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C153629 PIF Contract
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C153629 PIF Contract
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Last modified
12/6/2012 8:00:33 AM
Creation date
12/6/2012 7:55:50 AM
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Loan Projects
Contract/PO #
C153629
Contractor Name
Colorado River Water Conservation District, The
Contract Type
Loan
Water District
50
County
Grand
Bill Number
SB 87-15
Loan Projects - Doc Type
Contract Documents
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0 <br />ASSIGNMENT OF PLEDGED ACCOUNT AS SECURITY <br />DEBTOR: COLORADO RIVER WATER CONSERVATION DISTRICT <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DEPOSITORY: NORWEST BANK <br />ACCOUNT NO.: 01 760347 <br />In consideration of and as security for a loan from the Colorado Water Conservation <br />Board ( "Secured Party ") in the amount of $16,255,724.12 ( "Loan ") pursuant to Contract <br />Encumbrance Number C153629 dated March 14, 1996 ( "Loan Contract"), as amended, <br />the Colorado River Water Conservation District ( "Debtor') hereby assigns, transfers and <br />grants to the Secured Party a security interest in the funds contained ' in the above - <br />described interest- bearing pledged account in the amount of $1,500,000 at the above <br />Depository institution ( "Collateral "). This agreement is made to secure payment of the <br />Loan. Debtor hereby warrants and agrees that: <br />1. This agreement is effective upon signing and will remain in full force and effect until <br />Secured Party releases it in writing. Secured Party is not required to release this <br />agreement until the Loan is paid in full. <br />2. Neither the Debtor nor anyone else .(except Secured Party) has any right to withdraw <br />funds from the account listed above until the Secured Party releases this agreement in <br />writing, except that Debtor shall be entitled to withdraw interest from the account. <br />3. The Debtor shall be considered in default under the Loan Contract for purposes of this <br />agreement upon the occurrence of any of the following events or conditions: (a) failure or <br />omission to make any payment under the Loan Contract when due; (b) default in the <br />payment or performance of any obligation, covenant, ment contained in the Loan <br />Contract; (c) the making of any levy, seizure, or n th Collateral by any third <br />party; (d) the Debtor becoming insolvent or ay b a they mature. The <br />Secured Party shall give the Debtor written Ice ged default , and an <br />opportunity to cure within thirty (30) days of recei Ice before Debtor shall be <br />considered in default for purposes of this agr <br />4. Upon or at any time after default under th&C6an Contract as described above, the <br />Secured Party shall have the right to withdraw all or any part of the funds from the <br />Collateral and apply the withdrawal toward the payment of the Loan, even if the <br />withdrawal causes a penalty. The Secured Party shall apply such monies first to costs <br />associated with collection, including reasonable attorney's fees, next to outstanding <br />interest, and then to the principal sum of the Loan. <br />5. The rights and remedies of the Secured Party stated in this agreement are in addition <br />to any other rights the Secured Party may have under the Loan Contract or any law. <br />6. Debtor shall not sell, transfer, assign, give, or otherwise dispose of any of the <br />Collateral or any interest therein as long as this agreement is in effect. <br />7. This agreement shall be construed in accordance with the laws of the State of <br />Colorado. <br />Attachment 4 to Contract C153629 Amendment No. 2 <br />
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