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<br />1710.1 -""..J-~~ ................., -"...-........."...... -"...... "'":;;1-" <br /> <br />- . <br /> <br />. <br /> <br />. <br /> <br />State of Colorado, in the amount of $590,590.00 to <br />be repaid with interest at a rate not to exceed 3% <br />and for a term of not less than 40 years. <br /> <br />(b) The Buyer's obligation hereunder is expressly <br />contingent upon the approval and ratification of <br />this purchase, and the loan from the Colorado Water <br />Conservation Board, by its members on or before <br />closing. <br /> <br />(c) The Buyer's obligation hereunder is expressly <br />contingent upon a new diversion structure to The <br />Excelsior Irrigation Company on the Arkansas River <br />being constructed and completed at no cost to the <br />Buyer, on or before the closing of this agreement. <br />Said structure is to be built with the proceeds of <br />a loan from the Colorado Water Conservation Board. <br />If said new diversion structure is not completed <br />prior to closing, sufficient funds,. based upon <br />engineers I proj ections, shall be escrowed by The <br />Excelsior Irrigating company and\or C. R. Evans to <br />insure construction and completion of the <br />structure. Those funds are to be escrowed as <br />follows: 75% from the loan proceeds and 25% by C. <br />R. Evans personally. <br /> <br />(d) The Buyer's obligation hereunder is expressly <br />contingent upon the preparation and execution of an <br />agreement by and between C. R. Evans, Western <br />Mobile Incorporated and the Seller herein whereby <br />C. R. Evans and Western Mobile Incorporated <br />contract, covenant, stipUlate and agree not to <br />oppose, at this time or at any time in the future, <br />the use of the water described herein for <br />augmentation purposes and further not to oppose any <br />plans or applications filed by the Buyer to modify <br />the use of said water from irrigation to <br />augmentation purposes filed either with the State <br />Water Court or the State Engineer'S Office. This <br />agreement shall be executed and entered into by the <br />parties prior to closing and shall inure to the <br />benefit of the parties, their successors and <br />assigns. <br /> <br />(e) The Buyer's obligation hereunder is expressly <br />contingent upon the amendment of the Bylaws and/or <br />Articles of Incorporation of The Excelsior <br />Irrigating company to provide the following: <br /> <br />5 <br />