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<br />) <br /> <br />construction loan shall be as follows: <br /> <br />a. Equal annual installment payments of One <br />Hundred Fifty-Four Thousand, Three Hundred Seventy-Four Dollars and <br />Ninety-Two Cents ($154,374.92) as shown in the Repayment Schedule <br />attached hereto as Appendix F and incorporated herein by reference. <br /> <br />~. 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 />~. 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 payment 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 of 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 />b. the <br />Contract to be attached <br />herein by this reference. <br /> <br />Borrower's interest in the Allotment <br />hereto as Appendix G and incorporated <br /> <br />Copies of such security interest (Uniform Corrrrnercia1 <br />Code-Security Agreement, and Uniform Corrrrnercia1 Code-Financing <br />Statement) are attached hereto as Appendices H and I, respectively, <br />and incorporated herein as if set out in full by this reference. <br /> <br />;- 8. The Borrower agrees that the specific revenues to be <br />I pledged to repay the State under this Contract shall be water user <br />i charges and fees, the establishment of which have been authorized <br />{, I by resolution of the Borrower. The Borrower hereby pledges <br />>"r : sufficient annual revenues to pay the annual installment amount <br />'\ pursuant to paragraph B.G of this Project Contract, and hereby <br />agrees to establish a separate account into which all such moneys <br />shall be deposited. <br /> <br />Page 6 of 12 pages <br />