C150241 contract docs

• Contract/PO #: C150241
• Contractor Name: DeBeque, Town of ‎(Acting by and through its Irrigation System Enterprise)‎
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

�
�
SECURITY AGREEMENT
(PLEDGE OF REVENUES�
DATE MARCH 14 , 2007
DEBTOR: TOWN OF DEBEQUE, ACTING BY AND THROUGH ITS IRRIGATION
SYSTEM ENTERPRISE
SECURED PARTY: COLORADO WATER CONSERVATION BOARD
1313 SHERMAN STREET, ROOM 721
DENVER, CO 80203
PROMISSORY NOTE: $252,500, DATED MARCH 14, 2007
TERMS OF REPAYMENT 3.25 PER ANNUM FOR 30 YEARS
LOAN CONTRACT: C15O241, DATED MARCH 14, 2007
COLLATERAL All Irrigation System Enterprise revenues d to repay the
loan, as further descri ' �e of ven s provisions
of the
To secure payment of lo n evide ed b the P issoRY oTE payable in
accordance with the TERnn REPAY until all principal, interest, and late
charges, if any, are paid in full, e DEBTOR grants to SECURE� PaRrir a security interest in
the above described Co�wrERa�.
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, DEBroR is the owner of
the CouaTERa� free from any adverse lien, security interest or encumbrances; and
that DEBTOR will defend the Co�u�rEr�,a� 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 DEBroR will not violate any law or
agreement governing DEBTOR or to which DEBTOR is a party.
3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever
upon the Co�u�TERa� 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 CoNrr�,acr 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 Co�v�rEw�� pursuant to the
terms of this agreement.
UNTIL DEFAULT DEaroR may have possession of the Co��TERA�, provided that
DEBroR keeps the Co�v�rERA� in an account separate from other revenues of DEBTOR
and does not use the Cou.aTEr�a� for any purpose not permitted by the CoNTRacr. Upon
default SECURED PARTY shall have the immediate right to the possession of the
COLLATERAL.
Appendix 4 to Loan Contract C150241
Page 1 of 2