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<br />meet the following conditions: <br /> <br />a. The BORROWER shall request the Farmers' High Line Canal and Reservoir Company to <br />identify the CWCB on the stock certificate(s) as a Iienhoider, and shall give physical custody <br />of the stock certificates to the CWCB, which shall deposit the certificates at the State <br />Treasurer's Office for safekeeping. <br /> <br />b. The BORROWER shall retain both the responsibility for paying assessments on and the <br />privilege of voting said shares. <br /> <br />c. The BORROWER shall record the Deed of Trust contemporaneously with the BORROWER'S <br />deeds as it acquires the shares, and shaH execute and deliver to the STATE the Security <br />Agreement and Stock Assignment upon closing on the purchase of the shares. <br /> <br />10. Application for change of water rights. Within a reasonable time following the closing on its <br />purchase of the FHL Shares, the TOWN and/or BORROWER shall apply to the water court for a <br />change in the use of the FHL Shares and an augmentation plan and exchange, as deemed <br />appropriate by the Town's water counsel, and shall diligently prosecute said application. <br /> <br />11. Collateral during repayment. Except as otherwise provided herein, the TOWN and the <br />BORROWER shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or <br />otherwise dispose of any collateral for this loan, including the revenues pledged to repay the loan <br />herein, so long as any of the principal tlnd any accrued interest or late charges, if any, as <br />required by the promissory note remain unpaid, without the prior written concurrence of the <br />STATE. In the event of any such sale, transfer or encumbrance without the STATE'S written <br />concurrence, the STATE may at any time thereafter declare all outstanding principal and interest <br />on this loan immediately due and payable. <br /> <br />12. Remedies for default. Upon default in the payments herein set forth to be made by the <br />BORROWER, or default in the performance py the TOWN and/or the BORROWER of any covenant or <br />agreement contained herein, the STATE, at its option, may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due <br />and payable; <br /> <br />b. exercise its rights under the Promissory Note, Deed of Trust, Security Agreement. and/or <br />Stock Assignment; and/or <br /> <br />c. take any other appropriate action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively enforced. <br />The provisions of this contract may be enforced by the STATE at its option without regard to prior <br />waivers of previous defaults by the TOWN and/or the BORROWER, through judicial proceedings to <br />require specific performance of this contract, or by such other proceedings in law or equity as <br />may be deemed necessary by the STATE to ensure compliance with provisions of this contract <br />and the laws and regulations under which this contract is executed. The STATE'S exercise of <br />any or all of the remedies described herein shall not relieve the TOWN and the BORROWER of any <br />of their duties and obligations under this contract. <br /> <br />13. In event of a conflict. In the event of confiict between the terms and conditions as set forth in <br />the any of the appendices, the provisions of this contract shall control. <br /> <br />14. Periodic inspections. The TOWN and the BORROWER shaU permit the STATE to make periodic <br />inspections of their operations and accounts by a designated representative of the STATE. Any <br /> <br />Town of Georgetown & Town of Georgetown <br />Water and Sewer Activity Enterprise <br /> <br />Page 6 of 11 <br />