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<br />-..... /~. <br />... ..', . , <br />. 0 ,':"", .' <br /> <br />.- . J <br /> <br />shall have been paid. Installment payments are to be made payable to the CWCB at the address given <br />below. <br /> <br />e. Interest during construction, The BORROWER shall repay to the STATE interest during construction <br />which will be calculated monthly at an equivalent rate of two percent (2%) per annum on each loan <br />advance disbursed to the BORROWER during construction. Said accumulated interest shall be paid to <br />the STATE as a single lump sum on the first day of the month following the month that the STATE <br />declares that the PROJECT has been substantially completed. The actual interest which will accumulate <br />during 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 />8. Security for loan. The security provided for this loan and as evidenced by the deed of trust as shown <br />in Appendix A, and the Uniform Commercial Code Security Agreement and a Uniform Commercial Code <br />Financing Statement, incorporated herein as Appendices Band C, respectively, all documents completed and <br />properly executed, shall be an undivided one hundred percent (100%) interest in the following: <br /> <br />BORROWER'S interest in 703.9 acre-feet of water rights adjudicated to the DD&E Reservoir, decreed as <br />follows: an undivided 200.4 acre-feet adjudicated 10/26/1931, priority 43A, and an undivided 503.5 <br />acre-feet adjudicated 9/01/1 960, priority 7, all of which is located in S2 & S3, T2N R92W 6PM, Rio <br />Blanco County. <br /> <br />The BORROWER will, within thirty (30) days prior to the end of the fourth year that this contract is in effect <br />and every five (5) years thereafter, deliver to the STATE a fully and properly executed Continuation Statement <br />(Form UCC-3) of the security interest (UCC Security Agreement and Financing Statement) required by this <br />contract. <br /> <br />9. Remedies for default. Upon default in the payments herein set forth to be made by the BORROWER, or <br />default in the performance of any covenant or agreement contained herein, the STATE at its option may: <br /> <br />(i) declare the entire principal amount and accrued interest then outstanding immediately due <br />and payable; <br /> <br />(ii) for the account of the BORROWER, incur and pay reasonable expenses for repair, <br />maintenance, and operation of the PROJECT herein described and such expenses as may be <br />necessary to cure the cause of default; <br /> <br />(iii) take possession of the PROJECT, repair, maintain, and operate or lease it; <br /> <br />(iv) act upon the security interest and promissory note; <br /> <br />(v) take any other appropriate legal action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively enforced. The <br />provisions of this contract may be enforced by the STATE at its option without regard to prior waivers <br />of previous defaults by the BORROWER, through judicial proceedings to require specific performance of <br />this contract, or by such other proceedings in law or equity as may be deemed necessary by the STATE <br />to ensure compliance with provisions of this contract and the laws and regulations under which this <br />contract is entered into. <br /> <br />Caryl Carroll <br /> <br />Page 5 of 11 <br /> <br />Loan Contract <br />