Laserfiche WebLink
<br />, , <br /> <br />._h_~ <br />'" . <br /> <br />, ' <br /> <br />3. Representations and Warranties. Borrower <br />represents and warrants to Lender that: <br /> <br />(a) Borrower is a nonprofit ditch and reservoir <br />company duly organized, validly existing and in good standing <br />under the laws of the state of Colorado. <br /> <br />(b) Borrower has the power and authority to own <br />the property which it owns and to carryon its affairs as such <br />affairs are now conducted. <br /> <br />(c) The execution and delivery of this <br />Agreement and the Notes and the consummation of the <br />transactions contemplated herein will not conflict with the <br />articles of incorporation or bylaws of Borrower or of any <br />mortgage, lien, lease, agreement, instrument, order, judgment, <br />decree, law, rule, regulation or any other restriction of any <br />kind or character to which Borrower is a party or is subject <br />or by which Borrower or any of its properties is bound or <br />affected. <br /> <br />(d) Borrower has full power and authority to <br />enter into this Agreement. The execution and delivery of this <br />Agreement and the Notes and the performance and observance of <br />their terms, conditions and obligations, have been duly <br />authorized by all necessary corporate action by Borrower. <br />This Agreement and the Notes are valid and binding Obligations <br />of Borrower enforceable in accordance with their terms, <br />subject to bankruptcy, insolvency, reorganization and similar <br />statutes or rules of law affecting creditors' rights, and to <br />general principles of equity. A true copy of the resolutions <br />duly adopted by Borrower's board of directors and relating to <br />the transactions contemplated by this Agreement is attached <br />hereto as Exhibit G. <br /> <br />(e) There are no actions, suits or proceedings <br />against Borrower pending or, to the knowledge of Borrower, <br />threatened before any court or by or before any governmental <br />instrumentality. There exists no default by Borrower with <br />respect to any order, writ, injunction, decree or demand of <br />any court or governmental instrumentality. <br /> <br />(f) Borrower has all franchises, permits, <br />licenses and similar agreements necessary to carryon its <br />affairs as now conducted, and has not received any notices of <br />default or termination under any of such agreements. <br /> <br />(g) The proceeds of the Loan will be used <br />solely for payment of a portion of the purchase price for <br />Borrower's acquisition of the Reservoir. <br /> <br />. <br /> <br />Page 5 of 13 <br /> <br />, <br />." <br />