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� �+� ` <br />� <br />contract, the State agrees to convey to the Contractor all of <br />the State's riqht, title, and interest in and to the project <br />and any other property described in paragraph B.14. above by <br />deed or other proper conveyance. <br />K. The Colorado Water Conservation Board, its aqents and <br />employees, is hereby designated as the aqent of the State for <br />the purpose of this contract. <br />L. The Contraator aqrees 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 rep�yment of the loan to the <br />State. The Contractor hereby agrees to take any and all <br />actions necessary to guarantee such repayment as provided <br />herein includinq, without being limited to, the actions <br />specified in this contract. <br />M. The Contractor aqrees that the specific revenues to be <br />pledqed to repay the State shall include, without beinq 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 ny other purpose, and <br />aqrees ta provide the State a p �d security interest in <br />the form provided by the St ably pledginq suGh <br />revenues on the date of exec�' of t i contract. <br />q� � <br />N. The Contractor warrants t at �`�+h �y passed a <br />Resolution by its Board o c�rs, as provided in its <br />By-Laws, authorizinq: the�k�ractor to enter,`into this <br />contract with the State to borrow the principai sum of One <br />Hundred Thousand Dollars ($100,000); the makinq and levyinq of <br />an assessment(s) sufficient to pay off this contract loan <br />pursuant to its terms and to discharge this lawful <br />indebtedness; the settinq aside of this assessment revenue in a <br />special fund separate and apart from other Contractor revenues <br />to assure repayment of this revenue to the State; and the <br />siqninq of a security interest in such assessment revenues in <br />favor of the State to secure the repayment. The Resolution of <br />the Contractor and the security interest of the Contractor are <br />conditions precedent to State performance and shall be attached <br />hereto and included herein by this reference. <br />O. The Contractor warrants that in the event of a default by <br />the Contractor in the repayment to the State, and upon written <br />notice thereof from the State, the Contractor shall, p�s�i�� the stock- <br />to its By-Laws, immediately take all necessary actione✓ to evy �1 ers <br />an additional assessment and to pledge additional revenues in 4' <br />sufficient amount and in a timely manner to cure the default Cr <br />and to repay the State as required by the contract. Such- ��`c� <br />additional revenues shall be deemed covered by the existing � <br />security interest. <br />P. The Contractor warrants that the security interest executed <br />by the Contractor in favor of the State to secure repayment of <br />this loan is a valid security interest which shall be binding <br />against the Contractor and that the Contractor has perfected <br />this security interest such that the State has priority over <br />all nr.her comnetinG claims far such secured revenues. <br />Q. The Contractor warrants that by acceptance of the loan <br />money pursuant to the terms of this contract and by the <br />Contractor's representation herein, the Contractor shall be <br />estopped from assertinq for any reason that it is not <br />authorized or obliqated to repay the loan money to the State as <br />required by this contract. <br />Page 8 of il Paqes <br />� <br />