C153746 PIF Contract - Laserfiche WebLink

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BORROWER who are duly elected or appointed and are authorized to execute the contract on behalf of the DISTRICT and the BORROWER and to bind the DISTRICT and the BORROWER; that the resolution of the DISTRICT and the BORROWER authorizing the execution and delivery of the contract were duly adopted by the governing bodies of the DISTRICT and the BORROWER; that there are ho provisions in the Colorado Constitution, any state or local law, or the DISTRICT'S by- laws that prevent this contract from binding the DISTRICT and the BORROWER; and that the contract ill be valid -and binding against the DISTRICT and the BORROWER if entered into by the STATE. 5. 1 Promissory note provisions. The BORROWER understands that this contract is also a promissorV note for the repayment of funds loaned according to the terms set forth herein. Principal amount. The principal amount of the loan shall be the total amount of rods advanced by the STATE to the BORROWER under the terms of this contract, not exceed $62,500. Interest rate. The interest on the principal shall accrue at the rate of three and -half percent (3'/2 %) per annum on all funds advanced to BORROWER. Duration. The repayment J. Loan payment. The Nhich amount includes P� )ayable one year after A ;ompleted, and annually nterest shall have been F '1WCB at the address give this loan shall be twenty (20) years. shall 15 X20 annual installments of $4,397.57, The first installment shall be due and es that the PROJECT has been substantially a it the entire principal sum and any accrued ment payments are to be made payable to the . Prepayment conditions. The BORROWER may prepay all or any of the loan at any me, without penalty. These payments will be applied first to any accrued interest nd then to reduce the principal amount. Collection costs. If the principal or accrued interest under this contract is not paid ien due, the BORROWER agrees to pay all reasonable costs of collection, including isonable attorney fees. In the event of any bankruptcy or similar proceedings, sts of collection shall include all costs and attorney fees incurred in connection th such proceedings, including the fees of counsel for attendance at meetings of ;ditors' committees or other committees. 6. Warranties. The DISTRICT and the BORROWER warrant the following: . By acceptance of the loan money pursuant to the terms of this contract and by -ieir representations herein, the DISTRICT and the BORROWER shall be estopped from sserting for any reason that the BORROWER and the DISTRICT, acting by and through ie BORROWER, are not authorized or obligated to repay the loan money to the STATE s required by this contract. Both the DISTRICT and the BORROWER warrant that they have full power and uthority to enter into this contract. The execution and delivery of this contract and ie performance and observation of its terms, conditions and obligations have been my authorized by all necessary actions of the DISTRICT and the BORROWER. Page 4 of 12