C150044 Paid in Full Contract

• Contract/PO #: C150044
• Contractor Name: Riverside Reservoir & Land Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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a. Interest During Construction. As the loan funds are disbursed by the STATE to the
BORROWER during construction, interest shall accrue at the rate of 4%. The STATE shall
calculate the amount of the interest accrued during construction and the BORROWER shall
repay that amount to the STATE either within ten (10) days after the date the STATE determines
that the PROJECT has been substantially completed, or at the STATE'S discretion, said interest
shall be diucked from the final disbursement of loan funds that the STATE makes to the
BORROWED.
b. Final loan.: amount.' In' the event that the final loan amount is at least 90% of the
AUTHORIZED LOAN AMOUNT, the STATE shall apply the remaining loan funds to prepayment of
the loan, which will result in the annual loan payment remaining the same, and the time for
repayment',of the loan will be reduced. If the final loan amount is less than 90% of the
AUTHORIZED LOAN AMOUNT, the STATE may apply those funds to prepayment of the loan with
the BORROWER'S consent, or the State and the BORROWER shall execute an amendment
that will establish the final loan amount and amend or replace the loan documents that
reflect the final loan amount, including the Promissory Note, Security Agreement, Deed of
Trust, and Assignment of Certificate of Deposit.
10. Warranties.
a. The BORROWER warrants that, by acceptance of the loan money pursuant to the terms of this
contract and by the BORROWER'S representation herein, the BORROWER shall be estopped
from asserting for any reason that it is not authorized or obligated to repay the loan money to
the STATE as required by this contract.
b. The BORROWER warrants that it has full power and authority to enter into this contract. The
execution and delivery of this contract and the performance and observation of its terms,
conditions and obligations have been duly authorized by all necessary actions of the
BORROWER.
c. The BORROWER warrants that it has not employed or retained any company or person, other
than a bona fide employee working solely for the BORROWER, to solicit or secure this contract
and has not paid or agreed to pay any person, company, corporation, individual, or firm, other
than a bona fide employee, any fee, commission, percentage, gift, or other consideration
contingent upon or resulting from the award or the making of this contract.
d. The BORROWER warrants that the property identified in the Collateral Provisions of this
contract is not encumbered by any other deeds of trust to or liens of any party other than the
STATE or in any other manner.
11. Collateral. Part of the security provided for this loan, as evi•, j•4 , • - -,ecuted Assignment
of Certificate of Deposit attached as Appendix 3 and orpora - = ; •r I be an undivided
one hundred percent (100%) interest in a certifica " • posit ac •- 4 stablished by the
BORROWER in the amount of one annual loan paymerti "! 1 0 reinafter referred to as CD
ACCOUNT. The STATE shall use the funds contained in the 'D • I. T •• - •urpose of paying
principal and interest due under this contract not otherwise paid •y l R• R. The Borrower
shall replenish any amount withdrawn by the State for this purpose wi 9 days after such
withdrawal. The STATE shall not disburse any loan funds under this contract un it the BORROWER
has established the CD ACCOUNT.
Additional security provided for this loan, as evidenced by the executed Deed of Trust attached as
Appendix 4 and incorporated herein, shall be an undivided one hundred percent (100%) interest
in the BORROWER'S diversion structure on the South Platte River to be rehabilitated with funds
Riverside Reservoir and Land Company Page 5 of 12 Loan Contract C150044