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<br />to its By-Laws and Section 7-42-104. CRS (1986). immediately <br />take all necessary actions to levy an additional assessment and <br />to pledge additional revenues in a sufficient amount and in a <br />timely manner to Cure the default and to repay the State as <br />required by the CCntract. Such additional revenues shall be <br />deemed covered by the existing security interest. <br /> <br />P. 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 bindin9 <br />against the Contr~ctor and that the Contractor has perfected <br />this security intQrest such that the State has priority over <br />all other competing claims for such secured revenues. <br /> <br />. <br /> <br />Q. The Contracto~ warrants that by acceptance of the loan <br />money pursuant to the terms of this contract and by the <br />Contractor's reprQsentation herein. the Contractor shall be <br />estopped from assQrting for any reason that it is not <br />authorized or obltgated to repay the loan money to the State as <br />required by this ~ontract. <br /> <br />R. No monies will become available from this contract unless <br />an equal amount i~ made available by the Contractor. as the <br />equal cost-share tor the project. <br /> <br />S. All notices. ~o[respondence. <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 CO~servation Board <br />721 State Centenn~al Building <br />1313 Sherman Stre~t <br />Denver. CO 80203 <br />Attn: Nick Ioann~des <br /> <br />2. For the Contractor: <br />The North Poudre Irrigation <br />Company <br />P.O. Box 100 <br />Wellington. CO 80549 <br />Attn: Robert Stieben <br />Manager <br /> <br /> <br />Page i of 11 Pages <br />