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4 d. Loan payment. The payments shall be 30 annual installments of $70,783.30, which amount includes principal and interest. The first installment shall be due and payable one year after the STATE determines that the PROJECT has been substantially completed, and annually thereafter until the entire principal sum and any accrued interest shall have been paid. Installment payments are to be made payable to the CWCB at the address given below. e. Interest during construction. The BORROWER shall repay to the STATE interest which will be calculated at the rate of four and 15/100 percent (4.15 %) per annum on each loan advance disbursed to the BORROWER during construction. Said accumulated interest shall be paid to the STATE as a single lump sum ten (10) days after the STATE determines that the PROJECT has been substantially completed or from the last disbursement of loan funds that the STATE makes to the BORROWER, at the STATE'S discretion. f. Prepayment conditions. The BORROWER may prepay all or any of the loan at any time, without penalty. These payments will be applied first to any accrued interest and then to reduce the principal amount. g. Collection costs. If the principal or accrued interest under this contract is not paid when due, the BORROWER agrees to pay all reasonable costs of collection, including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred in connection with such proceedings, including the f~es of counsel for attendance at meetings of creditors' committees or other committees. 10. Warranties. .1:,.. f!A Th a. Tf1e BORROWER warrants that by acceptance of the loan money ~the terms of thiscontrac.t andby the.~o. R..<.R.,....OW:R'.S~epr.,es.entati~n herein..iJ\.IJ1. ORE.-~. .Y.. ....._.f h...all be 8.stopped from asserting for any reasC!P<that It IS not authorized or eIJ~_d ~m{,.'~e Sa.ln. money to the STATE as required by this contract..fL.JL b. The BORROWER warrants that it has full power and authority to enter into this contract. The execution and delivery of this contract and the performance and observation of its terms, conditions and obligations have been duly authorized by all necessary actions of the BORROWER. c. The BORROWER warrants that it has not employed or retained any company or person, other than a bona fide employee working solely for the BORROWER, to solicit or secure this contract and has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other consideration contingent upon or resulting from the award or the making of this contract. d. The BORROWER warrants that the property identified in the Collateral Provisions of this contract is not encumbered by any other deeds of trust to any party other than the STATE or in any other manner. 11 . Collateral. Part of the security provided for this loan, as evidenced by the executed deed of trust attached as Appendix B and incorporated herein, shall be an undivided one hundred percent (100%) interest in the following, hereinafter referred to as SECURITY: the diversion structure of the Poudre Valley Canal on the Poudre River, and Cobb Lake, all more particularly described on the attached deed of trust. 12. Collateral during repayment. The BORROWER shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of any security for this loan, including the PROJECT VYindsor Reservoir and Canal Company Page 5 of 1 2 Loan Contract