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C150189 Contract
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C150189 Contract
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Last modified
8/2/2016 8:06:23 AM
Creation date
7/28/2008 3:03:41 PM
Metadata
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Loan Projects
Contract/PO #
C150189
Contractor Name
Larimer and Weld Irrigation Company, The
Contract Type
Loan
Water District
2
County
Weld
Loan Projects - Doc Type
Contract Documents
Supplemental fields
Water Division
1
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<br />SECURITY AGREEMENT <br /> <br />(PLEDGE OF REVENUES) <br /> <br />DATE: DECEMBER15,2004 <br /> <br />DEBTOR: LARIMER & WELD IRRIGATION COMPANY <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />PROMISSORY NOTE: $1,515,000, DATED DECEMBER 15,2004 <br /> <br />TERMS OF REPAYMENT: 2.5% PER ANNUM FOR 30 YEARS <br /> <br />LOAN CONTRACT: C150189, DATED DECEMBER 15,2004 <br /> <br />COLLATERAL: All revenues derived from assessments on stock and all of <br />Debtor's right to receive said assessment revenues to repay <br />the loan as described in Pledge of Property provisions of the <br />LOAN CONTRACT and Debtor's Resolutions adopted D~c~'" t.J. <br />2004. <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 EXPRESSL YWARRANTS 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 DEEnoR 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 /> <br />Appendix 4 to Loan Contract C150189 <br />
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