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M. The Contractor warrants that it has duly passed a Resolution by its aoard of Directors. as provided in its Bylaws. authorizing: the Contractor to enter into this contract with the $tate to borrow the principal sum of One Hundred six Thousand Dollars ($106.000); the making and levying of an assessment(s) sufficient to payoff this contract loan pursuant to its terms and to discharge this lawful indebtedness; the setting aside of this assessment revenue in a special fund separate and apart from other Contractor revenues to assure repaymen~ of this revenue to the State; and the signing of a security inte~est in such assessment revenues in favor of the State to securej the repayment. The Resolution of the Contractor and the security interest of the Contractor are conditions precedent to State performance and shall be attached hereto and included herein by this reference (EXhibit C). N. 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 to its Bylaws. immediately take all necessary actions to levy an additional assessment and to pledge additional revenues in sufficient amount and in a timely.manner to cure the default and to repay the State as required by the contract. Such additional revenues shall be deemed covered by the existing security interest. o. The Contractor ~arrants that the security interest executed by the Contractor in favor of the State to secure repayment of this loan is a vali~ security interest which shall be bindinq against the Contractor and that the Contractor has perfected this security inter~st such that the State has priority over all other competing claims for such secured revenues. P. The Contractor ~arrants that by acceptance of the loan money pursuant to t>>e terms of this contract and by the Contractor's represtntation herein, the Contractor shall be estopped from asserting for any reason that it is not authorized or obligated to repay the loan money to the State as required by this contract. Q. No monies will become available from this contract unless an equal amount is wade available by the Contractor. as the equal cost-share for the project. ~hisA~~n~~~~~e:ha~~r~:s~~~~~~~:d ~~~(~f~ii~,'~,,~~,f~o~~~~~~~d dd ~'~t. \..; ~, ',I' a resses: _ l,.~> ,ij\ '.0. (a) For the State: W\';t1\,. (b'i;~\fo~~k{Jlcontractor: Director ... ~\f~~. b -;<l,i;~~ewq,~e.~ye Ditch and COlorado Water Conse :j\,lo,~;:jaoa~,.",;,,~%,ffvOH Company. Inc, 721 State Centennial 'l~~g ~ ~~31 Chestnut 1313 Sherman Street .\~, y Canon City, CO ~1212 Denver. CO 80203 iJ":i... Attn: John.Efflnger III Attn: Nick Ioannides 'tP" PreSIdent by Page ~ of 10 Pages