C150270 contract docs - Laserfiche WebLink

Home Browse Search

.�-�1 � SECURITY AGREEMENT (PLEDGE OF REVENUES) DATE: SEPTEMBER 15, 2008 DEBTOR: HEADGATE 135 LATERAL, INC. SECURED PARTY: COL�RADO WATER CONSERVATION BOARD PROMISSORY NOTE: $262,600, DATED SEPTEMBER 15, 200$ TERMS OF REPAYM�NT: 3.S% PER ANNUM FOR 30 YEARS LOAN CONTRACT: C150270, DATED SEPTEMBER 15, 2008 Co��..ATERa�: All revenues derived from assessments on stock and user fees and atl of Debtor's right to receive said assessment revenues and user fees to repay the loan as described in Pledge of Property provisions of the Loat� CoNTt�cT and Debtor's Resolutions adopted SEPTEMeER 15, 2008. To secure payment of the loan evidenced by the PROM�ssoRY NotE payable in accordance Wlth thB TERMS OF REPAYMENT or until all principal, interest, and late charges, if any, are paid in full, the DEBTOR grants to SECURED PARTY a security interest in the above described COLLATERAL. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest gcanted hereby and any other secur�ty interests described in Section 5 of the Loan Contract Project Summary, DESTOR is the owner of the Co�u�TE�ta� free from any adverse lien, secu+�i#y interest or encumbrances and that DEBTOR will defend the Co��TE�a� against all cfaims and demands of all persens 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 DES7oR is a party. 3. To not permit or aBow any adverse lien, security interest or encumbrance whatsoever upon the Co�u�TE�� 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 CoN�cT and by its representations herein, DEaTOR shatl be estopped from asserting for any reason that it is not authorized to grant a security interest in the Co��TEw� pursuant to the terms of this agreement. 5. To pay all taxes and assessments of every nature which may be levied or assessed against th@ COLlA7ERAL. 6. That the DESTOR's artictes of incorporation and by-laws do not prohibit any term or condition of this agreement. UNTIL DEFAULT DESTOR may have possession of the COLLATERAL provided that DESTOR keeps the Co�u�TEw4� in an account no by t e Corvi'w�cT � Upon does not use the CouA�� for any purpose p SECUREO PARTr shall have the immediate right to the possession of the CouATEw�. Appendix 4 to Loan Contract C150270 Page 1 of 2