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The Department of Natural Resources <br /> Colorado Water Conservation Board <br /> Attn: Construction Fund Section <br /> February 12, 2009 <br /> Page 3 <br /> b. Borrower holds the requisite title and rights to any property involved in the <br /> Loan. <br /> c. There has not been any mutual mistake of fact or misunderstanding, <br /> fraud, duress or undue influence. <br /> d. The conduct of the parties to the Loan has complied with any requirement <br /> of good faith, fair dealing and conscionability. <br /> e. Lender and any agent acting for Lender in connection with the Loan have <br /> acted in good faith and without notice of any defense against the enforcement of any <br /> rights created by, or adverse claim to any property or security interest transferred or <br /> created as part of, the Loan. <br /> f. There are no agreements or understandings among the parties, written or <br /> oral, and there is no usage of trade or course of prior dealing among the parties that <br /> would, in either case, define, supplement or qualify the terms of the Loan Documents. <br /> g. All parties to the Loan will act in accordance with, and will refrain from <br /> taking any action that is forbidden by, the terms and conditions of the Loan Documents. <br /> h. The Loan Documents have been or will be duly recorded and/or filed in all <br /> places necessary (if and to the extent necessary) to create the lien as provided therein. <br /> The description of the collateral is accurate and is sufficient under law <br /> (i) to provide notice to third parties of the liens and security interests provided by the <br /> Loan Documents and (ii) to create an effective contractual obligation under law. <br /> j. Neither the execution and delivery of the Loan Documents by Borrower, <br /> as applicable, nor performance thereunder will (i) conflict with or result in a breach of <br /> any of the terms, conditions or provisions of any agreements, instruments, documents, <br /> contracts, undertakings, mortgage, deed of trust, franchise, permit or license applicable <br /> to Borrower or (ii) conflict with or result in a breach of any statute, rule, order, law, <br /> regulation, writ, injunction, decree, or legal requirement of any court or governmental <br /> authority applicable to Borrower. <br />