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<br />,'j <br /> <br />e. Sign a security interest in ,!he service charges and infrastructure fees pledged herein in favor of <br />the STATE to secure the repaymant of this loan to the STATE. <br /> <br />Such resolution shall be attached hereto as APPENDIX B and incorporated herein prior to the STATE'S <br />performance under this contract. <br /> <br />8. ,Warranties. The BORROWER warrants the following: <br /> <br />a. By acceptance of the loan money pursuant to the terms of this contract and by the BORROWER'S <br />representation herein, the BORROWER shall be estopped from asserting for any reason that it is not <br />authorized or obligated to repay the loan money to the STATE as required by this contract. <br /> <br />b. The BORROWER has full power and authority to enter into this contract. The execution and <br />delivery of this contract and the performance and observation of its terms, conditions and <br />obligations have been duly authorized by all necessary actions of the BORROWER. <br /> <br />c. The BORROWER has not employed or retained any company or person, other than a bona fide <br />employee working solely for the BORROWER, to solicit or secure this contract and has not paid or <br />agreed to pay any person, company, corporation, individual, or firm, other than a bona fide <br />employee, any fee, commission, percentage, gift, or other consideration contingent upon or <br />resulting from the award or the making of this contract. <br /> <br />d. The Castle Pines North Metropolitan District Water Activity Enterprise is a lawfully estabiished <br />and maintained enterprise and has authority to enter into this co the STATE. The <br />BORROWER shall immediately notify the STATE in writing if the h formulate the <br />basis of this warranty change, <br /> <br /> <br />,e. The BORROWER will not terminate the Castle <br />Enterprise, nor adversely withdr te . ts, n <br />enterprise's ability to perform d of t " act: \:i'"~"",, <br /> <br />f. The Castle Pines North Metropol d th~e ~i~~ North Metropolitan District <br />,Water Activity Enterprise have comp ith all tory and other requirements and duly passed <br />a joint resolution authorizing the BORR enter into this contract with the STATE to .borrow the <br />principal sum of the loan amount set f in paragraph 8; to allocate funds derived from water user <br />service charges from existing and future homeowners and aJI of the infrastructure fees from future <br />home construction in an amount sufficient make the annual installment payments required under <br />this contract; to place the money allocated from said service charges and infrastructure fees each <br />year to pay ,the annual installment into a special account separate and apart from other revenues <br />of the BORROWER; to sign a security interest in the service charges and infrastructure!ees pledged <br />herein; and to repay this loan 'to the STATE. The actions of the BORROWER adopting the resolution <br />and executing the security agreements are conditions precedent to performance by the STATE under <br />this contract. <br /> <br />g. Specific revenues to be pledged to repay the STATE under this contract shall be funds derived <br />from water user service charges and infrastructure fees from future home construction, the <br />establishment of which have been authorized by resolution of the BORROWER. The BORROWER hereby <br />pledges sufficient annual revenues to pay the annual installment amount pursuant to paragraph 8 <br />of this contract, and hereby agrees to establish a ,separate account into which all such moneys shall <br />be deposited. <br /> <br />h. That the property identified in the Collateral Provisions of this contract is not encumbered by any <br />other deeds of trust to any party other than the STATE or in any other manner, <br /> <br />CASTLE PINES NORTH METRO DISTRICT <br /> <br />Page 4 of 11 <br /> <br />LOAN CONTRACT <br />