <br /> <br />1.3 Treatment of Partial Payment. In the event <br />that less than $550,000 is paid to the State as required by para- <br />graph 1 above, the State may accept any partial payment without <br />such acceptance constituting an accord and satisfaction, payment <br />in full or waiver of its right to receive payment in full as <br />required in paragraph 1 herein, notwithstanding the terms of any <br />restrictive endorsement on any instrument upon which the partial <br />payment is made. The State shall not be estopped from seeking <br />any remedy to which it is otherwise entitled by virtue of accept- <br />ing partial payment of the sum required to be paid in paragraph 1 <br />above. In the event of such partial payment, the State may apply <br />such partial payment to the amount owed in paragraph 1 above. In <br />the event that the partial payment is credited to the amount owed <br />in paragraph 1 above and this agreement is thereafter terminated <br />pursuant to the provisions of paragraph 1.4, the State may credit <br />the partial payment to the indebtedness set forth in Exhibit A <br />without curing the default and without prejudice to any remedies <br />the State may be entitled to pursue to collect the sums owed as <br />set forth in Exhibit A. <br /> <br />1.4 Termination Date. In the event the payment <br />provided in Paragraph 1.2 has not been made by January 1, 1993, <br />or in the event the payment provided in Paragraph 1.1 has not <br />been made by January 1, 1994, this Agreement shall be null and <br />void and the May 1, 1984 Agreement shall be revived and in full <br />force and effect as if this Agreement never took place. <br /> <br />2. Conveyance of Water Shares. At the time set for pay- <br />ment of the sums set forth in paragraph 1.2 above, Ridges shall <br />convey to the State 20 water shares it owns in the Redlands Water <br /> <br />-2- <br />