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<br />project be conditioned upon the repayment of the loan to the <br />State. The Contractor hereby agrees to take any and all <br />actions necessary to assure such repayment as provided herein, <br />including, without being limited to, the actions specified in <br />this contract. <br /> <br />~ M. The Contractor warrants that it has duly passed an order or <br />~ a resolution by its Board of Directors. as provided in its <br />~ r8Y-Laws,/authoriZing tbe Contractor to enter into this con~ract <br />o witb the State to borro~ the principal sum of Four Hundred <br />e;~ Fifty-Four Thousand Dollars ($454.000). Purther, the ' <br />oo8'~ Contractor will recommend to its stockholders the annual <br />mc~ adoption at assessments sufficient to payoff this contract <br />B~~ loan pursuant to its terms and to diSCharge this lawful <br />~m indebtedness. The setting aside of this assessment revenUe in <br />wmu a special fund separate and apart from other Contractor <br />~~~ revenues is also needed to assure repayment of this revenue to <br />~~ the State. The order or the resolution of the Contractor and <br />~~~ the security interest of the Contractor are conditions <br /> <br />~ ~~:~ec:::n:o::r::::: ::::::::n::~t in the event of a default by <br /> <br />\l:~~yQ the Contractor in the repayment to the State. and upon written <br />~ notice thereof from the State, the Contractor shall. pursuant <br />to its Articles of Incorporation and By-Laws. immediately take <br />all acts available at law to it to cause the stockholders to <br />levy an additional assessment and to pledge additional revenues <br />in sufficient amount and in a timely manner to cure the default <br />and to repay the State as required by the contract. Such <br />additional revenueS shall be deemed covered by the existing <br />security interest. <br /> <br />o. All notices. correspondence. <br />this contract shall be delivered <br />addresses: <br /> <br />or other documents required by <br />or mailed to the following <br /> <br />(a) For the State: <br />Director <br />Colorado Water Conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver. CO 80203 <br />Attn: NiCk Ioannides <br /> <br />(b) For the Contractor: <br />The Santa Maria Reservoir <br />Company <br />P.O. Box 288 <br />Monte Vista. CO 81144 <br />Attn: Barry H. Nelson <br />Superintendent <br /> <br />-~- <br /> <br />Page ~ of 10 Page$ <br />