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deletion. or other amendment hereto shall have any force or effect unless embodied in a written contract executed and approved pursuant to State fiscal rules. 1. In its sole discretion. the State may at any time and in writing give any consent. deferment. subordination. release. satisfaction. or termination of any or all of the Contractor's Obligations under this agreement. with or without valuable consideration. upon such terms and conditions as the State may determine to be: (a) advisable to further the purposes of nhis contract or to protect the State1s financial interest therein. and (b) consistent with both the statutory purposes of this contract and the limitations of the statutory authority under which it is made. J. Upon completion of repayment to the State in the amount of Seven Hundred Forty-Five Thousand Nine Hundred Sixty Dollars and Forty Cent6 ($745.960.40) a6 6et forth in paragraph B.13. above of this contract. the State agrees to convey to the Contractor all of the Statels right. title. and interest in and to the project and any other property described in paragraph B.14. above by deed or other proper conveyance. K. The Colorado Water Conservation Board. its agents and employees. is hereby designated as the agent of the State for the purpose of this contract. :~. L. The Contractor agrees and understands that sections 37-60-119 through 37-60-122, CRS, a6 amended. cequice that the loan of money by the State to the Contractor for this water project be conditioned upon the repayment ot the loan to the State. The Contractor hereby agrees to taK~ any and all actions necessary to guarantee such repayment as provided herein including. without being limited to. the actions specified in this contract. M. The Contractor agrees that the specific revenues to be pledged to repay the State shall include. without being limited to. an assessment levied for that purpose a~ authorized by Resolution of the Contractor. The Contractcr hereby pledges such assessment revenues to repay the State loan. warrants that these revenues will not be used for any oth~r purpose. and agrees to provide the State a perfected security interest in the form provided by the State irrevocably pledging such revenues on the date of execution of this contract. N. The Contractor warrants that it has duly passed a Resolution. attaChed hereto and incorporated herein as Exhibit E. by its Board of Directors. as provided in its By-Laws. authorizing the Contractot: to enter into this contract with the State to borrow the principal sum of Three Hundred Twenty Thousand Dollars ($320,000); to execute the warranty deed security interest required by the State in paragraph B.14. above: to make. levy and pledge assessment(s) sufficient to pay off this contract loan pursuant to its terms and to discharge this lawful indebtedness; to set aside this assessment revenue in a special fund separate and apart from other Contractor revenues to assure repayment of this revenue to the State; and to sign a security interest in such assessment revenues in favor of the State to secure the repayment. Copies of such security interest. Uniform Commercial Code--Security Agreement and Uniform Commercial Code--Financing Statement. shall be attached hereto and incorporated herein as Exhibits G and H. respectively. The Resolution of the Contractor and the security interest of the Contractor are conditions precedent to State performance. O. The Contractor warrants that in the event of a default by the Contractor in the repayment to the State. and upon written notice thereof from the State, the Contractor shall. pursuant Page ~ of 11 Pages