C150205 Feasibility Study - Laserfiche WebLink

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Jack H. Burk g/~lIEf} g/~lIEf} I I I I I I I I I I I I I I I I I I I 11. The Company and the Funding Members agree that the pipeline must be operated full of water in order to maximize the benefits of the pipeline to the water users and further agree to jointly make best efforts to keep the pipeline completely full of water at all times during the irrigation season. 12, The Funding Members understand that the Company may pledge this Funding Agreement as collateral for the Loan, that the Company will rely on this Funding Agreement for its primary source of money for repayment of the Loan and that the Company may use all legal means available to collect from Funding Members any amounts in arrears, 13. This Agreement may be signed in counterparts and all signatures shall be notarized. 14. The parties agree that the Company shall be the owner of the Additions/lmprovements. The Parties also acknowledge that Members' rights to use the head gate, the point of diversion and easements for the Ditch that are pledged for use by the Company pursuant to the Bylaws of the corporation, may be pledged by the Company to secure the Loan. 15, The parties agree that, if the Company is forced to default on the Loan due to failure of the Members to pay assessments pursuant to this Funding Agreement and the Bylaws, the Company may cease delivery of water by closing the head gate and that this right may be pledged to secure the Loan. 16. This Agreement is binding upon heirs, successors and assigns of the parties. IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the day and year first above written. The Fundino Members Brent Alexander g/~lIEf} Number Six Ditch Company James A. Burton PENDING SIGNATURE Jack H. Burk, President Winborn L. Davis g/~lIEf} Page 4 of 6