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<br />, <br />\ <br />) <br />, <br /> <br />between them conte~plated by this contract is that of <br />lender-borrower, n~t employer-employee. No agent, employee, or <br />servant of the Contractor shall be, or shall be deemed to be, an <br />employee, agent, o~ servant of the state. The contractor will <br />be solely and enti~ely responsible for its acts and the acts of <br />its agents, emploY~es, servants, engineering firms, construction <br />firms, and subcont~actors during the performance of this <br />contract. <br /> <br />G. At all times d~ring the performance of this contract, the <br />Contractor shall s~rictly adhere to all applicable federal and <br />state laws and reg~lations that have been or may hereafter be <br />established. <br /> <br />H. This agreement is intended as the complete integration of <br />all understandings between the parties. No prior or <br />contemporaneous ad~ition, deletion, or other amendment hereto <br />shall have any for~e or effect whatsoever unless embodied herein <br />in writing. No suhsequent notation, renewal, addition, <br />deletion, or other amendment hereto shall have any force or <br />effect unless embo~ied in a written contract executed and <br />approved pursuant to state fiscal rules. <br /> <br />I. In its sole di~cretion, the state may at any time and in <br />writing give any c~nsent, deferment, subordination, release, <br />satisfaction, or t~rmination of any or all of the Contractor's <br />obligations under this agreement, with or without valuable <br />consideration, upo~ such terms and conditions as the state may <br />determine to be: (a) advisable to further the purposes of this <br />contract or to protect the state's financial interest therein, <br />and (b) consistent with both the statutory purposes of this <br />contract and the ltmitations of the statutory authority under <br />which it is made. I <br /> <br />J. upon completion of repayment to the state in the amount of <br />six Hundred Four Tnousand six Hundred Seventy-Seven Dollars <br />($604,677) as set ~orth in paragraph B.13. above of this <br />contract, the stat~ agrees to convey to the Contractor all of <br />the state's right, title, and interest in and to the project and <br />any other property described in paragraph 8.14. above by deed or <br />other proper conve~ance. <br /> <br />K. The Colorado W4ter Conservation Board, its agents and <br />employees, is here~y designated as the agent of the state for <br />the purpose of thi~ contract. <br /> <br />L. The Contractor agrees and understands that sections <br />37-60-119 through ~7-60-122, CRS, as amended, require that the <br />loan of money by the state to the contractor for this water <br />project be conditi~ned upon the repayment of the loan to the <br />state. The contra~tor hereby agrees to take any and all actions <br />necessary to guara~tee such repayment as provided herein <br />including, without being limited to, the actions specified in <br />this contract. <br /> <br />. <br /> <br />M. The Contractor agrees that the specific revenues to be <br />pledged to repay tne state shall include, without being limited <br />to, an assessment levied for that purpose as authorized by <br />Resolution of the ~ontractor. The Contractor hereby pledges <br />such assessment revenues to repay the state loan, warrants that <br />these revenues will not be used for any other purpose, and <br />agrees to provide the state a perfected security interest in the <br />form provided by the state irrevocably pledging such revenues on <br />the date of executton of this contract. <br /> <br />N. The Contractor warrants that it has duly passed, or will <br />pass, a Resolution (Exhibit C) by its Board of Directors, as <br />provided in its BY~Laws, authorizing: the Contractor to enter <br />into this contrac~ with the state to borrow the principal sum <br />of Three Hundred T~n Thousand Dollars ($310,000); to make and <br /> <br />Page 2 of 10 pages <br />