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<br />LOAN CONTRACT <br />Red Mesa Ward <br />Reservoir and Ditch Co. <br />Feasibility Study <br /> <br />The provisions of this contract may be enforced by the State at its option without regard to <br />prior waivers by it of previous defaults by the Borrower, through judicial proceedings to <br />require specific performance of this contract, or by such other proceedings in law or equity <br />as may be deemed necessary by the State to ensure compliance with provisions of this <br />contract and the laws and regulations under which this contract is entered into. <br /> <br />7c. (State will Execute Release after Loan is Repaid or Forgiven): Upon <br />completion of repayment to the State of the entire principal amount, or upon forgiveness of <br />the loan by the State, as specified in the Repayment Provisions of this contract, the State <br />agrees to execute a release of deed of trust to convey to the Borrower all of the State's right, <br />title, and interest in and to the project and any other property described in Appendix C. <br /> <br />. 7d. (This Contract Controls, if there is a Conflict): I~ent of conflict between <br />the terms and conditions as set forth in this paragraph 7 (DE OF UST <br />PROVISIONS), and Appendix C (The actual Deed of Trust) , 's' ns of this contract <br />shall control. <br /> <br />8. (BORROWER WARRANTIES): <br /> <br />.4..... <br />~ <br /> <br />8a. The Borrower warrants that it has full <br />Contract. The execution and delivery of this Co act an <br />of its terms, conditions and obligations have been <br />the Borrower. <br /> <br />8b. The Borrower warrants that b~~g a loan pursuant to the terms of this <br />Contract and by the Borrower's represe . erein, the Borrower shall be estopped from <br />asserting for any reason that it is not authorize or obligated to adhere to the terms of this <br />Contract with the State. <br /> <br /> <br />d authority to enter into this <br />the performance and observation <br />uthorized by all necessary actions of <br /> <br />8c. The Borrower warrants that, other than a bona fide employee working solely for <br />him and the Consultant referred to in.paragraph 1. of this contract, Borrower has not <br />employed or retained any company or person , to solicit or secure this contract and that he <br />has not paid or agreed to pay any person, company, corporation, individual, or firm, any fee, <br />commission, percentage, gift, or other consideration contingent upon or resulting from the <br />award or the making of this contract. <br /> <br />Page 5 of 9 Pages <br />