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(ii) the Board elects to apply all of the provisions of Title 11, Article <br /> 57, Part 2, C.R.S.to the execution of the Loan Contracts and to the issuance of the <br /> Promissory Notes; and <br /> (iii) the execution of the Loan Contracts and the issuance and delivery <br /> of the Promissory Notes, and all procedures undertaken incident thereto, are in <br /> full compliance and conformity with all applicable requirements, provisions and <br /> limitations prescribed by the Constitution and the Enabling Law, and all <br /> conditions and limitations of the Enabling Law and other applicable law relating <br /> to the execution of the Loan Contracts and the issuance and delivery of the <br /> Promissory Notes have been satisfied. <br /> Section 8. Events of Default and Remedies. <br /> (a) Events of Default. The occurrence or existence of any one or more of the <br /> following events shall be an Event of Default hereunder: <br /> (i) payment of the principal of or interest on any Promissory Note is <br /> not made by the Authority when due; or <br /> (ii) the Authority defaults in the performance of any other of its <br /> covenants in this Resolution, and such default continues for 30 days after written <br /> notice from CWCB specifying such default. <br /> (b) Remedies for Events of Default. Upon the occurrence and continuance of <br /> an Event of Default, the CWCB may protect and enforce its rights by proper legal or <br /> equitable remedy deemed most effectual including mandamus, specific performance of <br /> any covenants, injunctive relief or requiring the Board to act as if it were the trustee of an <br /> express trust, or any combination of such remedies. <br /> Section 9. Approval of Documents. The President (or in the President's absence the <br /> Vice President) and the Secretary of the Board shall, and they are hereby authorized and directed <br /> to take all actions necessary or appropriate to effectuate the provisions of this Resolution, <br /> including, but not limited to, the execution of the Loan Contracts, the Promissory Notes, the <br /> Security Agreements (as set forth in Appendix 2 to the Loan Contracts) in substantially the forms <br /> presented to the Board, with such non-material changes thereto, not inconsistent herewith, as <br /> may be necessary or desirable to effectuate the provisions of this Resolution and approved by <br /> counsel to the Authority and the officials of the Authority executing the same (whose manual or <br /> facsimile signatures thereon of such officials shall constitute conclusive evidence of such <br /> approval), and execution of such additional agreements, certificates and affidavits as may be <br /> reasonably required to effectuate the provisions of this Resolution. The execution by the <br /> President (or in the President's absence the Vice President) of the Board of any document <br /> authorized herein shall be conclusive proof of the approval by the Authority of the terms thereof. <br /> Section 10. Contingent Authorization. The authorizations provided in this Resolution <br /> are expressly contingent upon satisfaction of both of the following conditions: (i)the approval by <br /> the City and execution by all Members of the First Amendment to Authority IGA, and (ii) <br /> execution of the County Road 52 IGA by all parties thereto. <br /> 9 <br /> 4831-0427-7019.3 <br />