C150244 contract docs

• Contract/PO #: C150244
• Contractor Name: Wood Lake Mutual Water & Irrigation Company
• Contract Type: Loan
• Water District: 0
• County: Weld
• Loan Projects - Doc Type: Contract Documents

SECURITY i4CREEMENT
�PLEDGE OF REVENUES�
DATE: NOVEMBER 1, 2007
DEBTOR: WOOD LAKE MUTUAL WATER AND IRRIGATION COMPANY
SECURED PARTY: COLORADO WATER CONSERVATION BOARD
PROMISSORY NOTE: $212,7�6, DATED (VOVEMBER 1, 2�07
TERMS OF REPAYMENT: 2.50% PER ANNUM FOR 30 YEARS
LoAN CorvTRnCT: C150244 DATED NOVEMBER 1, 2007
COLLATERAL: AII fEVG'1lU@S C12fIVeCI ff01'Tl aSS2SS111211tS On StOCK ailC� aII Of
Debtor's right to receive said assessment revenues to repay
the loan as described in Pledge of Property provisions of the
LOAN CONTRACT and Debtor's Resolutions adopted ort �,
2007.
To secure payment of the loan evidenced by the PROnnissoRY NoTE payable in accordance
WItII t112 TERMS OF REPAYMENT or until all principal, interest, an� late charges, if any, are paid in
fUll the DEBTOR grants t0 SECURED PARTY a security interest Itl the above described
COLLATERAL.
DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
1. That except for the security interest granted hereby and any other security interests
described in Section 5 of the Loan Contract Project Summary, DEBTOR is the owner of the
Cou_,�,TERA� free from any adverse lien, security interest or encumbrances; and that DEBTOR
will defend the COLLATERAL against all claims and demands of all persons 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 DEBroR is a party.
3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon
the Co��aTERA� 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 CoNTRACT and by its
representations herein, DEBTOR shall be estopped from asserting for any reason that it is
not authorized to grant a security interest in the Cou.aTERa� 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@ COLLATERAL.
6. That the DEBTOR's articles of incorporation and by-laws do not prohibit any term or condition
of this agreement.
UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL provided that
DEBTOR k2@pS thG' COLLATERAL in an account separate from other revenues of DEBTOR and
does not use the Co�vaTERA� for any purpose not permitted by the CoNTRAC�r. Upon defiault,
SECURE� PaRTV shall have the immediate right to the possession of the Co��aTERA�.
Appendix 4 to Loan Contract C150244
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