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!"~ ^ '~:.; "" e. Sign a security interest in .1he service charges and infrastructure fees pledged herein in favor of the STATE to secure the repayment of this loan to the STATE. Such resolution shall be attached hereto as APPENDIX B and incorporated herein prior to the STATE'S performance under this contract. 8. Warranties. The BORROWER warrants the following: a. 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 asselting 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 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 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 Castle Pines Nolth Metropolitan District Water Activity Enterprise is a lawfully established and maintained enterprise and has authority to enter into this contract with the STATE. The BORROWER shall immediately notify the STATE in writing if the circumstances which formulate the basis of this warranty change. e. The BORROWER will not terminate the Castle Pines Nolth Metropolitan District Water Activity Enterprise, nor adversely withdraw or deplete its assets, nor otherwise adversely affect the enterprise's ability to perform during the term of this contract. f. The Castle Pines Nolth Metropolitan District and the Castle Pines Nolth Metropolitan District Water Activity Enterprise have complied with all statutory and other requirements and duly passed a joint resolution authorizing the BORROWER to enter into this contract with the STATE tO,borrow the principal sum of the loan amount set faith in paragraph 8; to allocate funds derived from water user service charges from existing arid future homeowners and all of the infrastructure fees from future home construction in an amount sufficient make the annual installment payments required under this contract; to place the money allocated from said service charges and infrastructure fees each year to pay the annual installment into a special account separate and apalt from other revenues of the BORROWER; to sign a security interest in the service charges and infrastructure fees pledged herein; and to repay this loan to the STATE. The actions of the BORROWER adopting the resolution and executing the security agreements are conditions precedent to performance by the ST ATE under this contract. g. Specific revenues to be pledged to repay the STATE under this contract shall be funds derived from water user service charges and infrastructure fees from future home construction, the establishment of which have been authorized by resolution of the 80RROWER. The 80RROWER hereby pledges sufficient annual revenues to pay the annual installment amount pursuant to paragraph 8 of this contract, and hereby agrees to establish a separate account into which all such moneys shall be deposited. h. That the propelty identified in the Collateral Provisions of this contract is not encumbered by any other deeds of trust to any palty other than the STATE or in any other manner. CASTLE PINES NORTH METRO DISTRICT Page40fl1 LOAN CONTRACT