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~'~. 00 . H. In its 601e discretion, the State may at any time and in' writing give any consent. deferment. subordination. release, satisractlon. or termination of any or all of the Contractor's Obligations under this agreement. with or without valuable consideration. upon sllch terms and conditions as the State may determine to be: (a) advisable to Curther the purposes o( this contract or to protect the State's financial interest therein. and (b) consistent with both the statutory purposes o( this contract and the limitations of the statutory authority under Wllich it is made. I. Upon completion of repayment to the State in the amount of One Hundred Thirty-Six Thousand six Hundred Five Dollars ($136.605) as set forth in paragraph A.13. above of this contract. the State agrees to convey to the Contractor all of the State's right. title. and interest in and to the project and any other property deSc[ibed"in pa-F_?graph A.14. above by deed or other proper conveyan~e. \ , J. The Colorado watei:"conservatibn.Boaql. its agents and employees. is hereby designated as, ,~,he,(agent of the State for the purpose of this contract. '., " ):..".:;.,./ . .' );"i"'.-' \ , -.. K. The Contractor ag,rees' 'a'nd understands that sections 37-60-119 thrp~gh J7~60,122. CRS, as amended. require that the loan of money' by the State to the Contractor (or this water project be conditioned upon the repayment o[ the loan to the State. The Contractor her.eby agr~SaAAtake any and all actions necessary to guar~ntee su ~Va~nt as provided herein inCluding. without being limi ed~~,t6::(~/}.e actions speeiried in this contract. I't/fr' " ~f! L. The Contractor agrees tha~C~ spe~~~ re~Jnues to be pledged to repay the State shall''tGll'').ude, w'thout being limited to. an assessment levied [or that PU~~9.5~ as authorized by Resolution of the Contractor, The Contra'l(,tor hereby pledges such assessment revenues to repay the Stat~'}oan. warrants that these revenues will not be used for any other" purpose. and agrees to provide the State a perfected security interest in the (orm provided by the State irrevocably pledging such revenues on the date o( execution o[ this contract. M. The Contractor warrants that it has duly passed a Resolution by its Board oC Directors authorizing: the Contractor to enter into this contract with the State to borrow ,the principal sum o[ Seventy Thousand Dollars ($70.000): to 'make and levy aRsessment(s) sufficient to pay off this contract "loan pursuant to its ter.ms and to discharge this lawful .indebtedness; to Get aside this assessment revenue in a special fund separate and apart from other Contractor revenues to assure repayment o( this revenue to the State; and to.sign a security interest in such assessment revenues in favor of the State to secur~ the repayment; and setting forth the opinion of the Board of Directors that. pursuant to sQction 37-45-139. Colorado Hevised Statutes (1908 Supplement). the annual Obligation created by the contracting o[ this loan debt o( One Hundred Thirty-Six Thousand Six Hundred five Dollars ($136.605) will not require a greater annual expenditure than the annual income and revenue that the district is estimated to permit. and therefore SUbmission o( the proposition of incurring such debt to the electors o( the district is not required, The Resolution of the Contractor and the security interest oC the Contractor are conditions precedent to State performance and are attached hereto as Kxhibits A. C and D. 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 trom the State. the Contractor shall immediately take all necessary actions to levy an additional assessment and additional revenues in a sufficient amount and in a timely Page I oC 10 pages