PROJC01858 (2) - Laserfiche WebLink

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levy assessment(s) sufficient to payoff this contract loan pursuant to its terms and to discharge this lawful indebtedness; to set aside this assessment revenue in a special fund separate and apart from other Contractor revenues to assure repayment of this revenue to the state; and to sign a security interest in such assessment revenues in favor of the state to secure the repayment. copies of such security interest (Uniform Commercial Code--Security Agreement and Uniform Commercial COde--Financing statement) shall be attached hereto and incorporated herein as Exhibits G and H, respectively. The Resolution of the Contractor and the security interest of the Contractor are conditions precedent to state performance. o. The Contractor warrants that in the event of a default by the Contractor in the repayment to the state, and upon written notice thereof from the state, the Contractor shall, pursuant to its By-Laws and section 7-42-104, CRS (1986), immediately take all necessary actions to levy dditional assessment and to pledge additional reven~ ficient amount and in a timely manner to cure t~lb~ and to repay the state as required by the contract. SU~ili1fi~onal revenues shall be deemed covered by th~~t~~~ interest. P. The Contractor wa~~s that the security interest executed by the Contractor in favor of the state to secure repayment of this loan is a valid security interest which shall be binding against the Contractor and that the Contractor has perfected this security interest such that the state has priority over all other competing claims for such secured revenues. Q. The Contractor warrants that by acceptance of the loan money pursuant to the terms. of this contract and by the Contractor's representation herein, the Contractor shall be estopped from asserting for any reason that it is not authorized or obligated to repay the loan money to the state as required by this contract. R. No monies will become available from this contract unless an equal amount is made available by the Contractor, as the equal cost-share for the project. s. All notices, correspondence, or other documents required by this contract shall be delivered or mailed to the following addresses: 1. For the State: David W. Walker, Director Colorado Water Conservation Board 721 State Centennial Building 1313 Sherman Street Denver, CO 80203 Attn: Frank Akers 2. For the Contractor: The Handy Ditch Company P.O. Box 1079 Berthoud, co 80513 Attn: John Waggner President Page 8 of 10 pages