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PROJ02063
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PROJ02063
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Entry Properties
Last modified
6/15/2011 9:33:00 AM
Creation date
7/11/2007 10:00:25 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150234
Contractor Name
Headgate 396 Lateral Corporation
Contract Type
Loan
Water District
72
County
Mesa
Loan Projects - Doc Type
Feasibility Study
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<br />I <br /> <br />I <br /> <br />non-Member that seeks to have water carried In the pipeline not included in <br />Section 9 above shall be required to bear a proportional share of the costs <br />arising from the NRCS Contact and for the CWCB Loan repayment through a <br />reallocation of the percentages in Section 9 above: provided however, that the <br />Corporation shall also impose the costs upon the carriage of such water in the <br />pipeline. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />11. The Corporation and the Funding Members agree that the pipeline <br />must be operated full of water in order to maximize the benefits of the pipeline to <br />the water users and further agree to jointly make best efforts for keep the <br />pipeline completely full of water at all times during the irrigation season. <br /> <br />I <br /> <br />12. The Funding Members understand that the corporation may pledge <br />this Funding Agreement as collateral for the Loan, that the Corporation will rely <br />on this Funding Agreement for its primary source of money for repayment of the <br />Loan and that the Corporation may use all legal means available to collect from <br />Funding Members any amounts in arrears. <br /> <br />I <br /> <br />I <br /> <br />13. This Agreement may be signed in counterparts and all signatures shall <br />be notarized. <br /> <br />I <br /> <br />14. The parties agree that the Corporation shall be the owner of the <br />Additions/Improvements. The Parties also acknowledge that Members' rights to <br />use the headgate, the point of diversion and easements for the Ditch that are <br />pledged for use by the Corporation pursuant to the Bylaws of the Corporation, <br />may be pledged by the Corporation to secure the Loan. <br /> <br />I <br /> <br />I <br /> <br />15. The Parties agree that, if the Corporation is force to default on the <br />Loan due to failure of the Members to pay assessments pursuant to this Funding <br />Agreement and the Bylaws, the Corporation may cease delivery of water by <br />closing the headgate and that this right may be pledged to secure the Loan. <br /> <br />I <br /> <br />I <br /> <br />16. This Agreement is binding upon heirs, successors and assigns of the <br />parties. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br />
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