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<br />r-.1''f'''< <br /> <br />and warrants that it shall not use the pledged revenues for any other purpose. <br /> <br />b. Establish Security Interest. The BORROWER agrees that, in order to provide a security interest <br />for the STATE in the pledged property so that the STATE shall have priority over all other <br />competing claims for said property, it shall execute a Security Agreement, attached hereto as <br />Appendix X incorporated herein, and an Assignment of Deposit Account as Security, attached <br />as Appendix X and incorporated herein, prior to the disbursement of any loan funds. The <br />BORROWER acknowledges that the STATE shall perfect its security interest in the BORROWER'S <br />right to receive assessment revenues by filing a UCC-1 Form with the Colorado Secretary of <br />State. <br /> <br />c. Assessments For Repayment Of The Loan. Pursuant to its statutory authority, articles of <br />incorporation and by-laws, and as authorized by its resolution, the BORROWER shall take all <br />necessary actions consistent therewith to levy assessments sufficient to pay this loan as required <br />by the terms of this contract and the promissory note. In the event the assessments levied by <br />the BORROWER become insufficient to assure such repayment to the STATE, the BORROWER shall <br />immediately take all necessary action consistent with its statutory authority, its articles of <br />incorporation, bylaws and resolution, including, but not limited to, levying additional assessments <br />to raise sufficient revenue to assure repayment of the loan to the STATE. <br /> <br />d. Assessments For Operations, Maintenance And Reserves. Pursuant to its statutory authority, <br />articles of incorporation, by-laws, and resolutions, the BORROWER shall levy assessments from <br />time to time as necessary to provide sufficient funds for adequate operation and maintenance, <br />emergency repair services, obsolescence reserves and debt service reserves. BORROWER shall <br />deposit an amount equal to one-tenth of an annual payment into its debt service reserve fund on <br />an annual basis for the first ten years of this loan. <br /> <br />,:';':"L '10 ,uL:'::J.~.istl .'~'~.; i:J..E..2~\:'~:1'~.iLllli' ,::,I::]L:..J':,1:~'d'::':" .,::..J:.'"" <br /> <br />I <br /> <br /> <br /> <br />Page 6 of 12 <br /> <br />) <br /> <br />\, <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br />