PROJ01943

• Contract/PO #: C150010
• Contractor Name: Columbine Ranches Property Owners Association
• Contract Type: Loan
• Water District: 1
• County: Adams
• Bill Number: SB 99-173
• Loan Projects - Doc Type: Contract Documents

I;

a. declare the entire principal amount and accrued interest then outstanding immediately
due and payable;

b. exercise its rights under the deed of trust, security agreements, stock assignments and/or
promissory note;

c. take any other appropriate action.

All remedies described herein may be simultaneously or selectively and successively
enforced. The provisions of this contract may be enforced, by the STATE at its option without
regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings to
require specific performance of this contract, or by such other proceedings in law or equity as
may be' deemed necessary by the STATE to ensure compliance with provisions of this
contract and the laws and regulations under which this contract is executed, as permitted by
law. The STATE'S exercise of any or all of the remedies described herein shall not relieve the
BORROWER of any of its duti~s and obligations under this contract.

13. In event of a conflict. In the event of conflict between the terms and conditions as set forth
, , in the any of the appendices, the provisions of this contract shall control.

14. Periodic inspections. The BORROWD, ,~II"F1'"i the STATE to make periodic inspections
of its operations and accounts by"~~presentative of the STATE. Any such
inspections by the STATE are solefy'f2r the purpose of verifying compliance with the terms
and conditions of the contracta~lll,fI?l"1lJ, ',lCI"s sttl,d nor interpreted as an approval of
any element of the PROJECT.., ,.\.J. ~ I1U L.L.I '

15. Adhere to applicable laws: The' BORROWER shall strictly adhere to all applicable federal,
state, and local laws and regulations that are in effect or may hereafter be established
throughout the term of this contract.

B. The STATE agrees as follows:

1. Agreement to loan money. The STATE agrees to loan to the BORROWER up to $305,250 at
an interest rate of 4.75% per annum for a term of 30 years to finance PROJECT costs.

2. Disbursements. The BORROWER shall request, in writing, the amount of loan funds needed
for each disbursement and identify the purpose for the disbursement. Upon the STATE'S
review and approval of the request, the STATE shall disburse the approved amount to the
BORROWER within twenty days of its receipt of the written request.

3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire
principal, ail accrued interest, and late charges, if any, as specified in the promissory note,
the STATE agrees to execute a release of security agreement to terminate all of the STATE'S
rights in and to the pledged revenues, and to execute a release of security agreement and a
request for release of deed of trust to release all of the STATE'S right, title and interest in and
to the COLLATERAL.

C. The STATE and the BORROWER mutually agree as follows:

1. Designated agent of the STATE. The CWCB, which includes its agents and employees, is
hereby designated as the agent of the STATE for the purpose of this contract.

2. Contract is not assignable. This contract is not assignable by the BORROWER except with
the prior written approval of the STATE.

Columbine Ranches Property Owner's Association

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