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<br />r~, <br />" <br /> <br />LOAN CONTRACT <br />Beaver Park ~8ter. Inc. <br />Feasibility Study <br /> <br />5a. Authorizing the Borrower to contract for this loan debt, and authorizing the <br />President and the Secretary to pay the indebtedness on behalf of the Borrower, <br />and <br /> <br />5b. Authorizing the Borrower to execute the deed of trust as security required by , <br />the State, as specified in the Deed of Trust provisions of this contract, and <br /> <br />5c. Authorizing the Borrower to make and levy assessment(s) sufficient to payoff <br />this contract loan pursuant to its terI1lS and to discharge this lawful indebtedness, <br />and <br /> <br />5d, Authorizing the Borrower to set llside this assessment revenue in a special <br />fund separate and apart from other Borrower revenues to assure repayment of <br />this revenue to the State, and <br /> <br />5e. Authorizing the Borrower to sign a security interest in such assessment <br />revenues in favor of the State to secure the repayment. <br /> <br />Such order or resolution shall be attached hereto as Appendix B and included herein <br />prior to the State performance under this contract. <br /> <br />6. (PROMISSORY NOTE PROVISIONS): <br /> <br />6a, The Borrower understands that this Contract is also a promissory note for the <br />repayment of funds loaned by the State to the Borrower according to the terms set, <br />forth herein. <br /> <br />6b, In consideration of the State loaning the Borrower the funds to pay for the <br />cost of the preparation of the said project feasibility report, the Borrower shall pay to <br />the State the sum of Seventy-Five Thousand Dollars ($75,000) plus interest at Three <br />and one half percent (3.5%) starting from the date of advancement of funds by the <br />State, the regardless of whether the subject water project is constructed or not. <br /> <br />6c, In the event the Borrower does not construct the subject water project, then <br />the said sum of Seventy-Five Thousand Dollars ($75,000) plus interest at three and one <br />half percent (3.5%) starting from the date of advancement of funds by the State, shall <br />be payable in ten (10) equal yearly installments of approximately Nine Thousand <br />Eighteen Dollars and Ten Cents ($9,018.10) each, as shown in Appendix C. The first <br />installment shall be due and payable one year after the completion and acceptance of <br /> <br />Page 3 of 10 Pages <br />