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<br />,~" <br />" I <br /> <br />c. take possession of the PROJECT, repair. maintain, and operate or lease it; <br /> <br />d. act upon the deed of trust, security interest, and promissory note; <br /> <br />e. take any other appropriate action. <br /> <br />All remedies described herein may be simultaneously Or selectively and successively enforced. The provisions <br />of this contract may be enforced 'by the STATE at its OPtion without regard to prior waivers of previous defaults <br />by the BORROWER, through judicial proceedings to require specific performance of this contract, or by such other <br />proceedings in law or equity as may be deemed necessary by the STATE to ensure compliance with provisions <br />of this contract and the laws and regulations urider which this contract is entered into. The STATE'S exercise <br />of any or all of the remedies described herein shall not relieve the BORROWER of its duties and obligations under <br />this contract. <br /> <br />13. No sale or conveyance of any collateral. The BORROWER shall not sell, convey, assign, grant, transfer, <br />mortgage, pledge, encumber, or otherwise dispose of any collateral for this loan, including the PROJECT or any <br />portion thereof or the service charges Of infrastructure fees pledged to repay the loan herein, so long as any of <br />the principal and any accrued interest required by the Promissory note provisions of the contract remain unpaid, <br />without the prior written concurrence of the STATE. <br /> <br />14. In the event of a conflict. In the event of conflict between the terms of this contract and conditions <br />as set forth in any of the appendices, the provisions Clf this contract shall control. <br /> <br />15. Pledge of revenues. The BORROWER agrees th~t the specific revenues to be pledged to repay the STATE <br />shall include, but not be limited to funds derived from water user service charges and infrastructure fees from <br />future home construction as authorized by resolution of the BORROWER. Furthermore, BORROWER agrees that <br /> <br />a. Revenues for this loan are to be kept separate, The BORROWER hereby pledges such revenues to <br />repay the STATE loan, agrees that these revem,es will be set aside and kept in an account separate from <br />other BORROWER revenues, warrants that the~e revenues will not be used for any other purpose, and <br />agrees to provide the STATE a perfected security interest such that the STATE has priority over all other <br />competing claims for such revenues. <br /> <br />b. Establish security interest in the revenues. The BORROWER agrees that, in order to provide a security <br />interest for the STATE irrevocably pledging Such revenues, it will provide a completed and properly <br />executed Uniform Commercial Code Security Agreement and Financing Statement, which shall be <br />attached hereto and incorporated herein as APPENDIX D. No monies shall be, advanced prior to <br />BORROWER providing this form. <br /> <br />c. Renewal of UCC agreements. The BORROWER will, within ninety (90) days prior to the end of the <br />fifth year that this contract is in effect and eVery five (5) years thereafter, deliver to the STATE a fully <br />and properly executed Continuation Statement (Form UCC.3) of the security interest IUCC Security <br />Agreement and Financing Statement) required by this contract. <br /> <br />d. Fees and charges for repayment of the loal\. The BORROWER shall, pursuant to its statutory authority <br />and as authorized by its resolution, take all necessary actions consistent therewith to fix fees and <br />charges sufficient to pay this contract loan in a timely manner and as required by the terms and <br />conditions herein. In the event the fees and charges fixed by the BORROWER become insufficient to <br />assure repayment to the STATE as required by the terms and conditions herein, then the BORROWER, <br />upon written notice thereof from the ST ATE, Shall immediately take all necessary action consistent with <br />the statutes, including but not be limited to fi"ing additional fees and charges to raise sufficient revenue <br />to assure repayment of the loan to the STATE. <br /> <br />e. Fees and charge. \1t operations, maintenance, reserves, and debt reserves. The BORROWER shall, <br />pursuant to its statutory authority, fix fees and charges from time to time as necessary to provide <br />sufficient funds for adequate operation and maintenance, emergency repair services. obsolescence <br />reserves, and debt reserves. <br /> <br />CASTLE PINES NORTH METRO DISTRICT <br /> <br />Page 60f" <br /> <br />LOAN CONTRACT <br />