C150096 PIF Contract - Laserfiche WebLink

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accordance with the terms as set forth in the Promissory Note, attached hereto as Appendix 2 and incorporated herein. 2. Interest Prior to Project Completion. As the loan funds are disbursed by the CWCB to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The CWCB shall calculate the amount of the interest that accrued prior to completion of the PROJECT and the BORROWER shall repay that amount to the CWCB either within ten (10) days after the date the CWCB determines that the PROJECT has been substantially completed, or, at the CWCB's discretion, said interest shall be deducted from the final disbursement of loan funds that the CWCB makes to the BORROWER. 3. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the PROJECT in accordance with the terms of this Contract shall be remitted to the CWCB within 30 days of either (1) completion of the PROJECT or (2) upon the determination by the CWCB that the PROJECT will not be completed. 4. BORROWER's Authority To Contract. The BORROWER's board of directors (and stockholders, if required) have adopted resolutions, attached as Appendix 3 and incorporated herein, authorizing the BORROWER to perform in accordance with the terms of this contract. 5. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the BORROWER shall submit to the CWCB a letter from its attorney stating that it is the attorney's opinion that a the person signing for the BORROWER w to sign such documents on behalf of ' u the BORROWER's board of direc ndd resolutions approving this contract; c. there are no provisions in the BORRO\ state or local law that prevent this col d. the contract will be valid and binding CWCB. or appointed -and has authority bind he BORROWER, blders have validly adopted ales of incorporation or bylaws or any m binding the BORROWER; and ainst the BORROWER if entered into by the 6. Pledge Of Property. The BORROWER hereby irrevocably pledges to the CWCB for purposes of repayment of this loan (1) revenues from assessments levied for that purpose as authorized by the BORROWER's resolution(s) and (2) all of the BORROWER's rights to receive said assessment revenues, hereinafter collectively referred to as the "Pledged Property." a. Segregation of Pledged Revenues. The BORROWER hereby agrees to set aside and keep the pledged revenues in an account separate from other BORROWER revenues, and warrants that it shall not use the pledged revenues for any other purpose. b. Establish Security Interest. The BORROWER agrees that, to provide a security interest to the CWCB in the Pledged Property so that the CWCB shall have priority over all other competing claims for said property, it shall execute a Security Agreement, attached hereto as Appendix 4, and incorporated herein. The CWCB shall perfect its security interest in the BORROWER's right to receive assessment revenues by filing a UCC -1 Form with the Colorado Secretary of State. c. Assessments For Repayment Of The Loan. Pursuant to its statutory authority, Page 2 of 9 Upper Platte and Beaver Creek Canal Co. Loan Contract