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.r~_~ subsequent notation, renewal, addition, 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, H. 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 this contract or to protect the State's 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, I. Upon completion of repayment to the State in the amount of Seventy-Seven Thousand Eight Hundred Sixty-Eight Dollars ($77,868), as set forth in paragraph A 13, above of this contract, the State agrees to convey to the Contractor all of the State's right, title, and interest in and to the project and any other property described in paragraph A.14, above by deed or other proper conveyance, J. The Colorado Water Conservation Board, its agents and employees, is hereby designated as the agent of the State for the purpose of this contract. K The Contractor agrees and understands that sections 37-60-119 through 37-60-122, CRS, as amended, require that the loan of money by the State to the Contractor for this water project be conditioned upon the repayment of the loan to the State. The Contractor hereby agrees to take any and all actions necessary to guarantee such repayment as provided herein including, without being limited to, the actions specified in this contract. L. 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 as authorized by order of the Contractor. The Contractor hereby pledges such assessment revenues to repay the State loan, warrants that these revenues will not be used for any other 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. M, The Contractor warrants that it has duly passed, or will pass, an order (Exhibit A) by its shareholders authorizing: (a) the Contractor to enter into this contract with the State to borrow the principal sum of Forty-Five Thousand Dollars ($45,000); (b) to make and levy assessment(s) sufficient to payoff 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, The Order of the Contractor and the security interest of the Contractor are conditions precedent to State performance. Page ~ of 11 Pages