Laserfiche WebLink
<br />.". <br /> <br />;~ <br />,J <br /> <br />Repayment of principal and interest for the <br />construction loan shall be as follows: <br /> <br />a. Equal annual installment payments of Forty-Six <br />Thousand, Five Hundred ThirtY-Five Dollars and Forty-Seven Cents <br />($46,535.47) as shown in the ~epayment Schedule attached hereto as <br />Appendix F and incorporated herein by reference. <br /> <br />b. The first installment of the construction loan <br />shall be due and payable on January 1, 1997 or within twelve (12) <br />months after first delivery of Project water to the Borrower, <br />whichever is later. <br /> <br />c. Subsequent installments shall be due and <br />payable yearly on the same date thereafter until the entire amount, <br />including principal and interest, has been paid to the State. <br /> <br />d. Installment payments shall be made payable to <br />the Colorado Water Conservation Board at the address described In <br />paragraph J herein. <br /> <br />e. The Borrower shall have the right to prepay all <br />or any part of the principal at any time without penalty. In the <br />event of any prepayment, this Contract shall not be treated as in <br />default with respect to paym~nt so long as the unpaid balance of <br />principal and interest is less than it would have been had the <br />periodic payments been made as stated above. <br /> <br />7. As security for the loan to be made to it by the <br />State, the Borrower agrees to execute instruments creating a <br />security interest on behalf ot the State on or before the effective <br />date of this contract that shall convey to the State, in the event <br />of default by the Borrower, an undivided one hundred percent (100%) <br />security interest, including but not limited to after acquired <br />interests in the following: <br /> <br />a. specific revenues to be pledged herein, <br />including but not limited to all after acquired revenues, and <br /> <br />Contract <br />herein by <br /> <br />b, the <br />to be attached <br />this reference. <br /> <br />Borrower's interest in the Allotment <br />hereto as Appendix G and incorporated <br /> <br />, y\ <br />\~'\"6 <br />.,,1.1 '\ <br /> <br />Copies of such security interest (Uniform Commercial <br />Code-Security Agreement, and. Uniform Commercial Code-Financing <br />Statement) are attached hereto as Appendices H, and I, <br />respectively, and incorporated herein as if set out in full by this <br />reference, ~!7 <br /> <br />( 8. The Borrower and the State agreee that the specific revenues to)~ <br />be pledged to repay the State under this Contract shall be only water user charges "~ <br />and fees, the establishment of whie::h have been authorized by resolution of the ~\ <br />BOrr?w~r and not general funds of the Town of Hudson. The Borrower hereby pledges ~~ <br />sufflclent annual revenues to pay the annual installment amount pursuant to .j"t; <br />paragraph B.6 of this Project Contract, and hereby <br /> <br />Page 6 of 12 pages <br />