|
<br />entire principal amOUnt then outstanding immediately due and payable;
<br />(b) for the account Of the Contractor incur and pay reasonable expenses
<br />for repair, maintenance, and operation of the domestic water system
<br />herein described and such other reasonable expenses as may be necessary
<br />to cure the cause of default; and/or (c) take possession of the system,
<br />repair, maintain, and operate or lease it. The provisipns of this
<br />contract may be enforced by the State, at its option without regard
<br />to prior waivers by it of previous defaults by the Contracto~ through
<br />judicial proceedings to require specific performance of this contract
<br />or by such other proceedings in law or equity as may be deemed nec-
<br />essary by the State to insure compliance with prov,isions of this
<br />contract and the laws and regulations under which'this contract is made.
<br />
<br />,B. The State agrees that it will:
<br />
<br />1." Make availabl.e to the Contractor for the purpose of this
<br />contract the sum of ~ight Hundred Fifty Thousand Dollars ($850,000).
<br />Said Eight Hundred Ftfty Thousand Dollars ($850,000) shall be made
<br />available to the Contractor in accordance with the following terms,
<br />schedule and conditillns:
<br />
<br />..;.,.{..
<br />
<br />a. Beginnin~ with the monthly period commencing September 1,
<br />i979 and for every 'month thereafter until said project has
<br />"., been comp1etlad, the Contractor shall prepare with the
<br />.. IL".~\. .. ."
<br />",.,c:;onsu1ting ellgineer's help an estimate of the, funds required
<br />from the State for project construction during that month
<br />and shall fOcward said estimate to the State not less than
<br />fifteen (15) days prior to the beginning of such month.
<br />
<br />.l~" '.,
<br />,,' b. Upon reclaipt' and, approval by the State ~f su'ch monthly
<br />""'e'stimate, thla State will, within thirty (30)..,days from- the
<br />"receipt of Such estimate, pay over to the Cpntraotor the
<br />amount of the monthly estimate or such portibn'thereof as
<br />has been approved by"the State. '.','
<br />
<br />--'-."-
<br />,.2.""Assist the Contractor with such technical assistance as the
<br />,State:"deems appropriate 'in pllinning, cons tructing';;,;.ind operating the
<br />proje'cif::and. in coofdina~iiig.,~~e" project with locaL official compre-
<br />hensiw''j,'1ansfor sewer"and water and with any state or area plans
<br />for the area in whiCh the project is located.
<br />
<br />Ii
<br />
<br />3. In its sole discretion, the State may at any time give any
<br />conserit~ "deferment, subordination, release, satisfaction, or termina-
<br />tion of, any or all of the Contractor's obligations under this agree-
<br />ment, with or without valuable consideration, upon such terms and
<br />conditions as the State may determine to be (a) advisable to further
<br />the purposes of this contract or to protect the State's financial
<br />interest "therein, and (b) consistent with both the statutory purposes
<br />of this contract and the limitations of the statutory authority under
<br />which it is made.
<br />
<br />,
<br />~
<br />~
<br />i,
<br />t
<br />~
<br />~
<br />i
<br />J
<br />'!-i
<br />t
<br />~
<br />'"
<br />
<br />4. 'Upon completion of the payment of the full purchase price to
<br />,he State in the sUm of One Million Two Hundred Forty-Three Thousand
<br />Forty Dollars ($1,243,040) as set forth in paragraph A. 9. of this
<br />,contract, to convey to the Contractor all of the State's right, title,
<br />'and interest in and to the project by deed or other proper conveyance.
<br />
<br />l'age
<br />
<br />-:- 5 pagt:~
<br />
<br />0,.(
<br />
|