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PROJC01305
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PROJC01305
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Last modified
8/1/2013 11:35:12 AM
Creation date
10/6/2006 12:20:22 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150019
Contractor Name
Pine River Canal Company
Contract Type
Loan
Water District
31
County
La Plata
Bill Number
SB 99-173
Loan Projects - Doc Type
Contract Documents
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<br />-, <br />, i <br /> <br />a. Interest During Construction. As the loan funds are disbursed by the STATE to the BORROWER <br />during construction, interest shall accrue at the rate of 3.5%. The STATE shall calculate the <br />amount of the interest accrued during construction and the BORROWER shall repay that amount to <br />the STATE either within ten (10) days after the date the STATE determines that the PROJECT has <br />been substantially completed, or, at the STATE'S discretion, said interest shall be deducted fr.om <br />the final disbursement of loan funds that the STATE makes to the BORROWER. <br /> <br />b. Final loan amount. In the event that the final loan amount is at least 90% of the AUTHORIZED <br />LOAN AMOUNT, the STATE shall apply the remaining loan funds to reduce the final loan amount <br />and the annual loan payment shall remain the same. If the final loan amount is less than 90% <br />of the AUTHORIZED LOAN AMOUNT, the STATE may apply those funds to reduce the final loan <br />amount, with the BORROWER'S consent, or the STATE and the BORROWER shall execute a <br />REVISION LETTER, attached hereto as Appendix 3 and incorporated herein, which will establish <br />the final loan amount and shall amend or replace the loan documents that reflect the final loan <br />amount, including the Promissory Note, Security Agreement, Deed of Trust and Assignment of <br />Certificate of Deposit. ' <br /> <br />10. Warranties. <br /> <br />a. The BORROWER warrants that, by acceptance of the loan money pursuant to the terms of this <br />contract and by the BORROWER'S representation herein, the BORROWER shall be estopped from <br />asserting for any reason that it is not authorized or obligated to repay the loan money to the <br />STATE as required by this contract. <br /> <br />b. The BORROWER warrants that it has full power and authority to enter into this contract. The <br />execution and delivery of this contract and the performance and observation of its terms, <br />conditions and obligations have been duly authorized by all necessary actions of the <br />BORROWER. <br /> <br />c. The BORROWER warrants that it has not employed or retained any company or person, other <br />than a bona fide employee working solely for the BORROWER, to solicit or secure this contract <br />and has not paid or agreed to pay any person, company, corporation, individual, or firm, other <br />than a bona fide employee, any fee, commission, percentage, gift, or other consideration <br />contingent upon or resulting from the award or the making of this contract. <br /> <br />d. The BORROWER warrants that the property identified in the Collateral Provisions of this contract <br />is not encumbered by any other deeds of trust to or liens of any party other than the STATE or in <br />any other manner. <br /> <br />11. Collateral. Part of the security provided for this loan, as hereinafter referred to as "collateral," shall <br />be an undivided one hundred percent (100%) interest in the following: <br /> <br />a. The structures (pipeline, entrance structures, and all appurtenances) associated with the <br />PROJECT funded by this loan, as evidenced by the executed Deed of Trust attached as <br />Appendix 4 and incorporated herein, as more particularly described in the attached Deed of <br />Trust, <br /> <br />b. A certificate of deposit account established by the BORROWER in the amount of one annual loan <br />payment ($17,146.99), hereinafter referred to as CD ACCOUNT, as evidenced by the executed <br />Assignment of Certificate of Deposit attached as Appendix 5 and incorporated herein. The <br />STATE shall use the funds contained in the CD ACCOUNT for the purpose of paying principal and <br />interest due under this contract not otherwise paid by the BORROWER. Any amount withdrawn by <br />the STATE for this purpose shall be replenished by the BORROWER within sixty days after such <br /> <br />Pine River Canal Company <br /> <br />. <br />Page 5 of 12 <br /> <br />Loan Contract <br />
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