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CT2015-174 Contract
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CT2015-174 Contract
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Last modified
12/1/2016 8:18:02 AM
Creation date
12/17/2015 3:06:50 PM
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Loan Projects
Contract/PO #
CT2015-174
Contractor Name
Uncompahgre Valley Water Users Association
Contract Type
Loan
County
Montrose
Loan Projects - Doc Type
Contract Documents
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SECURITY AGREEMENT <br /> DATE: NOVEMBER 4,2015 <br /> DEBTOR: UNCOMPAHGRE VALLEY WATER USERS ASSOCIATION,A COLORADO <br /> NONPROFIT CORPORATION <br /> SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> PROMISSORY NOTE: $6,999,300.00 <br /> TERMS OF REPAYMENT: 2.0%PER ANNUM FOR 20 YEARS <br /> CONTRACT NUMBER: CT2015-174 <br /> PLEDGED PROPERTY: All revenues derived from assessment revenues and all of DEBTOR'S right <br /> to receive said assessment revenues to repay the loan as described in PLEDGED PROPERTY provisions of the <br /> LOAN CONTRACT and DEBTOR'S Resolutions adopted November 4,2015. <br /> To secure payment of the loan evidenced by the PROMISSORY NOTE payable in accordance with the TERMS <br /> OF REPAYMENT, or until all principal, interest, and late charges, if any, are paid in full, the DEBTOR grants to <br /> SECURED PARTY a security interest in the above described Pledged Property. <br /> DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> 1. That except for the security interest granted hereby and any other security interests described in Section 5 <br /> of the LOAN CONTRACT PROJECT SUMMARY, DEBTOR is the owner of the PLEDGED PROPERTY free from any <br /> adverse lien, security interest or encumbrances; and that DEBTOR will defend the PLEDGED PROPERTY <br /> against all claims and demands of all persons at any time claiming the same or any interest therein. <br /> 2. That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement <br /> governing DEBTOR or to which DEBTOR is a party. <br /> 3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the PLEDGED <br /> PROPERTY and not to permit the same to be attached or replevined. <br /> 4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its <br /> representations herein, DEBTOR shall be estopped from asserting for any reason that it is not authorized to <br /> grant a security interest in the PLEDGED PROPERTY pursuant to the terms of this agreement. <br /> 5. To pay all taxes and assessments of every nature that may be levied or assessed against the PLEDGED <br /> PROPERTY. <br /> 6. That the DEBTOR'S articles of incorporation and by-laws do not prohibit any term or condition of this <br /> agreement. <br /> UNTIL DEFAULT DEBTOR may have possession of the PLEDGED PROPERTY, provided that DEBTOR <br /> keeps the PLEDGED PROPERTY in an account separate from other revenues of DEBTOR and does not use the <br /> PLEDGED PROPERTY for any purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall have <br /> the immediate right to the possession of the PLEDGED PROPERTY. <br /> DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the following events or <br /> conditions: <br /> a. default in the payment or performance of any obligation contained herein or in the PROMISSORY NOTE <br /> or LOAN CONTRACT; <br /> b. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any <br /> part of the property of, assignment for the benefit of creditors by, or the commencement of any <br /> proceeding under any bankruptcy or insolvency law of, by or against DEBTOR;or <br /> c. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br /> behalf of DEBTOR which proves to have been false in any material respect when made or furnished. <br /> Appendix 4 <br /> Page 1 of 2 <br />
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