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<br />funds to reduce the final loan amount with the BORROWER'S consent, or the State and the
<br />BORROWER shall execute a REVISION LETTER, attached hereto as Appendix C and
<br />incorporated herein, which will establish the final loan amount and amend or replace the,
<br />loan documents that reflect the final loan amount, including the Promissory Note, Security
<br />Agreement, Deed of Trust, and Assignment of Certificate of Deposit.
<br />
<br />7. Payment of bridge loan. No later than fifteen days (15) from the effective date of this
<br />contract, the BORROWER shall request, in writing, that the CWCB pay any outstanding
<br />bridge loan(s) it has obtained, in full (including principal and interest) using the proceeds of
<br />this loan. The STATE shall notify the BORROWER when it transfers the requested funds pay
<br />off the loan, and the BORROWER shall provide the STATE with documentation that the loan
<br />has been paid in full no later than thirty (30) days from the date the STATE transfers said
<br />funds to payoff the loan.
<br />
<br />8. Warranties. The BORROWER warrants the following:
<br />
<br />a. By acceptance of the loan money pursuant to the terms of this contract and by its
<br />representations herein, the BORROWER shall be ~stopped from asserting for any reason
<br />that the BORROWER is not authorized or obligate,d to repay the loan money to the STATE as
<br />required by this contract. D A ,rh ,.":.,
<br />
<br />'b. The BORROWER has full power ancrfu~~er in'to,this contract. The execution and
<br />delivery of this contract andJt:1t..erto,,~, ,. ',e el)" ~and'observation of its terms, conditions and
<br />obligations have been duly al;tlPltIedr.1..'f.fftY actions of the BORROWER.
<br />
<br />c. ,The BORROWER has not employed or'ret~ined an~pany or person, other than a bona
<br />fide employee working solidly for the BORROWER, to solicit or secure this contract. The
<br />BORROWER has not paid or agreed to pay any person, company, corporation, individual, or
<br />firm, other than a bona fide employee, any fee, commission, percentage, gift, or other
<br />consideration contingent upon or resulting from the award or the making of this contract.
<br />
<br />d. The collateral identified in the Collateral Provision of this contract is not encumbered by
<br />any other liens or in any other manner.
<br />
<br />9. Pledge Of Property. The BORROWER hereby irrevocably pledges to the STATE for purposes
<br />of repayment of this loan revenues from assessments levied for that purpose as authorized,
<br />by the BORROWER'S resolution and all of the BORROWER'S rights to receive said assessment
<br />revenues from its members (hereinafter collectively referred to as the "pledged property").
<br />Furthermore, BORROWER agrees that '
<br />
<br />a, Revenues For This Loan Are To Be Kept Separate. The BORROWER hereby agrees to
<br />set aside and keep the pledged revenues in an account separate from other BORROWER
<br />revenues, and warrants that it shall not use the pledged revenues for any other purpose.
<br />
<br />b. Establish Security Interest. The BORROWER agrees that, in order to provide a security
<br />interest for the STATE in the pledged property so that the STATE shall have priority over all
<br />other competing claims for said property, it shall execute a Security Agreement, attached
<br />hereto as Appendix D incorporated herein, and an Assignment of Deposit Account as
<br />Security, attached as Appendix E and incorporated herein. The BORROWER
<br />acknowledges that the STATE shall perfect its security interest in the BORROWER'S right to
<br />receive assessment revenues by filing a UCC-1 Form with the Colorado Secretary of
<br />State.
<br />
<br />Columbine Ranches Property Owner's Association
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