C150190 Contract

• Contract/PO #: C150190
• Contractor Name: Beaver Reservoir Company
• Contract Type: Loan
• Water District: 59
• County: Gunnison
• Loan Projects - Doc Type: Contract Documents

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04/28/2006 14:32A
S Dominsuez Gunnison Cty Co 159 R 16.00 D 0.00
FACTUAL RECtTALS
9. The Gw4nrroR has executed a Promissory Note of even date and amount, set forth in
th@ LOAN CONTRACT for a loan 111 the PRINCIPAL LOAN AMOUNT t0 be repaid to the
BEIVEFICIARY, Wlth TERMS OF REPAYMENT a�d ICl aCCO�CIaf1C@ Wlth tlle P�Ot111SS0�/ NOt@ Of
until loan is paid in fult.
2. The Gt�►tvTOR is desirous of securing payment of the PRiNCiP�. LoArv AMOUtvT and
interest of said Promissory Note to the BENEFic�aRY.
The GRaNroR, in consideration of the premises and for the purpose aforesaid, does
hereby grant, bargain, sell and convey unto the said PuBUC TRUSTEE in trust forever, the
above described Co�v�TERa�.
To have and to hotd the same, together with all appurtenances, in trust
nevertheless, that in case of defiault in the payment of said Promissory Note, or any part
thereof, or the interest thereon, or in the performance of any covenants hereinafter set forth
or in said Promissory Note or LoAtv CoN�cT, then upon the BENEFic�ARY filing notice of
election and demand for sale, said PuBUC TRUS�E, after advertising notice of said sale
weekly for not less than four weeks in some newspaper of general circulation in said
CouN�nr, shall sell said Co�u�►TEw�� in the manner provided by law in effect at the time of
filing said notice and demand, at public auction for cash, at any proper place designated in
the notice of sale. Out of the proceeds of said sale, the Pusuc TRUS�E shall retain or pay
first all fees, charges and costs and all moneys advanced for taxes, insurance and
assessments, or on any prior encumbrance, with interest thereon and pay the principal and
interest due on said Promissory Note, rendering the overplus, if any, unto the Gw�t�roR;
and after #he
ation of the fime of redemption, the Pusuc TRUSrEE sha11 execute and deliver to the
purchaser a deed to the COLlATERAL sold. The BENEFICIARY may purchase said
CouATEt�a� or any pact thereof at such sale.
The Gw4NTOR covenants that at the time of the delivery of these presents, it is well
seized of the Co�w�Ra�. in fee simple, and has full power and lawfui authority to grant,
bargain, sefl and convey the same in the manner and form as aforesaid. The GwwroR
fully waives and releases all rights and claims it may have in or to said Co�u��w� as a
Homestead Exemption or other exemption, now or hereafter provided by law. The
GRANTOR further covenants that the coilateral is free and clear of all liens and
encumbrances whatever and that the GRnrvroR shall warrant and fvrever defend the
Co��ar�Ra� in the quiet and peaceable possession of the PuB�ic TRUSTEE, its successors
and assigns, against alt and every person or persons lawFully claiming or to claim the whole
or any part thereof.
Until payment in full of the indebtedness, the G�NTOR shall timely pay all taxes and
assessments tevied on the COLLATERAL any and all amounts due on account of the
principal and interest or other sums on any senior encumbrances, if any; and will keep the
Co��arE� insured in accordance with the requirements of the LoAtv Corv�cr. ln the
event of the sale or transfer of the Co��rE� the BENEFICIARY at its option, may declare
the entire balance of the note immediately due and payabie.
In case of defaul# in any of said payments of the principal or interest, according to
the terms of said Promissory Note or LoAtv CoNT�cT, by the Gw�NTOR, its successors or
assigns, then said principal sum hereby secured, and interest thereon, may at once, at the
Appendix 5 to Loan Contract C150190
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