C153797 Paid in Full Loan Compliance Confirmation

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• , conflict between the two. The parties understand and agree that the REVISION LETTER may be used only for decreasing the final loan amount or to extend the time for completion of the PROJECT. 11. Warranties. a. The BORROWER warrants that by acceptance of the loan money pursuant to the terms of this contract and by the BORROWER'S representation herein, the BORROWER shall be estopped from asserting for any reason that it is not authorized or obligated to repay the loan money to the STATE as required by this contract. b. The BORROWER warrants that it has full power and authority to enter into this contract. The execution and delivery of this contract and the performance and observation of its terms, conditions and obligations have been duly authorized by all necessary actions of the BORROWER. c. The BORROWER warrants that it has not employed or retained any company or person, other than a bona fide employee working solely for the BORROWER, to solicit or secure this contract and has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other consideration contingent upon or resulting from the award or the making of this contract. d. The BORROWER warrants that the property identified in the Collateral Provisions of this contract is encumbered only as follows: The Alamosa National Bank is a lienholder on the property described in Appendix D. The Bank has subordinated its lien to CWCB's security interest, as evidenced by the Subordination Agreement, dated March 12, 1997, and entered into by the Bank and C.R. Evans, which is incorporated herein by reference. 12. Collateral. In addition to the revenues pledged as repayment for this loan, part of the security provided for this loan shall be an undivided 100% interest in the following, hereinafter referred to as Security: a. 2883 shares of stock of the Excelsior Irrigating Company owned by C.R. Evans (EVANs), as evidenced by Certificate Number 5 for 1007 shares and Certificate Number 6 for 1876 shares. i. The STATE'S security interest in the certificates will be evidenced by a deed of trust, attached hereto as Appendix D, and a security agreement, attached hereto as Appendix E, both of which are incorporated herein. ii. EVANS shall have the shares issued in both EVANS' and CWCB's names and shall give physical custody of the stock certificates to the CWCB. The certificates shall be deposited at the State Treasurer's Office for safekeeping. iii. EVANS shall retain both the responsibility for paying assessments and the privilege of voting such shares. iv. EVANS shall execute a Stock Assignment, attached hereto as Appendix F and incorporated herein, to become effective solely in the event off." g .'i v. The 2883 shares of Excelsior Irrigating Compa 'f o"it" cr e ,n paragraph 12(a) is used t as collateral for a loan from Alamosa National 18 n0(I3 n4 .IBank has subordinated its lien to CWCB's security interest, as evidenced by the Subordination Agreement entered into by the Bank and C. R. Evans, which is incorgora ed ,,yle ren ,-. S` b. The BORROWER'S diversion structure, located of enter le,!::p : . � c ip ori r h STATE'S interest in the diversion structure is evidenced by a deed of trust, attached`' ereto`as Appendix G and incorporated herein. c. All revenues derived from the BORROWER'S lease of augmentation water to the AGUA and/or any other lessee. i. The Borrower and, Evans and AGUA have entered into a lease agreement dated February 12, 1997, covering the period April 1997 through March 1998, incorporated herein by reference. Borrower and Evans shall provide a copy of each renewal of the lease agreement ii. The STATE'S interest in the revenues from the BORROWER'S lease of augmentation water is evidenced by a security agreement, attached hereto as Appendix H and incorporated herein. The Excelsior Irrigating Company Page 5 of 12 Loan Contract