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C150152 Contract
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C150152 Contract
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Last modified
8/10/2011 9:57:55 AM
Creation date
2/6/2007 2:44:50 PM
Metadata
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Loan Projects
Contract/PO #
C150152
Contractor Name
New Castle, Town of
Contract Type
Loan
Water District
39
County
Garfield
Loan Projects - Doc Type
Contract Documents
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<br />SECURITY AGREEMENT <br /> <br />(PLEDGE OF REVENUES) <br /> <br />DATE: JUNE 25, 2004 <br /> <br />DEBTOR: Town of New Castle acting by and through the Town of New <br />Castle Water and Sewer Enterprise <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />1313 SHERMAN STREET, ROOM 721 <br />DENVER, CO 80203 <br /> <br />PROMISSORY NOTE: $707,000, DATED JUNE 25, 2004 <br /> <br />TERMS OF REPAYMENT: 4.50% PER ANNUM FOR 30 YEARS <br /> <br />LOAN CONTRACT: C150152, DATED JUNE 25, 2004 <br /> <br />COLLATERAL: All revenues pledged to repay the loan as described in <br />Pledge of Revenues provisions of the LOAN CONTRACT and <br />Ordinance Nos. 20Q4-E-1 and 2004-9 adopted by the <br />DEBTOR on June 1, 2004 <br /> <br />To secure payment of the loan evidenced by the 'PROMISSORY NOTE payable in <br />accordance with the TERMS OF REPAYMENT, or until all principal, interest, and late <br />charges, if any, are paid in full, the DEBTOR grants to SECURED PARTY a security interest in <br />the above described COLLATERAL. <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br />1. That except for the security interest granted hereby and any other security interests <br />described in Section 5 of the Loan Contract Project Summary, DEBTOR is the owner of <br />the COLLATERAL free from any adverse lien, se'curity interest or encumbrances; and <br />that DEBTOR will defend the COLLATERAL against all claims and demands of all persons <br />at any time claiming the same or any interest therein. <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any law or <br />agreement governing DEBTOR or to which DEBTOR is a party. <br />3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever <br />upon the COLLATERAL and not to permit the same to be attached or replevined. <br />4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and <br />by its representations herein, DEBTOR shall be estopped from asserting for any reason <br />that it is not authorized to grant a security interest in the COLLATERAL pursuant to the <br />terms of this agreement. <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that <br />DEBTOR keeps the COLLATERAL in an account separate from other revenues of DEBTOR <br />and does not use the COLLATERAL for any purpose not permitted by the CONTRACT. Upon <br />default, SECURED PARTY shall have the immediate right to the possession of the <br />COLLATERAL. <br /> <br />Appendix 4 to Loan Contract C150152 <br /> <br />
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