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<br />I:' '; <br /> <br />If to Borrower: <br /> <br />Clinton Ditch & Reservoir Company <br />P.O. Box 68 <br />Breckenridge, CO 80424 <br />Attention: Secretary <br /> <br />with a copy to: <br /> <br />Holme Roberts & Owen <br />1401 Pearl street, suite 400 <br />Boulder, CO 80302 <br />Attention: Glenn E. Porzak, Esq. <br /> <br />If to Lender: <br /> <br />Director <br />Colorado Water conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br /> <br />(c) This Agreement may be issued in any number <br />of counterparts which together will be but one and the same <br />instrument. This Agreement shall become effective whenever <br />each party shall have signed at least one counterpart. <br /> <br />(d) This Agreement, the Notes and the Security <br />Documents shall be deemed to be contracts under the laws of <br />the state of Colorado and for all purposes shall be construed <br />in accordance with the laws of such state. Such documents <br />constitute and incorporate the entire agreement between Lender <br />and Borrower concerning the sUbject matter of this Agreement, <br />and supersede and cancel any prior agreements between Lender <br />and Borrower concerning the subject matter thereof. They may <br />not be altered or amended except by an instrument in writing <br />signed by Lender and Borrower or, as to the security <br />Documents, the applicable owner(s). <br /> <br />(e) This Agreement is not assignable by <br />Borrower except with the prior written approval of Lender. <br />subject to the foregoing, this Agreement shall be binding upon <br />and shall inure to the benefit of the parties hereto and their <br />respective successors and assigns. <br /> <br />(f) <br />and effect so long <br />remains unpaid. <br /> <br />This Agreement shall continue in full force <br />as any indebtedness of Borrower to Lender <br /> <br />Page 10 of 13 <br /> <br />, f', <br />