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<br />except the San Miguel Water Conservancy District water revenue bonds, Case No. 05-057'0001328716now held
<br />by General Electric Corporation,
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<br />c. Security interest in the revenues. Such security interest shall be in the form provided by the STATE irrevocably
<br />pledging such revenues of this contract, A copy of such Uniform Commercial Code Security Agreement and Financing
<br />Statement shall be attached hereto and incorporated herein as APPENDIX D. The security interest of the BORROWER,
<br />fully and properly executed, is a condition precedent to STATE performance on this contract.
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<br />d, UCC renewal. During the fourth year that this contract is in effect, the BORROWER shall have the obligation to
<br />provide the STATE with a fully and properly executed Continuation Statement (Form UCC 3) of the UCC Security
<br />Agreement and Financing Statement) required by this paragraph. Said Continuation Statement must be delivered to
<br />the STATE in such a manner that the STATE has actual possession of the fully and properly executed form no less than
<br />30 days before the end of the fourth year in which this contract is effective.
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<br />9, Warranties. The TOWN and the BORROWER warrants
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<br />a. That they have full power and authority to enter into this contract. The execution and delivery of this contract
<br />and the performance and observation of its terms, conditions and obligations have been duly authorized by all
<br />necessary actions of the BORROWER and the TOWN.
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<br />b, That by accepting a loan pursuant to the terms of this contract and by the their representations herein, they shall
<br />be estopped from asserting for any reason that it is not authorized or obligated to repay the loan pursuant to the
<br />terms of this contract to the STATE,
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<br />c. That it has not employed or retained any company or person, other than the CONSULTANT referred to in paragraph
<br />1 of this contract, and other than a bona fide employee working solely for it, to solicit or secure this contract and
<br />that it has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide
<br />employee working solely for it, any fee, commission, percentage, gift, or other consideration contingent upon or
<br />resulting from the award or the making of this contract,
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<br />d. That the Norwood Water Commission is an enterprise lawfully created and maintained in compliance with ~ 37-
<br />45.1-101 et seq., CRS, and Article X, Section 20 of the Colorado Constitution and has authority to enter into this
<br />contract with the STATE. The BORROWER shall immediately notify the STATE in writing if the circumstances which
<br />formulate the basis of this warranty change,
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<br />e, That each entity has full power and authority to enter into this contract. The execution and delivery of this
<br />contract and the performance and observation of its terms, conditions and obligations have been duly authorized by
<br />all necessary actions of the BORROWER and the TOWN,
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<br />1 O. Other provisions.
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<br />a. Designated agent of the STATE. The Colorado Water Conservation Board, its agents and employees, is hereby
<br />designated as the agent of the STATE for the purpose of this contract,
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<br />b. Contract is not assignable, This contract is personal in nature and assignment of performance by the BORROWER
<br />to another is prohibited unless prior approval in writing is granted by the STATE,
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<br />c. Contract relationship is that of lender-borrower. The parties to this contract intend that the relationship between
<br />them contemplated by this contract is that of lender-borrower, not employer-employee nor principal-agent. No agent,
<br />employee, or servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, or servant of the
<br />STATE. The BORROWER will be solely and entirely responsible for its acts and the acts of its agents, employees,
<br />servants, engineering firms, construction firms, and subcontractors during the performance of this contract.
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<br />TOWN OF NORWOOD & NORWOOD WATER COMMISSION
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<br />Page 4 of 8 Pages
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<br />FEASIBILITY REPORT CONTRACT
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