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<br />repair of the LODe Cabin Dam project) with the project contract <br />of the Lone Cabin Ditch and Reservoir Company for the repayment <br />of the loan which will be made pursuant to the project contact. <br /> <br />NOW. THEREFORE it is hereby agreed that: <br /> <br />1. The feasibility report contract entered into between the <br />State and the Contractor on December 15. 1986 (attached as <br />Exhibit B and incorporated by reference herein). Contract <br />Encumbrance No. C-153483. is hereby terminated and the <br />remaining Obligations of the State and the Contractor under It he <br />terms of that contract are no longer enforceable. <br /> <br />2. The Contractor and the Lone Cabin Ditch and Reservoir <br />Company agree to the following terms for the repayment of the <br />Two Thousand Three Hundred Twenty-Five Dollars ($2.325). which <br />represents the principal amount provided by the State as <br />partial financing for the feasibility report under the terms of <br />the feasibility report contract: <br /> <br />a. The Two Thousand Three Hundred Twenty-Five Dollars <br />($2.325). referred to above. will be added to that <br />amount loaned to the Lone Cabin Ditch and Reservoir <br />Company by the State under the project contract for the <br />repair of the Lone Cabin Dam project. <br /> <br />b. The total amount described in paragraph 2.a. above <br />and interest for the full term will be repaid under the <br />terms of the project contract to be entered into <br />between the State and the Lone Cabin Ditch and <br />Reservoir Company. <br /> <br />3. This termination of the feasibility report contract <br />will not be effective until such time as a valid and enforceable <br />project contract is in effect for the repair of the Lone Cabin <br />Dam project. <br /> <br /> <br /> <br />Page ~ of ~ Pages <br />