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<br />.,'-., <br />:".,-, <br />) <br /> <br />11. Pursuant to section 31-15-302, C.R.S. (1986), take all <br />necessary actions consistent therewith ~o levy assessments to <br />raise sufficient funds to pay this contract loan debt in a <br />timely manner and, as required by the terms and conditions <br />herein, to assure repayment of the project loan to the State. <br />In the event that the assessment(s) levied by the Contractor, or <br />the revenues resulting therefrom, are or become insufficient to <br />assure repayment to the State as required by the terms and <br />conditions herein, then the contractor, upon written notice <br />thereof from the state, shall immediately take all necessary <br />action consistent with its statutory authority, including but <br />not limited to additional assessments, to raise sufficient <br />revenue to assure repayment of the project loan to the State. <br /> <br />12. Provide the state with such periodic reports as the <br />State may require and permit periodic inspections of its <br />operations and accounts by a designated representative of the <br />state. <br /> <br />. <br /> <br />13. Repay to the State the total sum of Four Hundred <br />Nineteen Thousand six Hundred Sixteen Dollars ($419,616), which <br />includes the project loan amount with interest at the rate of <br />five percent (5%) per annum, said repayment to be made in <br />constant annual installments of Ten Thousand Four Hundred Ninety <br />Dollars and Forty Cents ($10,490.40) each, for Forty (40) years, <br />as shown in Exhibit C, attachea hereto and incorporated by <br />reference herein, which first installment shall be due and <br />payable on the first day of the month next succeeding the month <br />in which the State determines that the project has been <br />substantially completed, and yearly thereafter until the entire <br />principal sum and interest shall have been paid. said <br />installment payments shall be made payable to the Colorado water <br />Conservation Board, payable at the offices of said Board in <br />Denver, Colorado. <br /> <br />14. As security for the loan to be made to it by the State, <br />execute and record a deed of trust within thirty (30) days of <br />the substantial completion of the project that shall convey to <br />the State an undivided one hundred percent (100%) of the <br />following: <br /> <br />The outside irrigation system for the Town of Ignacio. <br />The map attached to the deed of trust, prepared by the <br />Durango Office of the Soil Conservation Service in 1992, <br />indicates the location and size of the respective <br />pipelines. <br /> <br />15. Obtain and maintain general fire and hazard insurance <br />on the project in an amount not less than the outstanding amount <br />of the loan made by the State to the Contractor until the <br />Contractor has repaid the loan in full under the terms of <br /> <br />Page 5: of 12 Pages <br />