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<br />prQt~t-Qr--pr-Oceeding-penaillg-0r-tmeatened-against-Or-affecting-the -..- <br />ownership or use of the Water Assets, or of any portion thereof <br />which may have a materially adverse effect on the value or use of, <br />or title to the Water Assets. <br /> <br />. <br />f. Seller has all necessary authority to enter into this Agreement and <br />to perform the obligations hereunder, and the consummation ofthis <br />transaction will not violate any material contracts to which Seller is <br />a party, and this Agreement and all other documentation required <br />by Purchaser heretinder~when duly executed and delivered, shall <br />constitute the valid and binding obligation of Seller, enforceable in <br />accordance with its terms. <br /> <br />g. Execution of this Agreement will not result in the breach of any of <br />the terms and conditions of or constitute a default under any <br />mortgage, lease, encumbrance or any agreement or instrument to <br />which Seller is a party or by which Seller is bound. <br /> <br />3 .2 Representations. Warranties and Covenants of Purchaser. Purchaser <br />represents, warrants and covenants to Seller as follows: <br /> <br />a. Purchaser is a non-profit corporation duly formed and validly <br />existing in the State of Colorado. <br /> <br />b. Purchaser has all authority necessary to enter into this Agreement, <br />and when executed and delivered this Agreement shall constitute a <br />valid and binding obligation of Purchaser, enforceable in <br />accordance with its terms. <br /> <br />Page 14 of 29 <br />