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C150220 Contract
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C150220 Contract
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Last modified
5/8/2015 9:52:30 AM
Creation date
3/26/2007 10:22:36 PM
Metadata
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Loan Projects
Contract/PO #
C150220
Contractor Name
Abbott Ranch
Contract Type
Loan
Water District
1
County
Elbert
Loan Projects - Doc Type
Contract Documents
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<br />SECURITY AGREEMENT <br /> <br />(PLEDGE OF REVENUES) <br /> <br />DATE: MAY 2, 2006 <br /> <br />DEBTOR: JANE ABBOTT <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />PROMISSORY NOTE: $49,440, DATED MAY 2,2006 <br /> <br />TERMS OF REPAYMENT: 2.0% PER ANNUM FOR 10 YEARS <br /> <br />LOAN CONTRACT: C 150220, DATED MAY 2, 2006 <br /> <br />COLLATERAL: The 60 acre parcel of real property as more particularly <br />described in Appendix 4 of the LOAN CONTRACT. <br /> <br />To secure payment of the loan evidenced by the PROMISSORY NOTE payable in accordance <br />with the TERMS OF REPAYMENT, or until all principal, interest, and late charges, if any, are paid in <br />full, the DEBTOR grants to SECURED PARTY a security interest in the above described <br />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 the <br />COLLATERAL free from any adverse lien, security interest or encumbrances; and that DEBTOR <br />will defend the COLLATERAL against all claims and demands of all persons at any time <br />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 upon <br />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 by its <br />representations herein, DEBTOR shall be estopped from asserting for any reason that it is not <br />authorized to grant a security interest in the COLLATERAL pursuant to the terms of this <br />agreement. <br />5. To pay all taxes and assessments of every nature which may be levied or assessed against <br />the COLLATERAL. <br />6. That the DEBTOR'S articles of incorporation and by-laws do not prohibit any term or condition <br />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 and <br />does not use the COLLATERAL for any purpose not permitted by the CONTRACT. Upon default, <br />SECURED PARTY shall have the immediate right to the possession of the COLLATERAL. <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br />following events or conditions: <br />a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Loan Contract; <br /> <br />Appendix 3 to Loan Contract C150220 <br />Page 1 of 2 <br />
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