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properly executed Uniform Commercial Code Security Agreement and Financing Statement, hereinafter <br /> referred to as UCC DOCUMENT, attached hereto as APPENDIX D and incorporated herein. <br /> c. UCC DOCUMENT renewal. The BORROWER shall, within 60 days prior to the end of the fifth year that <br /> this contract is in effect and every five (5) years thereafter, deliver to the STATE a fully and properly <br /> executed Continuation Statement (Form UCC-3) of the UCC DOCUMENT as required by this contract. <br /> d.WATER USER FEES for repayment of the loan. The BORROWER shall,pursuant to its statutory authority <br /> and as auth ' i e I n, take all necessary actions consistent therewith to assess WATER USER <br /> FEES to rais f t to repay this loan in a timely manner and as required by the terms and <br /> conditions t the WATER USER FEES become insufficient to assure repayment to the <br /> STATE as required by the terms an conditions herein, then the BORROWER shall immediately take all <br /> nece o e t ith statutory authority and resolutions, including, but not limited to, <br /> adjus g A U R 't 's' sufficient revenue to assure repayment of the loan to the STATE. <br /> ., <br /> e. WATER USER FEES for operations, maintenance and reserves. The BORROWER shall, pursuant to its <br /> statutory authority and resolutions, adjust its WATER USER FEES from time to time as necessary to <br /> provide sufficient funds for adequate operation and maintenance, emergency repair services, <br /> obsolescence reserves and debt reserves. Said debt reserve shall, within five (5) years, contain the <br /> equivalent of one-half of an annual loan payment. <br /> 11. Loan funds for the PROJECT. BORROWER shall make written request for loan funds and submit <br /> documentation of the total purchase price paid for the PROJECT. Within 20 days of receipt of the written <br /> request and after review and acceptance of the documentation, the STATE shall disburse the requested amount <br /> to the BORROWER. <br /> 12. Periodic inspections. Throughout the term of this contract, the BORROWER shall permit a designated <br /> representative of the STATE to make periodic inspections of the PROJECT. Such inspections are solely for the <br /> purpose of verifying compliance with the terms and conditions of this contract.'Furthermore,such inspections <br /> will cover the condition of the PROJECT,operating records,maintenance records,and financial records,and shall <br /> not be construed nor interpreted as an approval of any element of the PROJECT facilities. <br /> 13. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and local <br /> laws and regulations that are in effect or may hereafter be established throughout the term of this contract. <br /> 14. No discrimination of services. The services of said PROJECT will be made available within its capacity <br /> and in accordance with all pertinent statutes, rules and regulations, and operational guidelines to all persons <br /> in the BORROWER'S service area without discrimination as to race, color,religion,or national origin at reasonable <br /> charges (including assessments or fees), whether for one or more classes of service, in accordance with a <br /> schedule of such charges formally adopted by the BORROWER, as may be modified from time to time. <br /> B. The STATE agrees as follows: <br /> 1. Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not to exceed that <br /> specified in the Promissory Note Provisions of this contract. <br /> 2. Disbursements. After receipt, review and approval of the BORROWER'S request for funds and <br /> documentation of the purchase price paid for the PROJECT, the STATE will pay to the BORROWER the amount of <br /> said purchase price. Such payment shall be made within 20 days of receipt of the request and documentation. <br /> 3. Release after loan is repaid. Upon complete repayment to the STATE of the entire principal and any <br /> accrued interest as specified in the Promissory Note Provisions of this contract, the STATE agrees to execute <br /> a release of deed of trust to convey to the BORROWER all of the STATE'S right, title, and interest in and to the <br /> PROJECT and any other property described in APPENDIX C, and to execute a UCC-3 form to terminate all of <br /> the STATE'S rights in and to the revenues pledged to repay this loan. <br /> Morgan County Quality Water District Page 5 of 9 Loan Contract <br />