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<br />" <br /> <br />'. <br /> <br />.. <br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS OF <br />RIVER OAKS ON THE ROARING FORKS PROPERTY OWNERS' ASSOCIATION <br />A NONPROFIT COlU'ORATION <br /> <br />WHEREAS, the River Oaks on the Roaring Forks Property Owners' Association, a <br />Colorado nonprofit corporation (the "Association"), desires to borrow up to $25,500 from Alpine <br />Bank, Basalt, a Colorado banking corporation (the "Lender"), for the purpose of financing the <br />construction of capital improvements including a raw water distribution system; and <br /> <br />WHEREAS, proposed fonns of a Promissory Note and Assignment of Assessment and Lien <br />Rights have been presented to this meeting of the Board of Directors of the Association; and <br /> <br />WHEREAS, 75% of the members of the Association have consented to the encumbrance <br />of Association property in order to borrow money for Association purposes in an amount not to <br />exceed $25,500 at anyone time outstanding. <br /> <br />NOW THEREFORE BE IT RESOLVED AS FOLLOWS: <br /> <br />I. The Association is hereby authorized and directed to borrow from the Lender up to <br />$25,500 for the purposes set forth in the first WHEREAS clause above. <br /> <br />2, The Chairman of the Board and the Secretary of the Association are hereby <br />authorized and directed to execute and deliver on behalf of the Association a Promissory Note in an <br />amount not to exceed $25,500, with interest calculated on a floating basis at one percentage point <br />over the prime rate (as described in the Promissory Note), substantially in the form ofthe Promissory <br />Note presented to this meeting but with such changes therein, additions thereto and deletions <br />therefrom as the officers executing the same shall determine (other than the terms specifically set <br />forth in this Paragraph 2), such determination to be conclusively evidenced by the execution and <br />delivery of the Promissory Note by such officers. <br /> <br />3. The Chairman of the Board and the Secretary of the Association are hereby <br />authorized and directed to execute and deliver on behalf of the Association an Assignment of <br />Assessment and Lien Rights (the "Assignment") substantially in the form of the Assigmnent <br />presented to this meeting but with such changes therein, additions thereto and deletions therefrom <br />as the officers executing the same shall detem1ine, such detelmination to be conclusively evidenced <br />by the execution and delivery of the Assignment and the Financing Statement by such officers. <br /> <br />4. The Chairman of the Board and the Secretary of the Association are hereby <br />authorized to execute and deliver such other documents and perform such other lawful and <br />reasonable acts as may be required by the Lcnder to cvidcnce and sccure repayment of the borrowing <br />by the Association from the Lender, including the execution and delivery of a Sccurity Agreemcnt <br />or Financing Statement if required by Lender. <br /> <br />THE UNDERSIGNED HEREBY CERTIFIES THAT THE FOREGOING IS A TRUE <br />COPY OF A RESOLUTION WHICH WAS DULY MOVED, SECONDED AND PASSED BY A <br /> <br />AppendiX A to Loan Contract #C153767 <br />