C153588 PIF Contract

• Contract/PO #: C153588
• Contractor Name: Greeley, City of
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: SB 89-85
• Loan Projects - Doc Type: Contract Documents

c. The mort! provides that the mortgagee ustly indebted to the
mortgagor in the amount of Three Hundred Thirteen Thousand Four Hundred
Twenty -Four Dollars (1313,424) and has agreed to pay the same with
interest.
d. The mortgage requires that mortgagor has good title to the premises
and warrants the same free of all encumbrances.
e. The mortgage provides for a future advance clause and provides that
such mortgagor shall pledge its full faith and credit to assure repayment
of the agreement loan to the mortgagee.
f. The mortgage provides that the mortgagor shall not demand or
otherwise allow the destruction of the security, will keep the security
insured to the extent such insurance can be obtained, and shall maintain
the premises in good condition and repair and shall not suffer any waste
to the premises and shall comply with all statutes and requirements of
government authorities with jurisdiction.
g. The mortgage provides for events of default such as failure to pay
the indebtedness, breach of warranties, demolition or threatened waste of
the premises, or attachment of mechanics liens.
SECTION 6. Payment of Principal and Interest. There may be established
a special principal and interest fund to contain the proceeds from such
assessments which may be levied by assessment of water charges for the use of
municipal water either within or withoul%p limjts_of the City of Greeley.
Nothing in this ordinance or i
shall preclude the City from budge
funds as it deems necessary or e
set forth herein or the prepayment
9 the afore - referenced fund
g such monies from other
p payment of the obligations
gations set forth herein.
SECTION 7. Execution of Collat ocuments. The Mayor, City Clerk,
Finance Director, City Attorney, anakNar appropriate officers of the City
are hereby authorized to execute on oelpalf of the City any collateral
documents appropriate or necessary, directly or indirectly, relating to the
subject matter of this ordinance.
SECTION 8. Severability. If any one or more sections or parts of this
ordinance shall be adjudged unenforceable or invalid, such judgment shall not
affect, impair, or invalidate the remaining provisions of this ordinance, it
being the intention that various provisions hereof are severable.
SECTION 9. Repealer. All ordinances or parts thereof in conflict with
this ordinance are hereby repealed.
SECTION 10. Ordinance Irrepealable. After the execution of the project
contract for Barnes Meadow Dam Rehabilitation and the mortgage, this ordinance
shall be and remain irrepealable until the contract shall have been fully
paid, satisfied and discharged.
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