PROJC00952 - Laserfiche WebLink

Home Browse Search

c. Duration. The repayment period of this loan shall be thirty (30) years. d. Loan payment. The payments shall be 30 annual installments of $5,959.82, which amount includes principal and interest. The first installment shall be due and payable one year after the STATE determines that the PROJECT has been substantially completed, and annually thereafter until the entire principal sum and any accrued interest shall have been paid. Installment payments are to be made payable to the CWCB at the address given below. e. Interest during construction. The BORROWER shall repay to the STATE interest which will be calculated at the rate of four and one-quarter percent (4)4 %) per annum on each loan advance disbursed to the BORROWER during construction. Said accumulated interest shall be paid to the STATE as a single lump sum ten (10) days after the STATE determines that the PROJECT has been substantially completed. f. Prepayment conditions. The BORROWER may prepay all or any of the loan at any time. without penalty. These payments will be applied first to any accrued interest and then to reduce the principal amount. g. Collection costs. If the principal or accrued interest under this contract is not paid when due, the BORROWER agrees to pay all reatonable costs of collection, including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other committees. 9. Warranties. a. The BORROWER warrants that, by acceptance of the loan money pursuant to the terms of this contract and by the BORROWER'S representations herein, the BORROWER shall be estopped from asserting for any reason that it is not authorized or obligated to repay the loan money to the STATE as required by this contract. b. The BORROWER warrants that it has full power and authority to enter into this contract, The execution and delivery of this contract and the performance and observation of its terms, conditions and obligations have been Cluly authorized by all necessary actions of the BORROWER. c. The BORROWER warrants that it has not employed or retained any company or person, other than a bona fide employee working solely for the BORROWER. to solicit or secure this contract and has not paid or agreed to pay any person, company. corporation, individual, or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other consideration contingent upon or resulting from the award or the making of this contract, d. The BORROWER warrants that the security identified in the Pledge of Revenues and Collateral Provisions of this contract is not encumbered by any liens of any party other than the STATE or in any other manner. 10. Pledge of revenues. The BORROWER agrees that the specific revenues to be pledged to repay the STATE shall include, but not be limited to, astessments levied for that purpose as authorized by resolutions of the BORROWER. revenues from the sale of recharge water from the Sandhill Ditch Recharge Project to GASP andlor any other purchasers, and any other funds legally available to BORROWER to repay the STATE. Furthermore, BORROWER agrees that South Platte Ditch Company Page 5 of 11 Loan Contract