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<br />Prewitt Operating Committee <br />AGREEMENT-September 1,2006 <br />Page 3 <br /> <br />2.3.3 Remedy. If any Owner shall fail to remit its pro rata share of debt <br />service or debt service reserves on the CWCB Loan timely, then the Prewitt Operating <br />Committee shall withhold delivery of the defaulting Party or Parties' water from Prewitt <br />Reservoir until such time as the default in payment has been cured. <br /> <br />3 <br /> <br />Other. <br /> <br />3.1 Third Party Beneficiary. The Parties hereto acknowledge and agree that the terms <br />of this Agreement are intended to benefit the CWCB by providing further assurance of <br />repayment of its construction loan to the Logan Irrigation District for financing of dam safety <br />improvements at Prewitt Reservoir, and that the CWCB is an intended third-party beneficiary of <br />this Agreement entitled to enforce its terms. <br /> <br />3.2 Change of Entity Structure. The Parties hereto acknowledge and agree that should <br />the Logan Irrigation District determine to change its entity structure (e.g. convert from an <br />irrigation district to a mutual ditch company) prior to retirement ofthe CWCB Loan, then all <br />Parties will cooperate to repay, defease, or restructure the CWCB Loan so that the portion of the <br />CWCB Loan issued to finance the pro rata share of the cost of spillway construction of the Iliff <br />Irrigation District and the Morgan-Prewitt Reservoir Company will not impede the desired entity <br />conversion of the Logan Irrigation District. <br /> <br />Executed on this I~ tJ;rlay of (!)(I.J. (} ~ ,2006. <br /> <br />ILIFF IRRIGATION DISTRICT <br /> <br />/ -~ '/ .7 ,- "";,." ;:- <br /> <br />::+;t;;Z <br /> <br />LOGAN IRRIGATION DISTRICT <br /> <br />By: <br /> <br /> <br />Attest: <br />