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<br />.';., <br /> <br />NOW THEREFORE, in consideration of thE! mutual and dependent covenants contained, the <br />parties agree as follows: <br /> <br />A. The BORROWER agrees as follows: <br /> <br />1. BORROWER'S Indemnification Of The STATE. The BORROWER shall, without expense or legal <br />liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and <br />economical manner. The BORROWER agrees to indemnify and hold the STATE harmless from any <br />liability incurred by the STATE as a result of the STATE'S interest in the PROJECT facilities and any <br />other property identified in the Collateral Provisions of this contract. <br /> <br />2. BORROWER'S Liability Insurance. Upon execution of this contract and continuing until complete <br />repayment of the loan is made to the STATE, the BORROWER shall maintain commercial general <br />liability insurance with a company that is satisfactory to the STATE covering the management, <br />operation, and maintenance of the PROJEq with minimum limits 01 $1,000,000 combined single <br />limit for each occurrence and $2,000,000 general aggregate, including products/completed <br />operations and personal injury.. <br /> <br />Said general liability insurance shall name the STATE as additional insured. A copy of a <br />certificate of said insurance and an additional insured endorsement must be filed with the STATE. <br />Evidence of current insurance coverage is to be provided as renewals occur. No loan funds shall <br />be advanced by the STATE without evidence of said current coverage. Throughout the life of this <br />contract, the STATE reserves the right to increase the above amount of insurance so that said <br />amounts at a minimum correspond to the amount established by the Colorado Governmental <br />Immunity Act, now and as hereafter amended. <br /> <br />3. BORROWER'S Authority To Contract. The BORROWER shall, pursuant to its statutory authority, <br />articles of incorporation, and by-laws, havp. its members and Board of Managers adopt <br />resolutions, irrepealable during the life of this loan, authorizing the President and Secretary, on <br />behalf of the BORROWER, to do the following: <br /> <br />a. To enter into and comply with the terms of this contract and the promissory note, and to pay <br />the indebtedness, and <br /> <br />b. To levy assessments in an amount sufficient to pay the annual amounts due under this <br />contract, and <br /> <br />c. To place the assessment revenues pledged to make annual loan payments, in a special <br />account separate and apart from other BORROWER revenues, in accordance with the Pledge <br />of Property Provisions of this contract and <br /> <br />d, To make annual payments in accordance with the promissory note, and <br /> <br />e. To make annual deposits to a debt service reserve fund in accordance with the Pledge of <br />Property Provisions of this contract, and <br /> <br />f. To obtain a certificate of deposit to serve as collateral in the amount of one annual loan <br />payment of up to $3,262,39 as security for the loan, and to execute an assignment of <br />certificate of deposit as described in the Collateral Provisions of this contract, and' <br /> <br />g, To execute a Security Agreement and an Assignment of Deposit Account as Security to <br /> <br />River Oaks On The Roaring Fork <br />Property Owners Association, Inc, <br /> <br />Page 2 of 11 <br /> <br />Loan Contract <br />