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<br />f/ <br />~' <br /> <br />r- <br /> <br />c~ <br /> <br />10. Billy S. Howard and Brenda G. Howard, hereinafter referred to as the OBLIGORS. are <br />members/shareholders of the BORROWER and part owners of the Lower Hay-Bretherton Ditch, and have agreed <br />to enter into and sign this contract on behalf of the BORROWER as OBLIGORS for purposes of repaying this loan <br />and conveying a security interest in certain collateral to the STATE; and <br /> <br />11. The BORROWER has agreed to be bound by the signature of the OBLIGORS; and <br /> <br />12. The BORROWER and the OBLIGORS have the full right and lawful authority to execute this agreement, <br />to borrow these monies from the STATE, and to give the security contemplated; and <br /> <br />13. The BORROWER and all of its members have adopted a resolution authorizing the BORROWER to enter <br />into this loan contract and authorizing the OBLIGORS to sign this contract on behalf of the BORROWER; and <br /> <br />14. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br />mutually agreeable terms and conditions. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants contained herein, the <br />parties agree as follows: <br /> <br />A. The BORROWER agrees as follows: <br /> <br />1. BORROWER'S authority to contract. The BOR~"II'IER:.shall have its members adopt a resolution, <br />irrepealable during the life of this loan, to do the fOllowin\;: , <br /> <br />" , <br /> <br />a. Authorize the BORROWER and the OBLIGORS contract for this loan with the STATE with the <br />understanding that the OBLIGORS shall pay the;r,d"lot"dness, and <br />, ' <br /> <br />b. Authorize the OBLIGORS to enter into and sig~ tnr~' contract on behalf of the BORROWER, and <br /> <br />, <br />c. Authorize the OBLIGORS to make the annual p~yr:ii~gts for the BORROWER due under the terms of <br />this contract, and . < f. . <br />, ~. '- ~ . <br />c' . <br />Such resolution shall be attached hereto as AppenUi~.A: ltnd incorporated herein. <br /> <br />, . <br />. <br />2. Warranties. The BORROWER and the OBLIGORS wcrrallt the following: <br /> <br />a. The BORROWER is bound by the signatures of the OBLIGORS to comply with all of the terms of this <br />contract. <br /> <br />b. By acceptance of the loan money pursuant to the terms of this contract and by the BORROWER'S <br />and OBLIGORS' representations herein, the BORROWER and the OBLIGORS shall be estopped from <br />asserting for any reason that they are not authorized nor obligated to repay the loan money to the <br />STATE as required by this contract. <br /> <br />c. The BORROWER has full power and authority to enter into this contract. The execution and <br />delivery of this contract and the performance and observation of its terms, conditions and <br />obligations have been duly authorized by all necessary actions of the BORROWER and its members. <br /> <br />d. The OBLIGORS have full power and authority to enter into and to sign this contract on behalf of <br />the BORROWER and to comply with all of the terms of this contract. <br /> <br />e. Neither the BORROWER nor the OBLIGORS have employed or retained any company or person, to <br />solicit or secure this contract and has not paid or agreed to pay any person, company, corporation, <br /> <br />HAY-BRETHERTON DITCH COMPANY <br /> <br />Page 2 of 8 <br /> <br />LOAN CONTRACT <br />