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<br />. <br /> <br />. <br /> <br /> <br />", <br /> <br />157, Section 1(1)(b), the Colorado General Assembly authorized CWCB to loan to PARKS an <br />amount up to $1,700,000 for the PROJECT. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained herein, the <br />parties agree as follows: <br /> <br />A. OBLIGATIONS OF THE BORROWER AND THE CWCB <br /> <br />1, Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to <br />exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with the <br />terms as set forth in the Promissory Note, attached hereto as Appendix 2 and incorporated <br />herein. <br /> <br />2. Interest Prior to Project Completion. As the loan funds are disbursed by the CWCB to the <br />BORROWER, interest shall accrue at the rate of 0% on the first $1,700,000 disbursed (PARKS loan) <br />and at the rate of 4% on the remaining $1,000,000 disbursed (BORROWER loan). Consequently, <br />during the time that the PROJECT is under construction, interest shall accrue on the outstanding <br />balance of the BORROWER loan from the date of each disbursement under that loan, The <br />CWCS shall calculate the amount of the interest that accrued prior to completion of the PROJECT <br />and the BORROWER shall repay that amount to the CWCB either within ten (10) days after the date <br />the CWCB determines that the PROJECT has been substantially completed, or, at the CWCS's <br />discretion, said interest shall be deducted from the final disbursement of loan funds that the <br />CWeB makes to the BORROWER. <br />, <br /> <br />3, Loan Disbursements. The CWCS shall disburse loan funds in accordance with Section 4, <br />(Disbursement Schedule) of the Project Summary. <br /> <br />4, Return of Unused Loan Funds. Any loan funds disbursed but not expended for the PROJECT in <br />accordance with the terms of this Contract shall be remitted to the CWCB within 30 days of either <br />(1) completion of the PROJECT or (2) upon the determination by the CWCB that the PROJECT will <br />not be completed. <br /> <br />5. BORROWER'S Authority To Contract. The BORROWER'S board of directors and/or stockholders <br />have adopted resolutions, attached as Appendix 3 and incorporated herein, authorizing the <br />BORROWER to perform in accordance with the terms of this contract. <br /> <br />6. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the BORROWER <br />shall submit to the CWCB a letter from its attorney stating that it is the attorney's opinion that <br /> <br />a, the person signing for the BORROWER was duly elected or appointed and has authority to sign <br />such documents on behalf of the BORROWER and to bind the BORROWER; <br /> <br />b. the BORROWER'S board of directors and/or stockholders have validly adopted resolutions <br />approving this contract; <br /> <br />c. there are no provisions in the BORROWER'S articles of incorporation or bylaws or any state or <br />local law that prevent this contract from binding the BORROWER; and <br /> <br />d. the contract will be valid and binding against the BORROWER if entered into by the CWCB. <br /> <br />7, Pledge Of Property. The BORROWER hereby irrevocably pledges to the CWCB for purposes of <br />repayment of this loan (1) revenues from assessments levied for that purpose as authorized by <br />the BORROWER'S resolution(s) and (2) all of the BORROWER'S rights to receive said assessment <br /> <br /> <br />Page 2 of 12 <br /> <br />- <br />