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-_.~\ b, Establish security interest in the revenue~. The BORROWER agrees that, in order to provide a security interest for the STATE irrevocably pledging auch revenues on the date of execution of this contract, it will provide a Uniform Commercial Code Security Agreement and a Uniform Commercial Code Financing Statement, both documents completed and pJoperly executed, incorporated herein as Appendices C and D, respectively, No monies shall be advanced prior to BORROWER providing these forms, c. Renewal of UCC agreements in fourth year. The BORROWER will. within thirty (30) days prior to the end of the fourth year that this contract is in effect and every five (5) years thereafter, deliver to the STATE a fully and properly executed Continu~tion Statement (Form UCC.3) of the security interest IUCC Security Agreement and Financing Statement) required by this contract. d. Levy charges and fees for repayment of the loan. The BORROWER shall, pursuant to its these statutes, its articles of incorporation and by'laws, and as authorized by its resolution, take all necessary actions consistent therewith to levy assessments sufficient enough to pay this contract loan debt in a timely manner and as required by the terms and conditions herein. In the event the assessements levied by the BORROWER become insufficient to assure repayment to the STATE as required by the terms and conditions herein, then the BORROWER, upon written notice thereof from the STATE, shall immediately take all neceSSary action consistent with the statutes, its articles of incorporation. by.laws, and resolutions, including but not be limited to adjusting additional assessments to raise sufficient revenue to assure repaYf11ent of the loan to the STATE. e, Levy assessments for operations, maintenance, reserves, and debt reserves. The BORROWER shall, pursuant to the statutes, its articles of incorporation, by-laws. and resolutions. levy assessments from time to time as necessary to provide sufficient funds for adequate operation and maintenance, emergency repair services, obsolescence r"serves. and debt reserves, 11, Progress reports. The BORROWER shall, With the assistance of the CONSULTANT. prepare a progress report which contains a statement of the actual PROJECT construction costs expended for that month and shall forward said statement to the STATE. 12. Periodic inspections. The BORROWER shall permit the STATE to make periodic inspections of its operations and accounts by a designated representative of the STATE. Any such inspections by the STATE are solely for the purpose of verifying compliance with the terms and conditions of the contract and shall not be construed nor interpreted as an approval of the ~ctual design and/or construction of any element of the PROJECT. 13. Adhere to applicable laws. The BORROWER ;hall strictly adhere to all applicable federal. state, and local laws and regulations that have been or may hereafter be established. B. The STATE agrees as follows: 1, Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not to exceed that specified in the promissory note provisions of this contract, 2, Disbursements. After receipt of the monthly progress report from the BORROWER, and review and acceptance of the items therein as eligible expenses as described below, the STATE will pay to the BORROWER the amount of the report or such portion that has been approved by the STATE. Such payment shall be made within thirty (30) days from the approval of each f110nthly progress report. 3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire principal and any accrued interest as specified in the promissory note provisions of this contract, the STATE agrees to execute a release of deed of trust to convey to the BORROWER all of the STATE'S right. title, and interest in and to the PROJECT and any other property described in Appel1dix B. MILITARY PARK RESERVOIR COMPANY Page 6 of 1 1 LOAN CONTRACT