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system; and <br /> 8. The CONTRACTOR and the ASSIGNEE have requested the STATE to consent to an assignment <br /> of the ORIGINAL CONTRACT from the CONTRACTOR to the ASSIGNEE; and <br /> 9. The STATE has reviewed the situation and is satisfied that the ASSIGNEE will adequately <br /> perform the CONTRACTOR'S duties and obligations under the ORIGINAL CONTRACT; and <br /> 10. The STATE, the CONTRACTOR and the ASSIGNEE agree that the ASSIGNEE shall assume all of <br /> the CONTRACTOR'S obligations and rights under the ORIGINAL CONTRACT; and <br /> 11. With the consent of the CONTRACTOR, the STATE has quitclaimed all of its right, title and <br /> interest in the PROJECT, which was conveyed to the STATE by the CONTRACTOR pursuant to the <br /> ORIGINAL CONTRACT, to the ASSIGNEE, in exchange for which the ASSIGNEE has conveyed a 100% <br /> interest in the PROJECT to the STATE by a deed of trust. <br /> 1 2. The payments on the ORIGINAL CONTRACT are current and the CONTRACTOR is not in default <br /> under the ORIGINAL CONTRACT. <br /> NOW THEREFORE, the parties agree that <br /> 1 . Consideration for this Amendmentto the ORIGINAL CONTRACT consists of the payments which <br /> shall be made pursuant to this Amendment and the ORIGINAL CONTRACT and the promises and <br /> agreements herein set forth. <br /> 2. The parties expressly agree that this Amendment is su.•lemnt I t the ORIGINAL CONTRACT <br /> and all terms, conditions, and provisions thereof, unless specifi : 'a die h in, are to apply to <br /> this Amendment as though they were expressly rewritten, inc.:;,`•or , n„yi uded herein. <br /> 3. The ASSIGNEE warrants that its Town Council ' ,,co nplip. , to , ry and other <br /> requirements and duly passed an ordinance authorizing t , '`-`•,diNEE;, -r t th greement and <br /> Plan for Dissolution with the CONTRACTOR and thereby ” - a t`, . . • ions of the <br /> CONTRACTOR, including the repayment of this loan, and to pay all of the CONTRACTOR'S financial <br /> obligations, including this loan, from the ASSIGNEE'S water enterprise fund. In addition,the ASSIGNEE'S <br /> Town Council has duly passed an ordinance, which is irrepealable during the term of this loan, <br /> authorizing the ASSIGNEE to do the following: <br /> a. Enter into and comply with all the terms of the ORIGINAL CONTRACT including this contract <br /> amendment, with the STATE, and <br /> b. Execute a deed of trust conveying a security interest to the STATE in the PROJECT, and <br /> c. Allocate revenues from the ASSIGNEE'S water system enterprise fund sufficient to pay off <br /> the loan made under this contract and place those funds in a separate account, apart from <br /> other revenues of the ASSIGNEE, to assure repayment of this loan to the STATE, and <br /> d. Sign a security interest in the revenues pledged herein in favor of the STATE to secure the <br /> repayment of this loan to the STATE. <br /> Said ordinances are attached hereto as ATTACHMENT 2 and incorporated herein. <br /> Page 2 of 5 <br />