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.� <br />� -, <br />e. The BORROWER Shall remit the payments to the Colorado Water Conservation <br />Board, 1313 Sherman Street, Room 721, Denver, Colorado 80203. <br />f. This loan may be prepaid in whole or in part at any time without premium or penalty. <br />. Any partial prepayment shall not postpone the due date of any subsequent payments <br />or change the amount of such payments. <br />g. All payments received shall be applied first to accrued interest and then to reduce the <br />principal amount. <br />h. The BoRROwER shall pay in full all principal and interest due on this loan no later than <br />September 30, 2057. Pursuant to 31 U.S.C.A. 3123, the BoRROwER pledges its full <br />faith and credit to repay this loan. <br />5. Option to Not Remit Annual Payment. The BoRROwER may elect to Rot remit an <br />annual loan payment for the purpose of minimizing the� impact of loan repayment on <br />electric power rates. The CWCB shall send the BoRROwER a reminder letter one month <br />prior to each loan payment due date. The BoRROwER shall notify the CWCB on or before <br />the due date of the loan payment if it elects to not remit that payment in order to minimize <br />the impact of loan repayment on electric power rates. If the BoRROwER exercises this <br />option, no late charges will be applied to the loan and interest shall continue to accrue. <br />6. Return, of Unused Loan Funds. Any CWCS funds not expended for the PRO�ECr in <br />accordance with the terms of this Contract shall be remitted to the CWCB within 30 days <br />of either (1) compfetion of the PRO�ECT or (2) upon the determination by the CWCB that <br />the PRO�ECT will not be completed. <br />7. BORROWER Authority To Contract. The BoRROwER warrants that it has full power and <br />authority to enter into this contract. The execution and delivery of this contract and the <br />performance and observa�tion of its terms, conditions and obligations have been duly <br />authorized by all necessary actions of the BoRROwER. <br />8. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the <br />BoRROwER shall submit to the CWCB an opinion from its counsel stating that it is the <br />attorney's opinion that <br />a. the contract will be duly executed by an officer of the Borrower who is duly elected <br />or appointed and is authorized to execute the contract and to bind the Borrower; <br />b. there are no provisions of any Federal law that prevent this contract from binding <br />, the Borrower; and <br />c. the contract will be valid and binding against the BoRROwER if entered into by the <br />CWCB. <br />9. Warranties. <br />a. The BoRROwER warrants that, by acceptance of the loan money pursuant to the <br />terms of this contract and by the BoRROwER's representation herein the BORROWER <br />shall be estopped from asserting for any reason that it is not authorized or obligated <br />to repay the loan money to the CWCB as required by this contract, except as <br />provided for in sections 4.c and 13.a. <br />b. The BoRROwER warrants that it has not employed or retained any company or <br />Page 3 of 8 Loan Contract <br />