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<br />,..........). /''''' <br />.,-~ ~ ",' ) <br /> <br />H. This agreement is intended as the complete integration of all understandings <br />between the parties. No prior or contemporaneous addition, deletion, or other <br />amendment hereto shall have any force or effect whatsoever unless embodied herein in <br />writing. No subsequent notation, renewal, addition, deletion, or other amendment <br />hereto 'shall have any force or effect unless embodied in a written contract executed <br />and approved pursuant to State fiscal rules. .; (, <br /> <br />I. In its sole discretion, the State may at any time and in writing give any consent, <br />deferment, subordination, release, satisfaction, or termination of any or all of the <br />Contractor's obligations under this agreement, with or without valuable consideration, <br />upon such terms and conditions as the State may determine to be: (a) advisable to <br />further the purposes of this contract or to protect the State's financial interest therein, <br />and (b) consistent with both the statutory purposes of this contract and the limitations <br />of the statutory authority under which it is made. <br /> <br />J. Upon completion of repayment to the State in the amount of One Million One <br />Hundred Twenty Thousand One Hundred Seventy-Five Dollars ($1,120,175), as set <br />forth in paragraph B.13. above of this contract, the State agrees ~o convey to the <br />Contractor all of the State's right, title, and interest in and to the project and any other <br />property described in paragraph B.14. above by deed or other proper conveyance. <br /> <br />K. 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. <br /> <br />L The Contractor agrees and understands that Sections 37-60-119 through <br />37-60-122, C.R.S. (as amended), require that the loan of money by the State to the <br />Contractor for this water project be conditioned upon the repayment of the loan to the <br />State. The Contractor hereby agrees to take any and all actions necessary to guarantee <br />such repayment as provided herein including, without being limited to, the actions <br />specified in this contract. <br /> <br />M. The Contractor agrees that the revenues to be pledged to repay the State shall <br />include, without being limited to, operational profits or increased share contributions by <br />the I.imited Partners. The Contractor hereby pledges such revenues to repay the State <br />loan. <br /> <br />N. The Contractor warrants that it has duly passed, or will pass, a Resolution <br />(Exhibit C) by its Board of Directors, as provided in its By-Laws, authorizing: the <br />Contractor to enter into this contract with the State to borrow the principal sum of <br />Seven Hundred Thousand Dollars ($700,000); to make and levy assessment(s) sufficient <br />to payoff this contract loan pursuant to its terms and to discharge this lawful <br />indebtedness; to set aside this assessment revenues in a special fund separate and apart <br />from other Contractor revenues to assure repayment of this revenue to the State; and <br />to sign a security interest in such assessment revenues in favor of the State to secure <br /> <br />Page ~ of 12 Pages <br />