C153705 Contract - Laserfiche WebLink

Home Browse Search

BORROWER revenu'es, warrants that these revenues will not be used for any other purpose, and agrees to provide the STATE a perfected security interest such that the STATE has priority over all other competing claims for such secured revenues. b. Establish security interest in the revenues. The BORROWER agrees that in order to provide a security interest for the STATE irrevocably pledging such revenues, it will provide a Uniform Commerciai Code Security Agreement and Financing Statement, such document completed and properly executed, incorporated herein as Appendix C. No monies shall be advanced prior to BORROWER providing this form. c. Renewal of UCC agreements in fourth year. The BORROWER will, within thirty (30) days prior to the end of the fourth year that this contract is in effect and every five (5) years thereafter, deliver to the STATE a fully and properly executed Continuation Statement (Form UCC-3) of the security interest (UCC Security Agreement and Financing Statement) required by this contract. d. Levy charges and fees for repayment of the loan. The BORROWER shall, pursuant to its statutes, its articles of incorporation and by-laws, and as authorized by its resolution, take all necessary actions consistent therewith to levy assessments sufficient enough to pay this contract loan debt in a timely manner and as required by the terms and conditions herein. In the event the assessments levied by the BORROWER become insufficient to assure repayment to the STATE as required by the terms and conditions herein, then the BORROWER, upon written notice thereof from the STATE, shall immediately take all necessary action consistent with the statutes, its articles of incorporation, by-laws, and resolutions, including but not be limited to adjusting additional assessments to raise sufficient revenue to assure repayment of the loan to the STATE. e. Levy assessments for operations, maintenance, reserves, and debt reserves. The BORROWER shall, pursuant to the statutes, its articles of incorporation, by-laws, and resolutions, levy assessments from time to time as necessary- to provide sufficient funds for adequate operation and maintenance, emergency repair services"obsolescence reserves, and debt reserves. 14. Progress reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a progress report which contains a statement of the actual PROJECT construction costs expended for that month and shall forward said statement to the STATE. 15. Periodic inspections. The BORROWER shall permit a designated representative of the STATE to make periodic inspections of the PROJECT construction, operations and accounts. Any such inspections by the STATE are solely for the purpose of verifying compliance with the terms and conditions of the contract and shall not be construed nor interpreted as an approval of the actual design and/or construction of any element of the PROJECT rehabilitation. 16. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that have been or may hereafter be established. 17. No discrimination of services. The services of said PROJECT will be made available within its capacity and in accordance with all pertinent statutes, rules and regulations, and operational guidelines to all persons in the BORROWER'S service area without discrimination as to race;coior, religion, or national origin at reasonable charges (including assessments or fees). whether for one or more classes of service, in accordance with a schedule of such charges formally adopted by the BORROWER, as may be modified from time to time. B. The STATE agrees as follows: 1. Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not to exceed that specified in the promissory note provisions of this contract. ',."-" BEAVER RESERVOIR COMPANY Page 6 of 11 LOAN CONTRACT