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<br />...! <br /> <br />LOAN CONTRACT <br />$UlDit Reservoir ard Irrigation Co. <br />Emergency loan <br /> <br />to protect the State's financial interest therein, and (b) consistent with both the <br />statutory purposes of this contract and the limitations of the statutory authority under <br />which it is made. <br /> <br />6. (The Borrower further Warrants): The Borrower warrants that by acceptance <br />of the loan money pursuant to the terms of this contract and by the Borrower's <br />representation herein, the Borrower shall be estopped from asserting for any reason <br />that it is not authorized or obligated to repay the loan money to the State as required <br />by this contract. <br /> <br />7. (Casualty and Imminent Domain): If, at any time, during the term of this <br />Contract, (a) the Summit Reservoir and Irrigation Company Project facilities, including <br />buildings, or any portion thereof, are damaged or destroyed, in whole or in part, by fire <br />or other casualty, or (b) title to or use of the Project facilities or any part thereof shall <br />be taken under the exercise of the power of eminent domain, the State and the <br />Borrower shall cause the net proceeds of any insurance claim or condemnation award <br />to be applied to the prompt replacement, repair and restoration of the Project facilities <br />or any portion thereof. Any net proceeds remaining after such work has been <br />completed shall be paid to the Borrower. If the net proceeds are insufficient to pay the <br />full cost of the replacement, repair and restoration, the Borrower shall complete the <br />work and pay any cost in excess of the net proceeds (provided, however, that the <br />Borrower shall be obligated to pay any such cost in excess of net proceeds only to the <br />extent of any moneys available therefor in any funds created under this Contract). <br /> <br />8. (Addresses for mailing): All notices, correspondence, or other documents <br />required by this contract shall be delivered or mailed to the following addresses: <br /> <br />For the State: <br />Director <br />Colorado Water Conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, CO 80203 <br />Attn: Bill Stanton <br /> <br />For the Borrower: <br /> <br />The Summit Reservoir and <br />Irrigation Company <br />P.O. Box 127 <br />Dolores, CO 81321 <br />Attn: David V. Sanford <br />Secretary-Treasurer <br /> <br />x: \ wctrans\Summit2.con <br /> <br />Page 10 of ~ Pages <br />