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

the loan, the BORROWER Shall replenish the account within ninety (90) days of
withdrawal of the funds.
9. Collateral. The collateral for this loan is described in Section 6(Collateral) of the
Project Summary, and secured by the instrument(s) attached hereto as Appendix 5
and incorporated herein.
10. Collateral During Loan Repayment. The BoRROwER shall not sell, convey, assign,
grant, transfer, mortgage, pledge, encumber, �r otherwise dispose of the Collateral or
the Pledged Property so long as any of the principal, accrued interest, and late
charges, if any, on this loan remain unpaid, without the prior written concurrence of
the CWCB. In the event of any such sale, transfer or encumbrance without the
CWCB's written concurrence, the CWCB may at any time thereafter declare all
outstanding principal, interest, and late charges, if any, on this loan immediately due
and payable.
11. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire
principal, all accrued interest, and late charges, if any, as specified in the Promissory
Note, the CWCB agrees to release and terminate any and all of the CWCB's right, title,
and interest in and to the Collateral and the Pledged Property.
12. Warranties.
a. The BoRROwER warrants that, by acceptance of the loan under this contract and by
its representations herein, the BoRROwER shall be estopped from asserting for any
reason that it is not authorized or obligated to repay the loan to the CWCB as
required by this contract.
b. The BoRROwER warrants that it has not employed or retained any company or
person, other than a bona fide employee working solely for the BoRROwER, to solicit
or secure this contract and has not paid or agreed to pay any person, company,
corporation, individual, or firm, other than a bona fide employee, any fee,
commission, percentage, gift, or other consideration contingent upon or resulting
from the award or the making of this contract.
c. The BoRROwER warrants that the Pledged Property and Collateral for this loan
are not encumbered by any other deeds of trust or liens of any party other than the
CWCB or in any other manner, except for any existing lien(s) identified in Section 5
(Schedule of Existing Debt) of the Project Summary, which sets forth the position
of the lien created by this contract in relation to any existing lien(s). Documentation
establishing the relative priorities of said liens, if necessary, is attached to the
Project Summary and incorporated herein.
13. Change of Ownership of Water Shares During Term of Contract. If the interest
rate for this loan is based on the CWCB's agricultural or blended agricultural and
municipal and/or commercial and/or industrial rates the BoRROwER agrees to notify
the CWCB of any change of the ownership of the water rights represented by its
shares from irrigation to municipal or commercial or industrial use. The interest rate
Loan Contract C150244
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