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f .. <br />► � � o <br />♦^ <br />0 <br />f g <br />immediately take any lawful action to cure such default. The <br />Company is also authorized to take any other lawful action which <br />may be required by the Articles of incorporation or By-Laws of <br />the Company to properfy execute the contract and perform ali <br />the terms and conditions thereof in a timely manner. <br />5. The Company is authorized to execute and perfect a security <br />interest in the form provided by the State in the revenues <br />resulting from the assessment(s) levied for the purpose of <br />repayment of the contract loan to the State. That security <br />; �,,,�, <br />interest shall be signed b�-��.thi� Pr�sj.�lent and the Secretary. <br />�., � <br />That security interest shaltn �be deem,ed� t�� i�clude any future <br />, ` `�� .� <br />assessment revenues obtai f,or ,repa.�ment of the contract loan. <br />�� � <br />The Company shall insure'�`�Fiat the State has priority interest in <br />such revenues. <br />6. The Company is authorized to establish a separate fund account <br />in the Company name and in the name of "the State of Colorado, <br />for the use and benefit of the Colorado Water Conservation <br />Construction Fund" at a state or national bank or savings and <br />loan association insured by the federal government, and to <br />deposit in such account all revenues resulting from the assess- <br />ment(s) made to repay the contract loan to the State, and to pay <br />such monies to the State as required by the contract. The <br />- Company shall insure that these revenues are not used for any <br />other purpose. <br />3 <br />