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incorporated herein, prior to the disbursement of any loan funds. The BORROWER <br />acknowledges that the STATE shall perfect its security interest in the BORROWER'S <br />right to receive assessment revenues by filing a UCC-1 Form with the Colorado <br />Secretary of State. <br />b. Assessments For Repayment Of The Loan. Pursuant to its statutory authority, <br />articles of incorporation and by-laws, and as authorized by its resolution, the <br />BORROWER shall take all necessary actions consistent therewith to levy <br />assessments sufficient to pay this loan as required by the terms of this contract <br />and the promissory note. In the event the assessments levied by the BORROWER <br />become .insufficient to assure such repayment to the STATE, the BORROWER shall <br />immediately take all necessary action consistent with its statutory authority, its <br />articles of incorporation, bylaws and resolution, including, but not limited to, levying <br />additional assessments #o raise sufficient revenue to assure repayment of the loan <br />t0 the STATE. <br />c. Collateral During Repayment. The BORROWER shall not sell, convey, assign, <br />grant, transfer, mortgage, pledge, encumber, or otherwise dispose of any of the <br />revenues pledged to repay the loan herein, so long as any of the principal and any <br />accrued interest required by the Promissory Note Provisions of the contract remain <br />unpaid without the prior written concurre the STATE. <br />12. Remedies For Default:, lJ,pan default in th rein set forth to be made by <br />the BORROWER, or default in the pert a of any enant or agreement <br />contained herein, the STATE, at its o <br />T r <br />a. declare the entire rinci al ~ amount and. °a~ interest then outstanding <br />P P <br />immediately due and payable; <br />b. act upon the Promissory Note, Security Agreement, and Assignment Of Deposit <br />Account As Security; and/or <br />c. take any other appropriate action. <br />All remedies described herein may be simultaneously or selectively and successively <br />enforced. The provisions of this contract may be enforced by the STATE at its option <br />without regard to prior waivers of previous defaults by the BORROWER, through judicial <br />proceedings to require specific performance of this contract, or by such other <br />proceedings in law or equity as may be deemed necessary by the STATE to .ensure <br />compliance with provisions of this contract and the laws and regulations under which <br />this contract is executed. The STATE'S exercise of any or all of the remedies <br />described herein shall not relieve the BORROWER of any of its duties and obligations <br />under-this contract. <br />13. In Event Of A Conflict. In the event of conflict between the terms of this contract and <br />conditions as set forth in any of the appendices, the provisions of this contract shall <br />control. <br />14. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire <br />principal and any accrued interest as specified in the promissory note, the STATE <br />Feasibility Report Loan Contract Page 5 of 11 <br />