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<br />,"'--', <br />'. ..\ <br /> <br />the Contractor in the repayment to the state, and upon written <br />notice thereof from the state, the Contractor shall, pursuant to <br />its By-laws, immediately take all necessary actions to levy an <br />additional assessment and to pledge additional revenues in a <br />sufficient amount and in a timely manner to cure the default and <br />to repay the state as required by the contract. Such additional <br />revenues shall be deemed covered by the existing security <br />interest. <br /> <br />O. The Contractor warrants that the security interest executed <br />by the Contractor in favor of the state to secure repayment of <br />this loan is a valid security interest which shall be binding <br />against the Contractor and that the Contractor has perfected <br />this security interest such that the State has priority over all <br />other competing claims for such secured revenues except as noted <br />in paragraph 14 above. <br /> <br />P. The Contractor warrants that by acceptance of the loan money <br />pursuant to the terms of this contract and by the Contractor's <br />representation herein, the Contractor shall be estopped from <br />asserting for any reason that it is not authorized or obligated <br />to repay the loan money to the state as required by this <br />contract. <br /> <br />R. All notices, correspondence, or other documents required by <br />this contract shall be delivered or mailed to the following <br />addresses: <br /> <br />1. For the State: <br /> <br />2. For the Contractor: <br /> <br />Director <br />Colorado Water Conservation Board <br />721 State Centennial Building <br />1313 Sherman street <br />Denver, CO 80203 <br />Attn: Frank Akers <br /> <br />The Sanchez Ditch and <br />Reservoir Company <br />R.R. 1, Box 215 <br />San Acacio, CO 81150 <br />Attn: Fred Holmes <br />President <br /> <br />Page 15 of 17 Pages <br />