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the repayment. Copies of such security interest (Uniform Commercial Code--Security <br /> Agreement and Uniform Commercial Code--Financing Statement) shall be attached <br /> hereto and incorporated herein as Exhibits G and H, respectively. The Resolution of <br /> the Contractor and the security interest of the Contractor are conditions precedent to <br /> State performance. <br /> O. The Contractor warrants that in the event of a default by the Contractor in the <br /> repayment to the State, and upon written notice thereof from the State, the Contractor <br /> shall, pursuant to its By-Laws and Section 7-42-104, CRS (1986), immediately take all <br /> necessary actions to levy an additional assessment and to pledge additional revenues in <br /> a in a sufficient amount and in a timely manner to cure the default and to repay the <br /> State as required by the contract. Such additional revenues shall be deemed covered <br /> by the existing security interest. <br /> P. The Contractor warrants that the security interest executed by the Contractor in <br /> favor of the State to secure repayment of this loan is a valid security interest which <br /> shall be binding against the Contractor and that the Contractor has perfected this <br /> security interest such that the State has priority over all other competing claims for <br /> such secured revenues. <br /> Q. The Contractor warrants that by acceptance of the loan money pursuant to the <br /> terms of this contract and by the Contractor's representation herein, the Contractor <br /> shall be estopped from asserting for any reason that it is not authorized or obligated to <br /> repay the loan money to the State as required by this contract. <br /> R. All notices, correspondence, or other documents required by this contract shall <br /> be delivered or mailed to the following addresses: <br /> 1. For the State: 2. For the Contractor: <br /> Daries C. Lile, P.E., Director The New Cache la Poudre <br /> Colorado Water Conservation Board Irrigating Company <br /> 721 State Centennial Building P.O. Box 104 <br /> 1313 Sherman Street Lucerne, CO 80646 <br /> Denver, CO 80203 <br /> Attn: Frank Akers Attn: Jeff Harbert <br /> Superintendent <br /> ncachepr.con <br /> Page 10 of 12 Pages <br />