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<br />shall become an amendment to this contract and, except for the Special Provisions of the <br />contract, the REVISION LETTER shall supersede the contract in the event of a conflict between <br />the two. The parties understand and agree that the REVISION LETTER may be used only for <br />decreasing the final loan amount or to extend the time for completion of the PROJECT, In the <br />event that the parties execute the REVISION LETTER to decrease the amount of the loan, the <br />parties shall amend the Promissory Note and all documents executed by the BORROWER to <br />convey security interests to the STATE as required by this contract to reflect the decreased <br />loan amount <br /> <br />11. Warranties. <br /> <br />a, The BORROWER warrants that by acceptance of the loan money pursuant to the terms of <br />this contract and by the BORROWER'S representation herein, the BORROWER shall be <br />estopped from asserting for any reason that it is not authorized or obligated to repay the <br />loan money to the STATE as required by this contract. <br /> <br />b. The BORROWER warrants that it has full power and authority to enter into this contract <br />- The execution and delivery of this contract and the performance and observation of its <br />terms, conditions and obligations have been duly authorized by all necessary actions of <br />the BORROWER. <br /> <br />C. The BORROWER warrants that, with the exception of its manager and former manager, <br />who work(ed) for the BORROWER as irJdependent contractors, it has not employed or <br />retained any company or person, other than a bona fide employee working solely for the <br />BORROWER, to solicit or secure this contract. The BORROWER also warrants that it has <br />not paid or agreed to. pay any person, company, corporation, individual, or firm, other <br />than a bona fide employee, any fee, commission, percentage, gift, or other consideration <br />contingent upon or resulting from the award or the making of this contract. <br /> <br />d. The BORROWER warrants that the property identified in the Collateral Provisions of this . <br />contract is not encumbered by any other liens or in any other manner. <br /> <br />12. Collateral. In addition to the revenues pledged to repay this loan, the security provided by <br />the BORROWER for this loan shall be an undivided one hundred percent (100%) interest in the <br />~~: . , <br /> <br />a, All of the BORROWER'S right, title and interest in and to the Caroline Placer, Mineral <br />Certificate No. 1591, situate in Upper Fall River Mining District, Clear Creek County, <br />Colorado, as more particularly described in the Deed of Trust executed by the <br />BORROWER and attached hereto as Appendix 4 and incorporated herein. The <br />BORROWER reserves the right to continue to operate its reservoirs located partially or <br />wholly within said property, The BORROWER shall be entitled to substitute collateral of <br />equal value, with the CWCB's approval, <br /> <br />b. All of the BORROWER'S right, title and interest, as sole shareholder of Golden, in and to <br />the income derived from Golden's s91e of water carried primarily through the Welch <br />Ditch pursuant to Article 10 of Golden'$ bylaws, and all of the BORROWER'S said rights to <br />receive said income. The BORROWER 9nd Golden have executed a Security Agreement <br /> <br />The Agricultural Ditch and Reservoir Company <br /> <br />Page 6 of 14 <br /> <br />Loan Contract <br />