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<br /> 2 <br />a. aaa <br />b, bbb <br />c. cccc <br />d. ddd <br />e. eee <br />f. ffff <br />g, ggg <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />5, Each Funding Member shall also pay to the Company an additional <br />33.3% of the payments set forth in Section 4 for the first three years of <br />the long term loan to increase the payment reserve account to a total of <br />two annual payments on the long-term loan. <br /> <br />\\;) <br />4)/ <br /> <br /> <br />Payment Reserve Account- The Payment Reserve Account shall be <br />established by the Board of Directors at a banking institution approved by <br />the Membership. The Account shall be the depository for reserve funds <br />advanced by the Funding Members (plus an fines, fees, and interest <br />-- ~- <br />earn~, ess an raw plus any delinquent amounts <br />collected) t at only the Company can draw upon and only: <br />a. to make-up a short fall in assessments received in any year for <br />Loan repayment from Funding Member(s), <br />b. to make final payoff of the Loan as soon as the Account balance is <br />adequate to do so. <br /> <br />7. At the time the NRCS payment is applied by the Company to reduce the <br />construction loan to the long term loan balance, Funding Members shall <br />also be afforded the opportunity to pay any amount towards their <br />obligation and any such payment shall be accounted for against the <br />Member's obligation. The Company shall apply any such amounts to <br />reduce the principal of the long-term loan. <br /> <br />8. Any Member can pre-pay their obligation or any part of it at any other <br />time and any such payment shall be accounted for against the Member's <br />obligation. The Company shall decide how to apply any such funds to be <br />to the best advantage of the Company in paying off the loan. <br /> <br />9. Any Member who fails to pay an assessment when due and after receipt <br />of a written notice from the Company of such failure shall be a Defaulting <br />Member and, as such, shall: <br />a, be charged an administrative fee of $150, <br />b. be charged a fine of 5% of the amount in arrears, <br />c. be charged interest on all past due assessments, fines, fees and <br />costs of collections at the rate of 1 % over prime per annum <br />compounded monthly, and <br />d. lose the right to vote in Company matters until the default is fully <br />corrected, including any fines, fees, interest or costs of collection. <br />