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~-" I Parcel of land described as Lot 2 of a vacation and replat of Casey's 85-87 subdivision, EI Paso County, State of Colorado, and all appurtenant structures thereto. a. Remedies for default. Upon default in the payments herein set forth to be made by the 80RROWER, or default in the performance of any covenant or agreement contained herein, the STATE, at its option, may: (il declare the entire principal amount and accrued interest then outstanding immediately due and payable; (ii) for the account of the BORROWER, incur and pay reasonable expenses for repair, maintenance, and operalion of the PROJECT herein described and such expenses as may be necessary to cure the cause of default; (iii) lake possession of the PROJECT, repair, maintain, and operate or lease it; (iv) act upon the deed of trust, security interest, and promissory note; (vi take any other appropriate legal action. All remedies described herein may be simultaneously or selectively and successively enforced. The provisions of this contract may be enforced by the STATE at its option without regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings to require specific performance of this contract, or by such other proceedings in law or equity as may be deemed necessary by the STATE to ensure compliance with provisions of this contract and the laws and regulations under which this contract is entered into. b. No sale or conveyance of any collateral until the loan is repaid. The BORROWER shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the PROJECT or any portion thereof or the assessment revenues pledged to repay the loan herein, so long as any of the principal and any accrued interest required by the promissory note provisions of the contract remain unpaid without the prior written concurrence of the STATE. 10. This contract controls if there is a conflict. In the event of conflict between the terms and conditions as set forth in the any of the appendices, provisions of this contract shall control. 11. Pledge of revenues. The BORROWER agrees that the specific revenues to be pledged to repay the STATE shall include, but not be limited to, an assessment levied for that purpose as authorized by ordinance of the BORROWER. Furthermore, BORROWER agrees that: a. Revenues for this loan are to be kept separate. The BORROWER hereby pledges such revenues to repay lhe STATE loan, and agrees that these revenues will be set aside and kept separate from other BORROWER revenues, 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 Commercial Code Security Agreement and Financing Statement, compleled and properly executed, incorporated herein as Appendix C. No monies shall be advanced prior to BORROWER providing these forms. 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-31 of the security interest (UCC Security Agreement and Financing Statement) required by this contract. TOWN OF MONUMENT Page 5 of 11 LOAN CONTRACT