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<br />between them contemplated by this contract is that of
<br />lender-borrower, not employer-employee. No agent, employee, or
<br />servant of the Contractor shall be, or shall be deemed to be, an
<br />employee, agent, or servant of the state. The Contractor will
<br />be solely and entirely responsible for its acts and the acts of
<br />its agents, employees, servants, engineering firms, construction
<br />firms, and subcontractors during the performance of this
<br />contract.
<br />
<br />G. At all times during the performance of this contract, the
<br />Contractor shall strictly adhere to all applicable federal and
<br />state laws and regulations that have been or may hereafter be
<br />established.
<br />
<br />H. This agreement is intended as the complete integration of
<br />all understandings between the parties. No prior or
<br />contemporaneous addition, deletion, or other amendment hereto
<br />shall have any force or effect whatsoever unless embodied herein
<br />in writing. No SUbS~qU~ , ation, renewal, addition,
<br />deletion, or other . .. . . reto shall have any force or
<br />effect unless embodi'. ritten contract executed and
<br />approved pursuant to state '1f~~ules. .
<br />
<br />I. In its sole d~~t ,~te may at any time and in
<br />writing give any ~~~nt, deferment, subordination, release,
<br />satisfaction, or termination of any or all of the Contractor's
<br />obligations under this agreement, with or without valuable
<br />consideration, upon such terms and conditions as the state may
<br />determine to be: (a) advisable to further the purposes of this
<br />contract or to protect the state's financial interest therein,
<br />and (b) consistent with both the statutory purposes of this
<br />contract and the limi~ations of the statutory authority under
<br />which it is made.
<br />
<br />J. Upon completion of repayment to the state in the amount of
<br />six Hundred Four Thousand six Hundred Seventy-Seven Dollars
<br />($604,677) as set forth in paragraph B.13. above of this
<br />contract, the state agrees to convey to the Contractor all of
<br />the State's right, title, and interest in and to the project and
<br />any other property described in paragraph 8.14. above by deed or
<br />other proper conveyance.
<br />
<br />K. The Colorado Water Conservation Board, its agents and
<br />employees, is hereby designated as the agent of the state for
<br />the purpose of this contract.
<br />
<br />L. The Contractor agrees and understands that sections
<br />37-60-119 through 37-60-122, CRS, as amended, require that the
<br />loan of money by the state to the Contractor for this water
<br />project be conditioned upon the repayment of the loan to the
<br />State. The Contractor hereby agrees to take any and all actions
<br />necessary to guarantee such repayment as provided herein
<br />including, without being limited to, the actions specified in
<br />this contract.
<br />
<br />M. The Contractor agrees that the specific revenues to be
<br />pledged to repay the state shall include, without being limited
<br />to, an assessment levied for that purpose as authorized by
<br />Resolution of the Contractor. The Contractor hereby pledges
<br />such assessment. revenues to repay the state loan, warrants that
<br />these revenues will not be used for any other purpose, and
<br />agrees to provide the State a perfected security interest in the
<br />form provided by the state irrevocably pledging such revenues on
<br />the date of execution of this contract.
<br />
<br />N. The Contractor warrants that it has duly passed, or will
<br />pass, a Resolution (Exhibit C) by its Board of Directors, as
<br />provided in its By-Laws, authorizing: the Contractor to enter
<br />into this contract with the state to borrow the principal sum
<br />of Three Hundred Ten Thousand Dollars ($310,000); to make and
<br />
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