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shall become an amendment to this contract and, except for the Special Provisions of the <br /> contract, the REVISION LETTER shall supersede the contract in the event of a conflict between <br /> the two. The parties understand and agree that the REVISION LETTER may be used only for <br /> decreasing the final loan amount or to extend the time for completion of the PROJECT. In the <br /> event that the parties execute the REVISION LETTER to decrease the amount of the loan, the <br /> parties shall amend the Promissory Note and all documents -; t d by the BORROWER to <br /> convey security interests to the STATE as required by this co the decreased <br /> loan amount. <br /> 11.Warranties. <br /> k.` <br /> a. The BORROWER warrants that by acceptance of the loan m a :nt- the terms of <br /> this contract and by the BORROWER'S representation herein, the / R shall be <br /> estopped from asserting for any reason that it is not authorized or obligated to repay the <br /> loan money to the STATE as required by this contract. <br /> b. The BORROWER warrants that it has full power and authority to enter into this contract. <br /> The execution and delivery of this contract and the performance and observation of its <br /> terms, conditions and obligations have been duly authorized by all necessary actions of <br /> the BORROWER. <br /> c. The BORROWER warrants that, with the exception of its manager and former manager, <br /> who work(ed) for the BORROWER as independent contractors, it has not employed or <br /> retained any company or person, other than a bona fide employee working solely for the <br /> BORROWER, to solicit or secure this contract. The BORROWER also warrants that it has <br /> not paid or agreed to pay any person, company, corporation, individual, or firm, other <br /> than a bona fide employee, any fee, commission, percentage, gift, or other consideration <br /> contingent upon or resulting from the award or the making of this contract. <br /> d. The BORROWER warrants that the property identified in the Collateral Provisions of this <br /> contract is not encumbered by any other liens or in any other manner. <br /> 12. Collateral. In addition to the revenues pledged to repay this loan, the security provided by <br /> the BORROWER for this loan shall be an undivided one hundred percent (100%) interest in the <br /> following: <br /> a. All of the BORROWER'S right, title and interest in and to the Caroline Placer, Mineral <br /> Certificate No. 1591, situate in Upper Fall River Mining District, Clear Creek County, <br /> Colorado, as more particularly described in the Deed of Trust executed by the <br /> BORROWER and attached hereto as Appendix 4 and incorporated herein. The <br /> BORROWER reserves the right to continue to operate its reservoirs located partially or <br /> wholly within said property. The BORROWER shall be entitled to substitute collateral of <br /> equal value,with the CWCB's approval. <br /> b. All of the BORROWER'S right, title and interest, as sole shareholder of Golden, in and to <br /> the income derived from Golden's sale of water carried primarily through the Welch <br /> Ditch pursuant to Article 10 of Golden's bylaws, and all of the BORROWER'S said rights to <br /> receive said income. The BORROWER and Golden have executed a Security Agreement <br /> The Agricultural Ditch and Reservoir Company Page 6 of 14 Loan Contract <br />