PROJC02405 - Laserfiche WebLink

Home Browse Search

SECURITY AGREEMENT DEBTOR: Excelsior Irrigating Company 231 Nyberg Road Pueblo, CO 81006 FEDERAL ID NUMBER: 84-1375446 SECURED PARTY: State of Colorado, Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL: Contract Rights (Code: 030) COUNTY: PUEBLO (CODE: 02 ~ DEBTOR, for consideration, hereby grants to SECURE~ PaRrr a security interest in the following property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the CouArEr~: All revenues derived from assessments levied to repay the indebtedness on the amount loaned to DEeTOR by SECURED PARTY, and a(1 rights of DESTOR to receive said assessment revenues from its shareholders, as described in pledge of property provisions in Loan Contract C153797 ("ContracY'). To secure payment of the indebtedness evidenced by the Promissory Note which is a part of the Contract beiween the above named parties herewith, in the amount of $230,000.00 at an interest rate of 3.75% per annum for a term of 30 years, payable by DESTOR to the SecuRFD P~r~r until all principal and interest are paid in full, in accordance with said Promissory Note. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest grant hereby, DESTOR is, or to the extent that this agreement states that the Coua~w~ is to be acquired after the date hereof, will be, the owner of the Cou.a~~u free from any adverse lien, security interest or encumbrances. 2. That the execution and delivery of this agreement by DEaTOR will not violate any law o~ agreement goveming DEaroR or to which D~TOR is a party. 3. That, if DEBTOR is a corporafion, its certificate and articles of incorporation and by-laws do not prohibit any tertn or condition of this agreement 4. That by its acceptance of the loan money pursuant to the terms of the CorvTw~,c1' and by its representation~ herein, DESTOR shall be estopped from asserting for any reason that it is not authorized to grant a security interest in the Coua~~~t. pursuant to the #erms of this agreement 5. To pay all taxes and assessmenfs of every nature which may be levied or assessed against the Cou~~~u. _. ""~ not p~r~ni~ or aiiow any adverse lien, secur~y ir-.:~r~st c.~ encumbrance whatsoever t~~on the Co~t..a~TER,aL a~d not to permit the same to be attached or replevined. 7. T"at the D~3TOR will not use t,tie CouA~~~u in violation of any appli~ab=e statute~, reg~lations, ordinances, articles of incorporation or by-laws. - UNLESS IT DEFAULTS DESTOR may have possession of the COt.u~TE~a~, provi~ed that DESTOR keeps ail revenues der~ed firom si~areholders~ip assessments in the amount of the annua! foan payments due ~nder the contrae*. as amende~. a~ an account s~parate from other revenues of DeeTOR and does not use said revenues for any purpose not peRnitted by the Co~~cr. If DEBTOR defaults, SECUR~ PAt~r~r shall have the immediate right to the possession of the CO~~rE~~. DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: a. default in the payment or performance of any obligation, covenant or liability contained or referred to Appendix 8 to Loan Contract C153797