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<br />the STATE as required by this contract. <br /> <br />b. The BORROWER warrants that it has full power and authority to enter into this contract. The <br />execution and delivery of this contract and the performance and observation of its terms, <br />conditions and obligations have been duly authorized by all necessary actions of the <br />BORROWER. <br /> <br />c, The BORROWER warrants that it has not employed or retained any company or person, other <br />than a bona fide employee working solely for the BORROWER, to solicit or secure this contract <br />and has not paid or agreed to pay any person, company, corporation, individual, or firm, <br />other than a bona fide employee, any fee, commission, percentage, gift, or other <br />consideration contingent upon or resulting from the award or the making of this contract. <br /> <br />d. The BORROWER warrants that the property identified in the Collateral Provisions of this <br />contract is not encumbered by any other deeds of trust to or liens of any party other than the <br />STATE or in any other manner. <br /> <br />12. Collateral. Part of the security provided for this loan, as evidenced by the executed Deed of <br />Trust, attached as Appendix 4 and incorporated herein, shall be an undivided one hundred <br />percent (100%) interest in the following, hereinafter referred to as Security: all easements and <br />rights-of-way appurtenant thereto, all improvements thereon, and all other physical an legal <br />features known as DeWeese Reservoir, including approximately 1,040 acres of land, as more <br />particularly described in the deed of trust. <br /> <br />13. Collateral During Repayment. The BORROWER shall not sell, convey, assign, grant, transfer, <br />mortgage, pledge, encumber, or otherwise dispose of any of the property provided as security for <br />this loan, or any of the assessment revenueS pledged to repay the loan herein, so long as any of <br />the principal and any accrued interest on this loan which remain unpaid, without the prior written <br />concurrence of the STATE. In the event of any such sale, transfer or encumbrance without the <br />STATE'S written concurrence, the STATE may at any time thereafter declare all outstanding <br />principal and interest on this loan immediately due and payable. <br /> <br />14. In Event Of A Conflict. In the event of conflict between the terms of this contract and conditions <br />as set forth in any of the appendices, the provisions of this contract shall control. <br /> <br />15. Pledge Of Property. The BORROWER hereby irrevocably pledges to the STATE for purposes of <br />repayment of this loan revenues from assessments levied for that purpose as authorized by the <br />BORROWER'S resolution and all of the BORROWER'S rights to receive said assessment revenues <br />from its members (hereinafter collectively referred to as the "pledged property"), Furthermore, <br />BORROWER agrees that <br /> <br />a. Revenues For This Loan Are To Be Kept Separate. The BORROWER hereby agrees to set <br />aside and keep the pledged revenueS in an account separate from other BORROWER <br />revenues, and warrants that it shall not use the pledged revenues for any other purpose. <br /> <br />b. Establish Security Interest. The BORROWER agrees that, in order to provide a security <br />interest for the STATE in the pledged property so that the STATE shall have priority over all <br />other competing claims for said property, it shall execute a Security Agreement, attached <br />hereto as Appendix 5 incorporated herein, and an Assignment of Deposit Account as <br />Security, attached as Appendix 6 and incorporated herein, prior to the disbursement of any <br /> <br />DeWeese-Dye Ditch & Reservoir Company <br /> <br />Page 6 of 13 <br /> <br />Loan Contract <br />