C150302 contract docs

• Contract/PO #: C150302
• Contractor Name: WRCC, Inc.
• Contract Type: Loan
• County: Larimer
• County: Weld
• Loan Projects - Doc Type: Contract Documents

SECURITY AGREEMENT
(PLEDGE OF REVENUES�
DATE: December 4, 2009
DEBTOR: WRCC, INC.
SECURED PARTY: COLORADO WATER CONSERVATION BOARD
PROMISSORY NOTE: $1,301,890, oaTE� December 4, 2009
TERMS OF REPAYMENT: 2.85% PER ANNUM FOR 30 YEARS
LOAN CONTRACT: C150302, DATED December 4, 2009
COLLATERAL: All revenues derived from assessments on stock and all 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
December 4, 2009.
To secure payment of the loan evidenced by the PROnnissoRY NorE payable in accordance
Wlth thG' TERMS OF REPAYMENT, or until all principal, interest, and tate charges, if any, are paid
in full, the DEaTOR grants to SECURED PARTY a security interest in the above described
COLLATERAL.
DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
2.
3
n
That except for the security interest granted hereby and any other security interests
described in Section 5 of the Loan Contract Project Summary, DEaTOR is the owner of the
Cou..ATE�a� 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.
That the execution and delivery of this agreement by DEBTOR will not violate any law or
agreement governing DEBroR or to which DEBroR is a party.
To not permit or allow any adverse lien, security interest or encumbrance whatsoever
upon the Co��ATEt�� and not to permit the same to be attached or replevined.
That by its acceptance of the loan money pursuant to the terms of the CorvTw�cr and by
its representations herein, DESTOR shall be estopped from asserting for any reason that it
is not authorized to grant a security interest in the Co��ArER,4� pursuant to the terms of
this agreement.
5. To pay all taxes and assessments of every nature which may be levied or assessed
against the COLLATERAL.
6. That the DEBroR's articles of incorporation and by-laws do not prohibit any term or
condition of this agreement.
UNTIL DEFAULT DEaTOR may have possession of the COLLATERAL, provided that
DEBroR keeps the Co��.�,TEt�� in an account separate from other revenues of DEBroR and
does not use the Co��ArERA� for any purpose not permitted by the CorvTwacr. Upon default,
SECURED PARTY shall have the immediate right to the possession of the COLLATERAL.
Appendix 4 to Loan Contract C150302
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