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<br />---., <br />') <br /> <br />4. In event of default the Comoanv is authorized to take action <br />to cure the default and to prooerly execute the contract. <br /> <br />5. The Secretarv-Treasurer will establish a separate account in <br />the name of the Company and the "State of Colorado for the use <br />and benefit of the Colorado Water Conservation Construction Fund" <br />at a bank or savings and loan association insured by the feeral <br />govenment, and to deposit all revenues from assessments made to <br />repay the loan to the State as required by the contract. Company <br />will assure that these funds are not used for any other purposes. <br /> <br />6. The President and Secretary-Treasurer will e>:ecute a Deed of <br />Trust in favor of the State as security for the loan from the <br />State which shall convey to the Public Trustee of Mesa County: <br />180 lineal feet of 24" diameter, 80 psi plastic irrigation <br />pipe; <br />3600 linieal feet of 21" diamete, 80 psi plastic irrigation <br />pipe with all apprtenat structures, bends, fitting, thrust blocks <br />and drainage pipe required for proper installation of above pipe <br /> <br />(RESOLUTION ADOPTED BY DIRECTORS AND,APPROVED BY SHAREHOLDERS IN <br />A SPECIAL MEETING OF THE COMPANY ON JULY 16, 1990) <br />