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structure most recently adopted. No more than 10% of total revenues may <br /> originate from tap and/or connection fees. <br /> The BORROWER acknowledges and understands that any request for approval <br /> of the issuance of additional debt must be reviewed and approved by the <br /> CWCB prior to the issuance of any additional debt. <br /> f. Annual Statement of Debt Coverage. Each year during the term of this <br /> CONTRACT, the BORROWER shall submit to the CWCB an annual audit report. <br /> g. Pledged Property. The BORROWER irrevocably pledges to the CWCB, for <br /> purposes of repayment of this loan, an interest in the Colorado-Big Thompson <br /> (C-BT) contractual rights for water, administered through the Northern Water <br /> Conservancy District (Northern Water). The PLEDGED PROPERTY as further <br /> described in Section 6 (COLLATERAL) of the PROJECT SUMMARY is authorized by <br /> the BORROWER'S AUTHORIZING RESOLUTION, and secured by the DEED OF TRUST <br /> (APPENDIX 5). <br /> 9. Pledged Property during Loan Repayment. The BORROWER shall not sell, convey, <br /> assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the <br /> PLEDGED PROPERTY so long as any of the principal, accrued interest, and late <br /> charges, if any, on this loan remain unpaid, without the prior written concurrence of <br /> the CWCB. In the event of any such sale, transfer or encumbrance without the <br /> CWCB's written concurrence, the CWCB may at any time thereafter declare all <br /> outstanding principal, interest, and late charges, if any, on this loan immediately due <br /> and payable. <br /> 10.Pledged Revenues During Loan Repayment. The BORROWER shall not sell, <br /> convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose <br /> of the PLEDGED REVENUES, so long as any of the principal, accrued interest, and late <br /> charges, if any, on this loan remain unpaid, without the prior written concurrence of <br /> the CWCB. <br /> 11.Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire <br /> principal, all accrued interest, and late charges, if any, as specified in the PROMISSORY <br /> NOTE, the CWCB agrees to release and terminate any and all of the CWCB's right, <br /> title, and interest in and to the PLEDGED REVENUES. <br /> 12.Warranties. <br /> a. The BORROWER warrants that, by acceptance of the loan under this CONTRACT <br /> and by its representations herein, the BORROWER shall be estopped from <br /> asserting for any reason that it is not authorized or obligated to repay the loan <br /> to the CWCB as required by this CONTRACT. <br /> b. The BORROWER warrants that it has not employed or retained any company or <br /> person, other than a bona fide employee working solely for the BORROWER, to <br /> solicit or secure this CONTRACT and has not paid or agreed to pay any person, <br /> company, corporation, individual, or firm, other than a bona fide employee, any <br /> fee, commission, percentage, gift, or other consideration contingent upon or <br /> resulting from the award or the making of this CONTRACT. <br /> Page 5 of 13 <br />