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<br />"'~,~ <br /> <br />, <br /> <br />set any such assessments, the Borrower shall establish adequate assessments for the purpose <br />of repaying its obligations under this contract pursuant to ~ 7-42-104(2), C.R.S. 11986). In <br />addition, in the event the assessments levied by the BORROWER become insufficient to assure <br />repayment to the STATE as required by the terms and conditions herein, then the BORROWER, <br />upon written notice from the STATE, shall immediately take all necessary action consistent <br />with its statutory authority, its articles of incorporation, by-laws, and resolutions, includin9 <br />but not limited to increasing assessments to raise sufficient revenue to assure repayment of <br />the loan to the STATE. <br /> <br />e. Levy assessments for operations, maintenance and reserves. The BORROWER shall, <br />pursuant to its statutory authority, articles of incorporation, by-laws and resolutions, levy <br />assessments from time to time as necessary to provide sufficient funds for adequate operation <br />and maintenance, emergency repair services, obsolescence reserves and debt reserves. <br /> <br />14. Progress reports. The BORROWER shall prepare a monthly progress report which contains a <br />statement of the PROJECT construction costs for that month and shall forward said statement to the <br />STATE. <br /> <br />15. Periodic inspections. The BORROWER shall permit a designated representative of the STATE <br />to make periodic inspections of the PROJECT construction, operations and accounts. Any such <br />inspections by the STATE are solely for the purpose of verifying compliance with the terms and <br />conditions of the contract and shall not be construed nor interpreted as an approval of the actual <br />design and/or construction of any element of the PROJECT rehabilitation. <br /> <br />16. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, <br />and local laws and regulations that have been or may hereafter be established. <br /> <br />17. No discrimination of services. The services of said PROJECT will be made available within its <br />capacity and in accordance with all pertinent statutes, rules and regulations, and operational <br />guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, <br />religion, or national origin at reasonable charges (including assessments or fees), whether for one or <br />more classes of service, in accordance with a schedule of such charges formally adopted by the <br />BORROWER, as may be modified from time to time. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not to <br />exceed that specified in the Promissory Note Provisions of this contract. <br /> <br />2. Disbursements. After receipt of the monthly progress report from the BORROWER, and review <br />and acceptance of the items therein as eligible expenses as described below, the STATE will pay to <br />the BORROWER the amount set forth in the report or such portion that has been approved by the STATE. <br />Such payment shall be made within thirty (30) days from the approval of each monthly progress <br />report. <br /> <br />3. Release after loan is repaid. Upon complete repayment of the entire principal and any accrued <br />interest as specified in the Promissory Note Provisions of this contract, the STATE agrees to execute <br />a release of deed of trust to convey to the BORROWER all of the STATE'S right, title, and interest in and <br />to the PROJECT and any other property described in Appendix B, and to execute a UCC-3 form to <br />terminate all of the STATE'S right, title and interest in and to the revenues pledged to repay this loan. <br /> <br />AP;:i..c.Oi, iVIi..36C DilCH COMPANY, INC. LOAN CONTRACT <br /> <br />Page 7 of : 1 <br />