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money to the STATE as required by this contract. <br />b. Th BORROWER warrants that it has full power and authority to enter into this contract. <br />T execution and delivery of this contract and the performance and observation of its <br />to s, conditions and obligations have been duly authorized by all necessary actions of <br />th BORROWER. <br />c. T1 le BORROWER warrants that it has not employed or retained any company or person, <br />of ier than a bona fide employee working solely for the BORROWER, to solicit or secure <br />th s contract and has not paid or agreed to pay any person, company, corporation, <br />in ividual, or firm, other than a bona fide employee, any fee, commission, percentage, <br />gi , or other consideration contingent upon or resulting from the award or the making of <br />tt s contract. <br />d. T e BORROWER warrants that the property identifie rinthe Collateral Provisions of this <br />c ntract is not encumbered by any other deeds of to, or liens of any party other <br />t an the STATE or in any other manner. <br />11. Coll eral. Part of the security provided for this loan,,las evidenced by the executed Deed of <br />Trust attached as Appendix 4 and incorporated herein; 41 be an undivided one hundred <br />perc nt (100 %) interest in the BORROWER's Ryan Gulch Dam and Reservoir together with <br />appr ximately 900 acres of land, as more particularly described in the attached Deed of <br />Trus hereinafter referred to as "collateral." <br />12. Pled a Of Property. The BORROWER hereby it vocab pledges to the STATE for purposes <br />of re ayment of this loan revenues from assess evied for that purpose as authorized <br />by t BORROWER's resolution and all of the BORROWER'S rights to receive said assessment <br />reve ues from its members (hereinafter collectively referred to as the "pledged property "). <br />Furtl ermore, BORROWER agrees that: <br />a. lievenues For This Loan Are To Be arate. The BORROWER hereby agrees to <br />t aside and keep the pledged revenues in an account separate from other BORROWER <br />venues, and warrants that it shall not use the pledged revenues for any other purpose. <br />b. stablish Security Interest. The BORROWER agrees that, in order to provide a security <br />i terest for the STATE in the pledged property so that the STATE shall have priority over all <br />ther competing claims for said property, it shall execute a Security Agreement, attached <br />ereto as Appendix 5 incorporated herein, and an Assignment of Deposit Account as <br />ecurity, attached as Appendix 6 and incorporated herein, prior to the disbursement of <br />ny loan funds. The BORROWER acknowledges that the STATE shall perfect its security <br />nterest in the BORROWER's right to receive assessment revenues by filing a UCC -1 Form <br />With the Colorado Secretary of State. <br />c. ssessments For Repayment Of The Loan. Pursuant to its statutory authority, articles <br />of incorporation and by -laws, and as authorized by its resolution, the BORROWER shall <br />take all necessary actions consistent therewith to levy assessments sufficient to pay this <br />loan as required by the terms of this contract and the promissory note. In the event the <br />assessments levied by the BORROWER become insufficient to assure such repayment to <br />Ryan quich Reservoir Company Page 6 of 13 Loan Contract <br />