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~ <br />execution and delivery of this contract and the performance and observation of its terms, <br />conditions and obligations have been duly authorized by all necessary actions of the <br />BORROWER. <br />c. The BoRROwER warrants that it has not employed or retained any company or person, other <br />than a bona fide employee working solely for the BoRROwER, to solicit or secure this contract <br />and has not paid or agreed to pay any person, company, corporation, individual, or firm, <br />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 />d. The BORROWER warrants that the property identified in the Collateral Provisions of this <br />contract is not encumbered by any deeds of trust to or liens of any party or in any other <br />manner. <br />11. Collateral. Part of the security provided for this loan, as evidenced by the executed Assignment <br />of Certificate of Deposit attached as Appendix 3 and incorporated herein, shall be an undivided <br />one hundred percent (100%) interest in a certificate of deposit account established by the <br />BoRROwER in the amount of one annual loan payment ($3,094.37), hereinafter referred to as CD <br />Accou-vT. The SraTE shall use the funds contained in the CD AcCOUrvT for the purpose of paying <br />principal and interest due under this contract not otherwise paid by the BoRROwER. Any amount <br />withdrawn by the STATE for this purpose shall be replenished by the BoRROwER within sixty days <br />after such withdrawal. The STaTE shall not disburse any loan funds under this contract until the <br />BoRROwER has established the CD AcCOUrvT. <br />12. Pledge Of Property. The BoRROwE i~bly pledges to the STATE for purposes of <br />repayment of this loan revenues from~ ents le ' r that purpose as authorized by the <br />BORROWER's resolution and all of the BoRR ' t~ceive said assessment revenues <br />fr o m i t s m e m b e r s ( h e r e i n a f t er co l le '~ y( ~-e f e"pledged property"). Furthermore, <br />BORROWER agrees that ~``~ <br />]. <br />a. R e v e n u e s F o r T his Loan Are To Be Kept Separate. The BoRROwER hereby agrees to set <br />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 />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 SraTE shall have priority over all <br />other competing clairns for said property, it shall execute a Security Agreement, attached <br />hereto as Appendix 4 incorporated herein, 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 State. <br />c. Assessments For Repayment Of The Loan. Pursuant to its statutory authority, articles of <br />incorporation and by-laws, and as authorized by its resolution, the BORROWER shall take all <br />necessary actions consistent therewith to levy assessments sufficient to pay this loan as <br />r~q~:ir~~+ b~ the +.ermS Of ~~lS ~OI?t~2C± 2f?~ 4ho ~rnmlSSrJ j~ rl0t9. ~;'1 4h~ oliont ±~'8 2SS@SST°t?tS <br />levied by the BORROWER become insufficient to assure such repayment to the STATE, the <br />BoRROwER shall immediately take all necessary action consistent with its statutory authority, <br />its articles of incorporation, bylaws and resolution, including, but not limited to, levying <br />additional assessments to raise sufficient revenue to assure repayment of the loan to the <br />STATE. <br />d. Assessments For Operations, Maintenance And Reserves. Pursuant to its statutory <br />authority, articles of incorporation, by-laws, and resolutions, the BORROWER shall levy <br />assessments from time to time as necessary to provide sufficient funds for adequate <br />operation and maintenance, emergency repair services, obsolescence reserves and debt <br />service reserves. BORROWER shall deposit an amount equal to one-tenth of an annual <br />payment into its debt service reserve fund one year from the first loan disbursement, and <br />