Laserfiche WebLink
<br />'~ <br /> <br />LOAN CONTRACT <br />Beaver Park Yater. Inc. <br />Feasibility Study <br /> <br />deemed necessary by the State to ensure compliance with provisions of this contract <br />and the laws and regulations under which this contract is entered into, <br /> <br />7c. The Borrower warrants that in the event of a default by the Borrower in the <br />repayment to the State, and upon written notice thereof from the State, the Borrower <br />shall, pursuant to its By-laws, immediately take all necessary actions to levy an <br />additional assessment and to pledge additional revenues in a sufficient amount arid in a <br />timely manner to cure the default and to repay the State as required by the contract. <br />Such additional revenues shall be deemed covered by the existing security interest. <br /> <br />7d. Upon completion of repayment to the State of the entire principal and any <br />accrued interest, as specified in the Promissory Note of this contract, the State agrees <br />to execute a release of deed of trust to convey to the Borrower all of the State's right, <br />title, and interest in and to the project and any other property 'described in Appendix D. <br /> <br />7e. In the event of conflict between the terms and conditions as set forth in this <br />paragraph 7 (DEED OF TRUST PROVISIONS), and Appendix D (The actual Deed <br />of Trust) , provisions of this contract shall control. <br /> <br />c 8. (Levy assessments "Cor repayment of the loan): Pursuant to its Articles of <br />Incorporation and to its By-laws, take all necessary actions consistent therewith to levy <br />assessments to raise sufficient funds to pay this contract loan debt in a timely manner <br />and as required by the terms and conditions herein to assure repayment of the project <br />loan to the State, In the event that the assessment(s) levied by the Borrower, or the <br />revenues resulting therefrom, are or become insufficient to assure repayment to the <br />State as required by the terms and conditions herein, then the Borrower, upon written <br />notice thereof from the State, shall immediately take all necessary action consistent <br />with its By-laws, including but not limited to additional assessments, to raise sufficient <br />revenue to assure repayment of the project loan to the State. <br />, <br /> <br />9. (SECURITY INTEREST PROVISIONS): <br /> <br />9a, The Borrower agrees that the specific revenues to be pledged to repay the <br />State shall include, without being limited to, an assessment levied for that purpose as <br />authorized by Resolution of the Borrower. <br /> <br />9b, The Borrower hereby pledges such assessment revenues to repay the State <br />loan, agrees that these revenues will be set aside and kept separate from other <br /> <br />Page 5 of 10 Pages <br />