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<br />., <br /> <br />. <br /> <br />. <br /> <br />" <br /> <br />CWCB shall calculate the amount of the interest that accrued prior to completion of the <br />PROJECT and the BORROWER shall repay that amount to the eWCB either within ten (10) <br />days after the date the CWCB determines that the PROJECT has ,been substantially <br />completed. or, at the CWCB'sdiscretion, said interest shall be deducted from the final <br />disbursement of loan funds that the CWCB makes to the BORROWER. <br /> <br />'3. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br />PROJECT in accordance with the terms of this Contract shall be remitted to the CWCB <br />within 30 days of either (1) completion of the PROJECT or (2) upon the determination by <br />the CWCS that the PROJECT will not be completed. <br /> <br />4. BORROWER'S Authority To Contract. The BORROWER'S board of directors and/or <br />stockholders have adopted resolutions, attached as Appendix 3 and incorporated herein, <br />authorizing the BORROWER to perform in accordance with the terms of this contract. <br /> <br />5. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the <br />BORROWER shall submit to the CWCB a letter from its attorney stating that it is the <br />attomey's opinion that <br /> <br />a. the person signing for the BORROWER was duly elected or appointed and has authority <br />to sign such documents on behalf of the BORROWER and to bind the BORROWER; <br /> <br />b. the BORROWER'S board of directors and/or stockholders have validly adopted <br />resolutions approving this contract; <br /> <br />c. there are no provisions in the BORROWER'S articles of incorporation or bylaws or any <br />state or local law that prevent this contract from binding the BORROWER; and <br /> <br />d. the contract will be valid and binding against the BORROWER if entered into by the <br />CWCB. . <br /> <br />6. Pledge Of Property. The BORROWER hereby irrevocably pledges to the CWCB for <br />purposes of repayment of this loan (1) revenues from assessments levied for that <br />purpose as authorized by the BORROWER'S resolution(s) and (2) all of the BORROWER'S <br />rights to receive said assessment revenues, hereinafter collectively referred to as the <br />.Pledged Property: <br /> <br />a. Segregation of Pledged Revenues. The BORROWER hereby agrees to set aside and <br />keep the pledged revenues in an account separate from other BORROWER revenues, <br />and warrants that it shall not use the pledged revenues for any other purpose. <br /> <br />D. Establish Security Interest. The BORROWER agrees that, to provide a security <br />interest to the CWCS in the Pledged Property so that the CWCS shall have priority <br />over all other competing claims for said property, it shall execute a Security <br />Agreement, attached hereto as Appendix 4, and incorporated herein. The cwes <br />shall perfect its security interest in the BORROWER'S right to receive assessment <br />revenues by filing a UCC-1 Form with the Colorado Secretary of State. <br /> <br />c. Assessments For Repayment Of The Loan. Pursuant to its statutory authority, <br />articles of incorporation and bylaws, the BORROWER shall take all necessary actions <br />consistent therewith to levy assessments sufficient to pay this loan as required by the <br />terms of this contract and the Promissory Note. In the event the assessments levied <br />by the BORROWER become insufficient to assure such repayment to the CWCS, the <br /> <br />Tunnel Waler Company <br /> <br />Page20f11 <br /> <br />Loan Contract <br /> <br />