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of the City Indemnified Parties as a result or on account of the actions or omissions <br />of the Owner, its officers, employees, contractors, agents or representatives, or <br />other persons acting under the Contractor's direction or control in any manner <br />related to this Agreement or completion of the Work. <br />24. PAYMENTS TO CONSTITUTE CURRENT EXPENDITURES: Owner <br />acknowledges and agrees that all City payment obligations under this Agreement <br />are subject to appropriation of funds for payment thereof and are current <br />expenditures of the City, payable only in the fiscal year for which funds are <br />appropriated for the payment thereof. The City's obligations under this Agreement <br />shall be from year to year only and shall not constitute a multiple - fiscal year direct <br />or indirect debt or other financial obligation of the City within the meaning of Article <br />X, Section 20 of the Colorado Constitution. <br />25. CONVERSION FROM GRANT TO LOAN: The Parties agree that if, prior to the <br />purchase of the Property, it is determined by Owner to be in its best interest to <br />modify this Agreement to allow the Grant funding to be in the form of a non - <br />recourse, forgivable loan to Owner rather than as a Grant, so long as such <br />modification does not affect any other substantive terms or intentions of this <br />Agreement, such modification may be made prior to the first Distribution of funds <br />and the parties will cooperate with each other in order to modify this Agreement <br />accordingly. <br />26. LEGAL CHALLENGE - ESCROW: The City shall have no obligation to make any <br />grant payment hereunder (except for previously requested disbursements) and <br />Owner shall have no obligation to continue further work or investment during the <br />pendency of any legal challenge to this Agreement. Any funds appropriated for <br />payment under this Agreement shall be escrowed in a separate City account in the <br />event there is a legal challenge to this Agreement. <br />27. REQUISITE POWER AND AUTHORITY: Each party represents to the other that <br />its undersigned signatory has been duly authorized to execute and deliver this <br />Agreement on behalf of the party it purports to represent. <br />NEXT PAGE IS THE SIGNATURE PAGE <br />10 <br />