C150185 Contract

• Contract/PO #: C150185
• Contractor Name: Mancos Valley Beaver Ditch Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

SE
DATE:
DEBTOR:
SECURED PARTY:
PROMISSORY NOTE:
TERMS OF REPAYMENT:
LOAN CONTRACT:
CURITY AGREEMENT
(PLEDGE OF REVENUES~
AuGUSr 15, 2005
Mancos Valley Beaver Ditch Company
COLORADO WATER CONSERVATION BOARD
$417,130, DATEDAUGUST 15, 2005
2.50% PER ANNUM FOR 3Q YEARS
C150185, DATED AUGUST 15, 2005
Co~~aTERa~: All revenues derived from assessment and all of DEBTOR's
right to receive said assessment revenues to repay the loan
as described in Pledge of Property provisions of the Loarv
CONTRACT, DEBTOR's Funding Agreement entered into on
February 27, 2005 and incorporated herein by reference, and
Resolutions adopted on February 27, 20Q5 by the DEBroR's
Members and Board of Directors, attached as Appendix 3.
To secure payment of the loan evidenced by the PROnnissoRY NoTE payable in accordance
Wlth the TERMS OF REPAYMENT, or until all principal, interest, and late charges, if any, are paid in
fUll, the DEBTOR gt"antS t0 SECURED PARTY a SG'CUC7~ IC1t2P@St ICl tFl@ abOVe C12SC~IbG'd COLLATERAL
and assigns to the Secured Party the DEBTOR's right to enforce Paragraphs 6 and 15 of
Debtor's Funding Agreement. This assignment shall be effective solely in the event of
DEBTOR's default in the payment of the loan as required by the Promissory Note.
DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
1. That except for the security interest granted hereby and any other security interests
described in Section 5 of the Loan Contract Project Summary, DEBTOR is the owner of the
Co~~aTERa~ free from any adverse lien, security interest or encumbrances; and that DEeTOR
will defend the COLLATERAL against all claims and demands of all persons at any time
claiming the same or any interest therein.
2. That the execution and delivery of this agreement by DEBTOR will not violate any law or
agreement governing DEBTOR or to which DEeTOR is a party.
3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon
the Co~~a,rERa~ and not to permit the same to be attached or replevined.
4. That by its acceptance of the loan money pursuant to the terms of the CoNTRacT and by its
representations herein, DEBTOR shall be estopped from asserting for any reason that it is not
authorized to grant a security interest in the COLLATERAL pursuant to the terms of this
agreement.
5. To pay all taxes and assessments of every nature which may be levied or assessed against
the COLLATERAL.
Appendix 4 to Loan Contract C150185