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<br />-' <br />< ;r-. <br /> <br />of the Borrower adopting the Resolution and executing the security <br />agreements are conditions precedent to performance by the State <br />under this Contract. <br /> <br />5. The Borrower agrees and understands that !l!l37-60-ll9 <br />through 37-60-122, C,R.S., require that the loan of money by the <br />State to the Borrower for this project be conditioned upon the <br />repayment of the loan to the State. The Borrower hereby agrees to <br />take any and all actions necessary to secure such repayment as <br />provided herein. <br /> <br />The Borrower understands that this Contract is a <br />promissory note for the repayment of funds loaned by the State to <br />. 0 I. ,~he Borrower according to the terms set forth herein, <br />- , /..) .\ <br /> <br />I \<0 ;-V 6. The Borrower agrees to repay to the State the sum of <br />:;/ One Million Five Hundred Forty-Four Thousand Dollars ($1,544,000), <br />as the principal amount of the construction loan, together with <br />interest on the construction loan calculated in accordance with the <br />interest rate and term of paragraph A.2 and to pay interest during <br />construction. <br /> <br />/ <br /> <br />Payment of interest during construction will be <br />calculated monthly at an equiv~lent of Two percent (2%) per annum <br />on each loan advance disbursed to the Borrower during construction. <br />The interest accumulated during construction may be paid, at the <br />discretion of the Borrower, as a single lump sum at the time the <br />first installment for the construction loan is due or it may be <br />capitalized under the same terms as the construction loan. The <br />actual interest which will accumulate during construction is <br />unknown and cannot be calculated until the conclusion of <br />construction. The Contractor and the Borrower shall identify the <br />amount and the method of payment of interest accumulated during <br />construction through an amendment to this contract to be finalized <br />within three (3) months after first delivery of Project water to <br />the Borrower. <br /> <br />Repayment of principal and interest for the <br />construction loan shall be as follows: <br /> <br />a. Equal annual installment payments of Fifty-Six <br />Thousand, Four Hundred Forty-Two Dollars and Seven Cents <br />($56,442.07) as shown in the Repayment Schedule attached hereto as <br />Appendix F and incorporated herein by reference. <br /> <br />b. The first installment of the construction loan <br />shall be due and payable on January 1, 1997 or within twelve (12) <br />months after first delivery of Project water to the Borrower, <br />whichever is later. <br /> <br />c. Subsequent installments shall be due and <br />payable yearly on the same date thereafter until the entire amount, <br />inCluding principal and interest, has been paid to the State. <br /> <br />Page 6 of 13 pages <br />