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<br />security interest in such assessment revenues in favor of the <br />State to secure the repayment. The Resolution of the <br />Contractor and the se.curi ty interest of the Contractor are <br />conditions precedent ,to State performance. Copies of such <br />security interest are attached hereto as Exhibits E and F and <br />incorporated herein, <br /> <br />N. The Contractor wa-rrants that in the event of a default by <br />the Contractor in the repayment to the State, and upon written <br />notice thereof from t:he State. the Contractor shall, pursuant <br />to its By-Laws and to its Articles of Incorporation, <br />immediately take all necessary actions to cause its <br />stockholders to levy an additional assessment and to pledge <br />additional revenues in a sufficient amount and in a timely <br />manner to cure the de'fault and to repay the State as required <br />by the contract, Suc,h additional revenues shall be deemed <br />covered by the existing security 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 val-id .securi ty 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 <br />all other competing c-laims for such secured revenues. <br /> <br />P. The Contractor wa.rrants that by acceptance of the loan <br />money pursuant to the- terms of this contract and by the <br />Contractorls representation herein. the Contractor shall be <br />estopped from asserti,ng for any reason that it is not <br />authorized or obligat:ed to repay the loan money to the State as <br />required by this cont.ract. <br /> <br />Q. No monies will become available from this contract unless <br />at least an equal amount is made available by the Contractor. <br />as the equal cost-sha.re for the project. <br /> <br />R. 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 />1. 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 />2. For the Contractor: <br />Morri'son Consolidated Ditch <br />Company <br />10914 Highway 172 <br />Ignacio. CO 81137 <br />Atto: Donald D. Anderson <br />President <br /> <br />Page & of 10 Pages <br />