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<br />, \ <br /> <br />"1-. <br /> <br />described in paragraph 13 into such 'a fund, which shall be kept <br />in a separate bank account, and expend all monies from said <br />fund as described in Exhibit 8. <br /> <br />B. In the event of default in the payments herein set forth <br />_to be made by the Contractor, or in the performance of any <br />covenant or agreement contained herein, the State, at its <br />option, may (a) declare the entire principal amount then <br />outstanding immediately due and payable out of revenues from <br />the project: (b) for the account of the Contractor incur and <br />pay reasonable expenses for repair, maintenance, and operation <br />of the system herein described and such expenses as may be <br />necessary to c~re the cause of default~ and/or (c) take <br />possession of the system, repair, maintain, and operate or <br />lease it back to the Contractor. 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 <br />Contractor, through judicial proceedings to require specific <br />performance of this contract or by such other proceedings in <br />law or equity as may be deemed necessary by the State to .insure <br />compliance with provisions of this contract and the laws and <br />regulations under which this contract is made. <br /> <br />C. The State agrees that it shall: <br /> <br />1. Make available to the Contractor for the purpose of <br />this contract not to exceed the sum of One Million Nine Hundred <br />Sixteen Thousand Ninety-One Dollars and Sixty-Two Cents <br />($1,916,091.62). Said One Million Nine Hundred Sixteen <br />Thousand Ninety-One Dollars and Sixty-Two Cents ($1,916,091.62) <br />shall be made available to the Contractor in accordance with <br />the following terms and conditions: <br /> <br />a. Beginning with the monthly period commencing <br />January 1, 1982, and for every m~nth thereafter until <br />said project has been completed, the Contractor shall <br />prepare with the assistance of the consulting <br />engineer referred to in paragraph A.l. above an <br />estimate of the funds required from the State for <br />project construction during that month and shall <br />forward said estimate to the State not less than <br />fifteen (15) days prior to the beginning of such <br />month. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate, the State will, within forty (40) <br />days from the receipt of such estimate. pay over to <br />the Contractor the amount of the monthly estimate or <br />such portion thereof as has been approved by the <br />State. <br /> <br />c. No payments will be made under this contract <br />until the project plans and specifications referred <br />to in paragraph A.l. above are approved by the State. <br /> <br />d. Upon execution of this amended contract by the <br />State, it shall make available to the Contractor <br />One Hundred Twenty-Seven Thousand Five Hundred <br />Ninety-One Dollars and Sixty-Two Cents ($127,591.62) <br />for payment to various Subcontractors who are owed <br />money by the Contractor. Within thirty (30) days <br />after the execution of this amended contract by the <br />State, it shall pay to the Contractor Ninety percent <br />(90%) of the funds necessary to correct the alleged <br />defects in the project up to Eleven Thousand Two <br />Hundred Fifty Dollars ($11,250) for payment to the <br />Subcontractor selected to repair the alleged defects <br />in the project provided that a Subcontractor has been <br />selected and plans and specifications have been <br /> <br />Page 6 of 10 pages <br /> <br />r <br />