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C150270 contract docs
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Last modified
6/8/2011 12:52:40 PM
Creation date
7/8/2010 11:54:10 AM
Metadata
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Loan Projects
Contract/PO #
C150270
Contractor Name
Headgate 135 Lateral, Inc.
Contract Type
Loan
Water District
0
County
Mesa
Loan Projects - Doc Type
Contract Documents
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Project Sumr�ary, and secured by th� instrument(s) attached herefio as Appendix 5 <br />and incorporated herein. <br />1a. Gollateral During Loan Repayrrient. The BoRROw�R shali not sell, convey, assign, <br />grant, transfier, mortgage, pledge, encumber, or otherwise dispose ofi the Collateral or <br />the Pledged Property so long as any af the principal, accrued interest, and la#e <br />charg�s, if any, on fihis �Qan remain unpaid, without the prior wrifiten concurrence of <br />the CWCB. In the event ofi any sucM sale, transfer nr encumbrance without the <br />CWGB's wri#ten concurre�ce, the CWCB may at any time thereafter declare all <br />outstanding principal, int�rest, and late charges, if any, on this laan immediately due <br />and payable. <br />11. Release A'f�er Loan Is Repaid. Upon camplete repayment to the CVVCB of the entire <br />principal, a11 accrued interes#, and late charges, if any, as specified in the Promissory <br />�Iote, the CWCB agree� to release and terminate any and all of the CWCB's right, title, <br />and interest in and to the Collateral and the Pledged Property. <br />12. Warran�ies. <br />a. The BORROWER warrants that by a�ceptance of the loan under this eontract and by <br />its represer�tations here'rn, the E3aRt�ow�R shall be estopped firam asserting for any <br />reason fihat it is not aufihorized or obligated to repay the loan to the CWCB as <br />required by this contract. <br />b. The BoR�zowER warrants that ifi has not employed ar retained any company or <br />person, other fihan a bQna fide employee working solely fior the BORROWER to <br />solic�t or secure this contract and has not paid or agreed to pay any person, <br />company, ccirporatior�, individual, or firm, other than a bona fide em�loy�e, any fee, <br />commission, percentage, gift, or ather consideration contingent upon or r�sulting <br />from the award or the mal�cing af this contract. <br />c. The BoRROw�R warrants that the Pledged Property and Collateral fvr this loan <br />are not encumbered by any other deeds ofi trust or liens of any parfiy atMer fihan the <br />CWCB or in any other manner, except for any existing lien(s) identifiied in Section 5 <br />(Schedule of Existing Debt) af fihe Pwject Summary, which sets forth the positian <br />of the lien caeated by fihis con#ract in relation to any existing lien(s). pocumenfiation <br />establishing the rela#ive priorities of said liens, if necessary, i� attached to the <br />Project Surnmary and in+corpora#ed herein. <br />93. CMange of C�w�ership of �llla�r S�ares �uring Term of Con�ract. If the interest <br />rate for this loan is based on the CWCB's agricultural or blended agricultural and <br />municipal and/or commercial and/or industrial rates, the BoRROwER agrees to notifiy <br />the CWCB of any change of the owner�hip o# the water rights represented by its <br />shares from irrigation to municipal or camrriercial or industrial use. The interest rate <br />shall be revised when said ehange in ov�rnership would increase the original interest <br />rate by 0.5% or more. The parties shall amend this contract, including a revised <br />promissory note, to ef�ect said chang+� in interest rate. <br />14. I�emedies For De�ult Upon defiault in the payments to be made by the BoRROwE�t <br />Lc�an CoMtra+�t C150270 <br />Page 4 of 11 <br />
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