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<br />Thirty Thousand Seven Hundred Nine Dollars and Twenty-Six Cents <br />(S30,709.26) each, which first installment shall be due and <br />payable on December 1, 1984, and yea('ly thereafter until the <br />entire principal sum shall have been paid. Said installment <br />payments shall be made payable to the Colorado Water" <br />Conservation Board, payable at the offices of said Board in <br />Denver, Colorado. <br /> <br />13. Obtain and maintain qeneral fire and hazard insurance <br />on the project system in an amount not less than the amount <br />owinq to the Btate for purchase of the project system unt i1 <br />the Contractor has purchased the project system. The State I <br />shall be the sole insured of this policy. The purchase price <br />payable to the State shall be reduced in the amount of any <br />payments made to the State under this insurance coverage; if <br />only a portion of the purchase price is paid to the State unner <br />this p.Jlicy, the number of installment paymel1ts shelll rf:;!lO.:lin <br />unchanged, however the amount of each payment shall be <br />red uced . <br /> <br />14. Comply with Construction Fund program Procedures <br />attached hereto as Schedule A. <br /> <br />15. Comply with the provisions of Section 5 of S.B. 439, <br />1981 Session of the Colorado General Assembly. <br /> <br />16. Not sell, convey, assign, grant, transfer, or <br />otherwise dispose of the project or any portion thereof, so <br />long as any of the annual installm~nts required by paragraph <br />A.12a above remain unpaid, without the prior written <br />concurrence of the State. <br /> <br />B. Upon default in the payments herein set forth to be made <br />by the Contractor, or in the performance of any covenant or <br />aqreement contained herein, the State, at its option, may (a) <br />declare the entire principal amount then outstanding <br />immediately due and payable; (b) for the account of the <br />Contractor incur and pay reasonable expenses for repair, <br />maintenance, and operation of the system herein described and <br />such expenses as may be necessary to cure the cause of default; <br />and/or (c) take possession of the system, repair, maintain, and <br />operate or lease ita The provisions of this contract may be <br />enforced by the State at its option without regard to prior <br />waivers by it of previous defaults by the Contractor, through <br />judicial proceedings to require specific performance of this <br />contract or by such other proceedings in law or equity as may <br />be deemed necessary by the State to insure compliance with <br />provisions of this contract and the laws and regulations under <br />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 Six Hundred Seven <br />Thousand Eight Hundred Sixty-Three Dollars and Fifty Cents. <br />($607,863.50). Said Six Hundred Seven Thousand Eight Hundred <br />Sixty-Three Dollars and Fifty Cents ($607,863.50) shall be made <br />available to the Contractor in accordance with the following <br />terms and conditions: <br /> <br />a. Beginning with the monthly period commencing <br />December 1, 1982, and for every month thereafter <br />until said project has been completed, the Contractor <br />shall prepare with the assistance of the consulting <br />enq ineer referred to in paraq raph A.1. 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 mnth. <br /> <br />Page 4 of 7 Pages <br />