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<br />,-~.\ <br />, <br /> <br />e. Sign a security interest in the revenues pledged herein in favor of the STATE to secure the <br />repayment of this loan to the STATE. <br /> <br />Such ordinance shall be attached hereto as Appendix A and included herein prior to the STATE performance. <br />under this contract. <br /> <br />7. Warranties, The BORROWER warrants the following: <br /> <br />a. By acceptance of the loan money pursuant to the terms of this contract and by the BORROWER'S <br />representation herein, the BORROWER shall be estopped from asserting for any reason that it is not <br />authorized or obligated to repay the loan money to the STATE as required by this contract. <br /> <br />b. It has full power and authority to enter into this contract. The execution and delivery of this <br />contract and the performance and observation of its terms, conditions and obligations have been duly <br />authorized by all necessary actions of the BORROWER. <br /> <br />c. 11 has not employed or retained any company or person, other than a bona fide employee working <br />solidly for the BORROWER, to solicit or secure this contract and that it has not paid or agreed to pay any <br />person, company, corporation, individual, or firm, other than a bona fide employed, any fee, <br />commission, percentage, gift, or other consideration contingent upon or resulting from the award or <br />the making of this contract. <br /> <br />8. Promissory note provisions. The BORROWER understands that this contract is also a promissory note for <br />the repayment of funds loaned according to the terms set forth herein. <br /> <br />a. Principal amount. The principal amount of the loan shall be the total amount of funds advanced by <br />the STATE to the BORROWER under the terms of this contract, not to exceed the MAXIMUM LOAN AMOUNT <br />of $94,000. <br /> <br />b. Interest rate. The interest on the principal shall accrue at the rate of four percent (4%) per annum <br />on all funds advanced to BORROWER during PROJECT construction. <br /> <br />c. Duration, The repayment period of this loan shall be thirty (301 years. <br /> <br />d. Loan payment. If the amount borrowed is the MAXIMUM LOAN AMOUNT, payments would be made <br />in thirty (30) annual installments of Five Thousand Four Hundred Thirty-Six Dollars and Three Cents <br />($5.436.03). which amount includes principal and interest. The first installment shall be due and <br />payable on the first day of the month, one year after the month that the STATE declares that the <br />PROJECT has been substantially completed, and yearly thereafter until the entire principal sum and any <br />accrued interest shall have been paid. Installment payments are to be made payable to the CWCB at <br />the address given herein. <br /> <br />e. Interest during construction. The BORROWER shall repay to the STATE interest which will be <br />calculated at the rate of four percent (4%) per annum on each loan advance disbursed to the BORROWER <br />during construction. The interest accumulated during construction shall be paid to the STATE as a <br />single lump sum on the first day of the month following the month that the STATE declares that the <br />PROJECT has been substantially completed. The actual interest which will accumulate during <br />construction is unknown and cannot be calculated until the conclusion of construction. <br /> <br />f. Prepayment conditions. The BORROWER may prepay all or any of the loan at any time, without <br />penalty. These payments will be applied first to any accrued interest and then to reduce the principal <br />amount. <br /> <br />9. Deed of trust. The security provided for this loan and as evidenced by the executed deed of trust as <br />shown in Appendix B shall be an undivided one hundred percent (100%1 interest in the following: <br /> <br />TOWN OF MONUMENT <br /> <br />Page40fll <br /> <br />LOAN CONTRACT <br />