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<br />''-'''0 <br />' ""','<' ~', <br />I, _: .}"_.: <br /> <br />A;:}-", <br />". ,,",.' <br />.' <br /> <br />2. (Repay the Principal Amount, plus Interest): Repay <br />to the State the maximum principal sum allowed <br />under this contract of Four Hundred Ninety-Eight <br />Thousand Five Hundred and Twelve Dollars and no <br />Cents ($498,512.00), not to exceed the amount <br />actually borrowed'under this contract, which is <br />the project loan amount. If the amount borrowed is <br />the maximum allowable amount of Four Hundred <br />Ninety-Eight Thousand/Eiv~-Hundre~and Twelve <br />Dollars and no Cents (l~S2.~{)0l.., said repayment <br />shall include the princ~pal sum with interest at <br />the rate of two percent (2%) per annum, and shall <br />be made in constant annual installments of Eight <br />Thousand Two Hundred and Twenty-Three Dollars and <br />Forty-Eight Cents ($18,223.48), each for Forty <br />(40) years, as shown in Exhibit G, attached hereto <br />and incorporated herein, which first installment <br />shall be due and payabler on the first day of the <br />month, one year after the month that the State <br />determines that the project has been substantially <br />completed, and yearly thereafter until the entire <br />principal sum and any accrued interest shall have <br />been paid. Said installment payments shall be <br />made payable to the Colorado Water Conservation <br />Board, payable at the offices of said Board in <br />Denver, Colorado. <br /> <br />3. (No Prepayment Penalty): Prepay the loan in full <br />at any time, at the Borrower's option, for which <br />there shall be no 'prepayment penalty. <br /> <br />4. (Make Advanced Principal Payments without <br />Penalty): Have the right to prepay any part of <br />the principal at any time without penalty. In the <br />event of any prepayment, this Contract shall not <br />be treated as in default with respect to payment <br />so long as the unpaid balance of principal and <br />interest is less than it would have been had the <br />periodic payments been made as stated above. <br /> <br />5. (Not Sell or Convey Any Collateral Until the Loan <br />is Repaid): Not sell, convey, assign, grant, <br />transfer, mortgage, pledge, encumber, or otherwise <br />dispose of the project or any portion thereof or <br />the assessment revenues pledged to repay the loan <br />herein, so long as any of the principal and any <br />accrued interest required by the Promissory Note <br />of the contract remain unpaid, without the prior <br />written concurrence of the State. <br /> <br />Page Q of 9 pages <br />