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<br />., \ <br /> <br />such assessment revenues in favor of the State to secure the <br />repayment. Copies of such security interest (Uniform <br />Commercial Code--Security Agreement and Uniform Commercial <br />Code--Financing Statement) shall be attached hereto and <br />incorporated herein as EXhibits F and G. respectively. The <br />Resolution of the Contractor and the security interest of the <br />Contractor are conditions precedent to State performance. <br /> <br />N. The Contractor warrants that in the event of a default by' <br />the Contractor in the repayment to the State. and upon written <br />notice thereof from the State. the Contractor shall. pursuant <br />to its By-laws and section 7-42-104. C.R.S. (1966). immediately <br />take all necessary actions to levy an additional assessment and <br />to pledge additional revenues in a sufficient amount and in a <br />timely manner to cuce the default and to repay the State as <br />required by the contract. Such additional revenues shall be <br />deemed covered by the existing security interest. <br /> <br />O. The Contractor warrants that the security interest executed <br />by the Contractor in favor of the State to secure repayment of <br />this loan is a valid security interest which shall be binding <br />against the Contractor and that the Contractor has perfected <br />this security interest such that the State has priority over <br />all other competing claims tor such secured revenues. <br /> <br />P. The Contractor warrants that by acceptance of the loan <br />money pursuant to the terms ot this contract and by the <br />Contractor's representation herein. the Contractor shall be <br />estopped from asserting for any reason that it is not <br />authorized or Obligated to repay the loan money to the State as <br />required by this contract. <br /> <br />Q. No monies will become available tram this contract unless <br />an equal amount is made available by the Contractor. as the <br />equal cost-share for the project. <br /> <br />R. All notices. correspondence. or other documents required by <br />this contract shall be delivered or mailed to the fOllowing <br />addresses: <br /> <br />1. For the State: <br />Director <br />Colorado Water Conservation Board <br />721 State Centennial Bui1din9 <br />1313 Sherman Street <br />Denver. CO 60203 <br />Attn: Frank Akers <br /> <br />2. For the Contractor: <br />High1ine-Buzzard Ditch Company, Inc. <br />Route 1. Box B-42 <br />Collbran. CO 61624 <br />Attn: Jim Cole <br />Secretary-Treasurer <br /> <br />Page ~ of 10 Pages <br />