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� <br />LQ11N CONTRACT <br />Beaver Park Yater, Inc. <br />Feasibility Study <br />� <br />Sa. Authorizing the Borrower to contract for this loan debt, and authorizing the <br />President and the Secretary to pay the indebtedness on behalf of the Borrower, <br />and <br />Sb. Authorizing the Borrower to execute the deed of trust as security required by <br />the State, as specified in the Deed of Trust provisions of this contract, and <br />Sc. Authorizing the Borrower to make and levy assessment(s) sufficient to pay off <br />this contract loan pursuant to its terms and to discharge this lawful indebtedness, <br />and <br />Sd. Authorizing the Borrower to set aside this assessment revenue in a special <br />fund separate and apart from other Borrower revenues to assure repayment of <br />this revenue to the State, and <br />. Se. Authorizing the Borrower to si a interest in such assessment <br />revenues in favor of the State t ayment. <br />Such order or resolution shall be attach o dix B and included herein <br />prior to the State performance u� t <br />6. (PRQMISSORY NOTE PROVISIONS): <br />6a. The Borrower understands that this Contract is also a promissory note for the <br />repayment of funds loaned by the State to the Borrower according to the terms set <br />forth herein. <br />6b. In consideration of the State loaning the Borrower the funds to pay for the <br />cost of the preparation of the said project feasibility report, the Borrower shall pay to <br />the State the sum� of Seventy-Five Thousand Dollars ($75,000) plus interest at Three <br />and one half percent (3.5%) starting from the date of advancement of funds by the <br />State, the regardless of whether the subject water project is constructed or not. <br />6c. In the event the Borrower does not construct the subject water project, then <br />the said sum of Seventy-Five Thousand Dollars ($75,000) plus interest at three and one <br />half percent (3.5%) starting from the date of advancement of funds by the State, shall <br />be payable in ten (10) equal yearly installments of approximately Nine Thousand <br />Eighteen Dollars and Ten Cents ($9,018.10) each, as shown in Appendix C. The first <br />installrnent shall be due and payable one year after the completion and acceptance of <br />Page 3 of 10 Pages <br />