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0 s <br />must be performed by the Contractor prior to the State <br />performance under this contract. <br />11. Pursuant to C.R.S. 7 -42- 104(2) and to its Articles of <br />Incorporation and to its By -Laws, the Contractor, through <br />either its stockholders or its Board of Directors as provided <br />therein shall take all necessary actions consistent therewith <br />to levy assessments to raise sufficient funds to pay this <br />contract loan debt in a timely manner and as required by the <br />terms and conditions herein to assure repayment of the project <br />loan to the State. In the event that the assessment(s) levied <br />by the Contractor, or the revenues resulting therefrom, are or <br />become insufficient to assure repayment to the State as <br />required by the terms and conditions herein., then the <br />Contractor, upon written notice thereof from the State, shall <br />immediately take all necessary action consistent with its <br />By -Laws and the Statutes, including but not limited to <br />additional assessments, to raise sufficient revenue to assure <br />repayment of the project loan to the State. <br />12. Provide the State with such periodic reports as the <br />State may require and permit periodic inspections of its <br />operations and accounts by a designated representative of the <br />State. <br />13. Repay to the State the total principal sum of <br />Fifty -Five Thousand Dollars ($55,000), which includes the <br />project loan amount with interest at the rate of five percent <br />(5 %) per annum, said repayment to be made in constant annual <br />installments of Three Thousand Nine Hundred Two Dollars and <br />Twenty -Five Cents ($3,902.25) each, for twenty -five (25) years, <br />as shown in Exhibit B, attached hereto and incorporated by <br />reference herein, which first installment shall be due and <br />payable on the first day of the month next succeeding the month <br />in which the State determines that the project has been <br />substantially completed, and yearly thereafter until the entire <br />principal sum shall have been paid. However, in the event the <br />Contractor does not draw funds commencing on the date specified <br />in paragraph.C.l.a. below, the obligation to repay shall be <br />postponed for the same number of months as the Contractor <br />delays in drawing funds. Said installment payments shall be <br />made payable to the Colorado Water Conservation Board, payable <br />at the offices of said Board in Denver, Colorado. <br />14. As security for the loan to be made to it by the <br />State, execute and record a warranty deed within thirty (30) <br />days of the first advance of funds from the State as provided <br />in paragraph C.l.a. below which shall convey to the State the <br />following: <br />An undivided fifty- percent (50 %) of the following: <br />a. Coon Creek No. 1 Dam <br />(1) 3970± cubic yards of compacted earthfill on <br />existing embankment <br />(2) 800± square yards of riprap on the upstream <br />side and placed between stations 50 +00 to 3 +00 <br />(3) A toe drain system <br />(4) 1350± cubic yards of excavation of the <br />spillway channel <br />(5) 200± cubic yards of embankment on the <br />spillway sides <br />(6) 126± square yards of rock <br />the spillway channel <br />(7) 70+ linear feet of a new <br />Page 4 of 10 Pages <br />erosio a <br />outlet c el <br />