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( i / \ d. Loan payment. If the amount borrowed is the MAXIMUM LOAN AMOUNT, payment would be made in one (1) installment consisting of the principal amount of one hundred thousand five hundred Dollars and no Cents (.$100.500) plus interest calculated at the rate of five percent (5%) per annum. This installment shall be made in Borrower's current fiscal year which ends December 31, 1995, The payment is to be made to the CWCB at the address given below. ) e. Interest during construction. The BORROWER shall repay to the STATE interest which will be calculated monthly at an equivalent rate of five percent (5.0%) per annum on each loan advance disbursed to the BORROWER during construction.' Said accumulated interest shall be paid to the STATE . as a single lump sum on the first day of the month following the month that the STATE declares that the PROJECT has been substantially completed, which BORROWER warrants will occur within their current fiscal year which ends December 31, 1995. The actual interest which will accumulate during construction is unknown and cannot be calculated until the conclusion of construction. f. Prepayment conditions. The BORROWER may prepay all or any of the loan at any time, without penalty. These payments will be applied first to any accrued interest and then to reduce the principal amount, 9, Remedies for default. Upon default in the payments herein set forth to be made by the BORROWER, or default in the performance of any covenant or agreement contained herein, the STATE, at its option, may: .,;' a, declare:the entire principal amount and a~crued interest thEm outstanding immediately due and -.;,.."...."""~'. payable;' b. for the a~count of the BORROWER, incur and pay reasonable expenses for repair. maintenance, and operation of the PROJECT herein described and such expenses as may be necessary to cure the cause . of default; .. " c. take possession' of the PROJECT, repair, maintain, and operate or lease it; d. act upon the security interest, and promissory note; e. take any other appropriate legal action. All remedies described herein may be simultaneously or selectively and successively enforced. The provisions of this contract may be enforced by the STATE at its OPtion without regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings to require specific performance of this contract, or by such other proceedings in law or equity as may be deemed necessary by the STATE to ensure compliance with jJrovisions of this contract and the laws and regulations under which this contract is entered into. 10. No sale or. conveyance of any collateral until the loan is repaid. The BORROWER shall not sell, convey, assign, grant, trarisfer. mortgage, pledge, encumber, or otherwise dispose of the PROJECT or any portion thereof or the assessment revenues pledged to repay the loan herein, so long as any of the principal and any accrued interest required by'the promissory note provisions of the contract remain unpaid without the prior written concurrence of the STATE. 11. This contract controls if there is a conflict, In the event of conflict between the terms of this contract and conditions as set forth In any of the appendices, the provisions of this contract shall control. ~{ 12. Pledge of revenues. The BORROWER agrees that the specific revenues to be pledged to repay the STATE shall include, but not be limited to water funds derived from water user fees, and infrastructure fees from future home construction as authorized by resolution of the BORROWER and pursuant to Article 1, Title 32, CRS, Furthermore, BORROWER agrees that a, Revenues for this loan are to be kept separate. The BORROWER hereby pledges such revenues to repay the STATE loan, agrees"that these re"venues will be set aside and kept in a bank account separate from other BORROWER revenues, warrants that these. revenues will not be used .for any other purpose, CASTlE PINES NORTH METRO DISTRICT Page 5 of 11 LOAN CONTRACT