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such assessment revenues in favor of the State to secure the <br /> repayment. Copies of such security interest (Uniform <br /> Commercial Code--Security Agreement and Uniform Commercial <br /> Code--Financing Statement) shall be attached hereto and <br /> incorporated herein as Exhibits F and G, respectively. The <br /> Resolution of the Contractor and the security interest of the <br /> Contractor are conditions precedent to State performance. <br /> N. The Contractor warrants that in the event of a default by <br /> the Contractor in the repayment to the State, and upon written <br /> notice thereof from the State, the Contractor shall, pursuant <br /> to its By-laws and section 7-42-104, C.R.S. (1986) , immediately <br /> take all necessary actions to levy an additional assessment and <br /> to pledge additional revenues in a sufficient amount and in a <br /> timely manner to cure the default and to repay the State as <br /> required by the contract . Such additional revenues shall be <br /> deemed covered by the existing security interest. <br /> O. The Contractor warrants that the security interest executed <br /> by the Contractor in favor of the State to secure repayment of <br /> this loan is a valid security interest which shall be binding <br /> against the Contractor and that the Contractor has perfected <br /> this security interest such that the State has priority over <br /> all other competing claims for such secured revenues. <br /> P. The Contractor warrants that by acceptance of the loan <br /> money pursuant to the terms of this contract and by the <br /> Contractor ' s representation herein, the Contractor shall be <br /> estopped from asserting for any reason that it is not <br /> authorized or obligated to repay the loan money to the State as <br /> required by this contract. <br /> Q. No monies will become available from this contract unless <br /> an equal amount is made available by the Contractor, as the <br /> equal cost-share for the project. <br /> R. All notices, correspondence, or other documents required by <br /> this contract shall be delivered or mailed to the following <br /> addresses: <br /> 1. For the State: 2. For the Contractor : <br /> Director Highline-Buzzard Ditch Company, Inc. <br /> Colorado Water Conservation Board Route 1, Box B-42 <br /> 721 State Centennial Building Collbran, CO 81624 <br /> 1313 Sherman Street Attn: Jim Cole <br /> Denver, CO 80203 Secretary-Treasurer <br /> Attn: Frank Akers <br /> Page 8 of 10 Pages <br />