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actions necessary to guarantee such repayment as provided herein including, without being limited to. the actions specified in this contract. L. The Contractor agrees that the specific revenues to be pledged to repay the State shall include. without being limited to, an assessment levied for that purpose as authorized by Resolution of the Contractor. The Contractor hereby pledges such assessment revenues to repay ,the State loan. warrants 'that these revenues will not be used for any other purpose. and agre~s to provide the State a perfected security interest in the form provided by the State irrevocably pledging such revenues on the date of execution of this contract. M. The Contractor warrants that it has duly passed a Resolution by its Board of Directors, as provided in its By-Laws and Articles of Incorporation authorizing: the Contractor to enter into this contract with the State to borrow the principal sum of Fifty-Five Thousand Dollars ($55.000); assessment(s} sufficient to pay off this contract loan pursuant to its terms and to discharge this lawful indebtedness; the setting aside of this assessment revenue in a special fund separate and apart from other Contractor revenues to assure repayment of this revenue to the State; and the signing of a security interest in such assessment revenues in favor of the State to secure the repayment. The Resolution of the Contractor and the security interest of the Contractor are conditions precedent to State performance and shall be attached hereto as Exhibits A, D-1 and D-2 ana includea herein by this reference. N. The Contractor warrants that in the event of a default by the Contractor in the repayment to the State. and upon written notice thereof from the State. the Contractor shall, pursuant to its By-Laws. immediately take all necessary actions to levy an additional assessment and to pledge additional revenues in sufficient amount and in a timely manner to cure the default and to repay the State as required by the contract. Such additional revenues shall be deemed covered by the existing security int~rest. O. The Contractor warrants that the security interest executed by the Contractor in favor of the State to secure repayment of this loan is a valid security interest which shall be binding against the Contractor and that the Contractor has perfected this security interest such that the State has priority over all other competing claims for such secured revenues. P. The Contractor warrants that by acceptance of the loan money pursuant to the terms of this contract and by the Contractor1s representation herein, the Contractor shall be estopped from asserting for any reason that it is not authorized or obligated to repay the loan money to the State as required by this contract. Q. No monies will .become available from this contract u~less an equal amount is made available by the Contractor, ~s the equal cost-share for the project. R. All notices. correspondence, or this contract shall be delivered or addresses: other documents required by mailed to the fOllowing (a) For the State: Director Colorado Water Conservation Board 721 State Centennial Building 1313 Sherman Street Denver. CO 80203 Attn: NiCk Ioannides (b) For the Contractor: Coon Creek Reservoir and Ditch Company Box 145 Mesa. CO 81643 Attn: Harold Harvey President Page ~ of 10 Pages