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PROJ01877
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PROJ01877
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Last modified
11/19/2009 11:17:48 AM
Creation date
4/9/2007 2:52:31 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C150012
Contractor Name
Model Land and Irrigation Company, The
Contract Type
Loan
Water District
19
County
Las Animas
Loan Projects - Doc Type
Feasibility Study
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<br />of water from any shareholder.in the co~pany or other water <br />-- <br /> <br />user from the Co~panyls ditch system during any period of time <br /> <br />when the assessments on that shareholder's stock or payments <br /> <br />by such other users are delinque~t notwithstanding the <br /> <br />existence of apy contract between the Co~pany and such other <br /> <br />water users; and fl. an assessment on such stock remains <br /> <br />"' <br /> <br />. . <br />delinquent for a period of more than three months, .cause such <br /> <br />stock to be sold for the payment of such assess~ent; and the <br /> <br />- . . <br />Company hereby agrees that if its Arti~les of Incorporation <br /> <br />do not presentl~ include provisions for the Company levying <br /> <br />assessments on its outstanding stock with the right to refuse <br /> <br />water deliveries for nonpayment of such assessments and to sell <br /> <br />-. . <br />such stock upon failure to pay such assessment, then the <br />Company y~ill secure a change in its Articles of 'Incorporation <br /> <br />clearly granting to the Company such authority at its first <br /> <br />. <br />, <br /> <br />annual meeting after the judicial confirmation of the District's <br /> <br />contract with with the United states. Contracts,. if any, <br /> <br />between the COll1pany and the via ter users involving \Ira ter furnished <br /> <br />. -. - - <br />pursuant to this Contract shall provide that such use shall be <br /> <br />. <br />subject to the terms of this Contract. <br /> <br />11. Every payment required -to be made to the District <br /> <br />by the Company under this contract which shall remain unpaid <br />after it. shall become due and payable,. shall be subject to an <br /> <br />additional payment equal tp one-half of one per cent per month <br /> <br />from the date upon \':hich such pay;;"ent became delinquent. <br /> <br />.~ . <br /> <br />12. <br /> <br />. <br />It is mutually at:::,ced that no i'tater shall be de- <br /> <br />livered by the District to or throu6h the Company's ditch <br /> <br />system under this co~tract for use on any lands with respect <br /> <br />to which there is a delinquency or for anyone who is in arrears <br /> <br />in pay~ent to the COll1pany of any assesslI1cnt, rate, toll, or <br /> <br />:./ <br /> <br />-11- <br /> <br />,. <br /> <br />\: .. <br />
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