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b. For any injury to two or more persons in any single occurrence, the sum of One Million Dollars <br />($1,000,000). <br />c. For any damage to property, the sum of Five Hundred Thousand Dollars ($500,000) for each <br />occurrence. <br />A copy of a certificate of said liability insurance must be filed with the STATE sixty (60) days prior to the <br />completion of the PROJECT. Such certificate shall be incorporated herein as part of this contract. Evidence of <br />renewal of said liability insurance is to be submitted with the annual payment which is discussed below. <br />Warranties. The BORROWER warrants the following *.," , <br />a. By acceptance of the loan money pure` 'erms 4Mhis contract and by the BORROWER'S <br />representation herein, the BORROWER shall �sfopped„ tin a eating for any reason that it is not <br />authorized or obligated to repay the loan money ,,S'Y�pl~sz�equired by this contract. <br />b. It has full power and authority to eo ti5 contract. The execution and delivery of this <br />contract and the performance and observ,in of its terms, conditions and obligations have been duly <br />authorized by all necessary actions of the BORROWER. <br />c. It has not employed or retained any company or person, other than a bona fide employee working <br />solidly for the BORROWER, to solicit or secure this contract and that it has not paid or agreed to pay any <br />person, company, corporation, individual, or firm, other than a bona fide employed, any fee, <br />commission, percentage, gift, or other consideration contingent upon or resulting from the award or <br />the making of this cohwact. <br />d. The securityim eTVsf executed by the BORROWER in favor of the STATE to secure repayment of this <br />loan is a valid sE ccrify1nterest which shall be binding against the BORROWER and that the BORROWER has <br />perfected *ts.se�ulrfty interest such that the STATE has priority over all other competing claims for such <br />securityp 0 <br />• • • • . <br />7. Proru?;!§Qry note provisions. The BORROWER understands that this contract is also a promissory note for <br />the repawtwnt ol•funds loaned according to the terms set forth herein. The BORROWER also agrees and <br />understandAinpt sections 37-60-119 through 37 -60 -122 CRS, as amended, require that the loan of money by <br />the ST:vTE to the BORROWER for this PROJECT be conditioned upon the repayment of the loan to the STATE. The <br />BORRO)NEq bCreby agrees to take any and all actions necessary to guarantee such repayment as provided herein <br />including, without being limited to, the actions specified in this contract. <br />a. Principal amount. The principal amount of the loan shall be the total amount of funds advanced by <br />the STATE to the BORROWER under the terms of this contract, not to exceed the MAXIMUM LOAN AMOUNT <br />of $50,000. <br />b. Interest rate. The interest on the principal shall accrue at the rate of two percent (2 %) per annum <br />on all funds advanced to BORROWER during PROJECT construction. <br />c. Duration. The repayment period of this loan shall be twenty (20) years. <br />d. Loan payment. If the amount borrowed is the MAXIMUM LOAN AMOUNT, payments would be made <br />in twenty (20) annual installments of Three Thousand and Fifty -Seven Dollars and Eighty -Four Cents <br />($3,057.84), which is principal and interest. The first installment shall be due and payable on the first <br />day of the month, one year after the month that the STATE declares that the PROJECT has been <br />substantially completed, and yearly thereafter until the entire principal sum and any accrued interest <br />Caryl Carroll Page 4 of 11 Loan Contract <br />