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111 I <br /> 4. In event of default the Company is authorized to take action <br /> to cure the default and to properly execute the contract. <br /> 5. The Secretary-Treasurer will establish a separate account in <br /> the name of the Company and the "State of Colorado for the use <br /> and benefit of the Colorado Water Conservation Construction Fund" <br /> at a bank or savings and loan association insured by the feeral <br /> goverment, and to deposit all revenues from assessments made to <br /> repay the loan to the State as required by the contract. Company <br /> will assure that these funds are not used for any other purposes. <br /> 6. The President and Secretary-Treasurer will execute a Deed of <br /> Trust in favor of the State as security for the loan from the <br /> State which shall convey to the Public Trustee of Mesa County: <br /> 180 lineal feet of 24" diameter, 80 psi plastic irrigation <br /> pipe; <br /> 3600 linieal feet of 21" diamete. 8O psi plastic irrigation <br /> pipe with all apprtenat structures, bends, fitting, thrust blocks <br /> and drainage pipe required for proper installation of above pipe <br /> (RESOLUTION ADOPTED BY DIRECTORS AND APPROVED BY SHAREHOLDERS IN <br /> A SPECIAL MEETING OF THE COMPANY ON JULY 16, 1990) <br /> PA1 <br /> Ftr,11' <br /> • <br /> • <br />