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PARITY AGREEMENT <br /> THIS AGREEMENT is entered into and effective on the day last executed below by and <br /> among the Dolores Water Conservancy District("DWCD"),the Montezuma Valley Irrigation <br /> Company("MVIC"), and the Colorado Water Conservation Board("CWCB"). <br /> RECITALS <br /> A. The DWCD,a Colorado quasi-municipal corporation,has two agreements with <br /> MVIC, a Colorado nonprofit corporation organized under the Ditch and Reservoir Companies <br /> Act(C.R.S. §§ 7-42-101 et seq.),among others,under which MVIC has repayment obligations to <br /> DWCD secured by a first lien on MVIC's "annual and special assessments collected from the <br /> landowners of[MVIC]". These agreements include the"Contract between DWCD and MVIC <br /> for Adjustment of Water Rights and Sale of the Use of Irrigation Water,Dolores Project, <br /> Colorado River Storage Project," dated September 23, 1977, ("D Contract") (Articles 4, 6, 7 <br /> and 8), and the"Contract Among the United States and DWC 0, , f ( , e Ute Mountain <br /> 4k <br /> Ute Tribe Providing for the Adjustment of Water Ri a Re • ' '4t. , Operation, <br /> Maintenance and Replacement of Facilities to Reduce Salin ty ado River,"dated <br /> '' Jr <br /> April 21, 1989 ("T/HC Contract") (Articles 5 and 6). `r <br /> B. MVIC intends to enter into a loan contract with the CWCB to borrow <br /> $339,603.00 for thirty (30)years with interest at the rate of two and three quarters percent <br /> (2.75%)per annum, also to be secured by a lien interest in MVIC's"Pledged Revenues," as <br /> 1 <br />