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CT2016-2040 Contract
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CT2016-2040 Contract
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Last modified
9/13/2016 8:25:16 AM
Creation date
3/15/2016 10:52:03 AM
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Loan Projects
Contract/PO #
CT2016-2040
Contractor Name
Brighton Ditch Company
Contract Type
Loan
County
Adams
Loan Projects - Doc Type
Contract Documents
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SECURITY AGREEMENT <br /> DATE: JANUARY 16,2016 <br /> BORROWER: THE BRIGHTON DITCH COMPANY,A NONPROFIT CORPORATION <br /> SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> PROMISSORY NOTE: $225,000 <br /> TERMS OF REPAYMENT: 2.55%INTEREST FOR 30 YEARS <br /> CONTRACT NUMBER: CT2016-2040 <br /> PLEDGED REVENUES: All revenues derived from assessments on stock and all of BORROWER'S <br /> right to receive said assessment revenues to repay the loan as described in the PLEDGED REVENUES provisions <br /> of the LOAN CONTRACT and BORROWER'S Resolutions adopted January 16, 2016. <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 BORROWER grants to <br /> SECURED PARTY a security interest in the above described PLEDGED REVENUES. <br /> BORROWER 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, BORROWER IS the owner of the PLEDGED REVENUES free from <br /> any adverse lien, security interest or encumbrances; and that BORROWER will defend the PLEDGED <br /> REVENUES against all claims and demands of all persons at any time claiming the same or any interest <br /> therein. <br /> 2. That the execution and delivery of this agreement by BORROWER will not violate any law or agreement <br /> governing BORROWER Or t0 Which BORROWER iS a party. <br /> 3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the PLEDGED <br /> REVENUES 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, BORROWER shall be estopped from asserting for any reason that it is not authorized <br /> to grant a security interest in the PLEDGED REVENUES 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 /> REVENUES. <br /> 6. That the BORROWER'S articles of incorporation and by-laws do not prohibit any term or condition of this <br /> agreement. <br /> UNTIL DEFAULT BORROWER may have possession of the PLEDGED REVENUES, provided that <br /> BORROWER keeps the PLEDGED REVENUES in an account separate from other revenues of BORROWER and <br /> does not use PLEDGED REVENUES for any purpose not permitted by the CONTRACT. Upon default, SECURED <br /> PARTY shall have the immediate right to the possession of the PLEDGED REVENUES. <br /> BORROWER SHALL BE IN DEFAULT under this agreement upon any of the following events <br /> or 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 BORROWER; or <br /> c. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br /> behalf of BORROWER which proves to have been false in any material respect when made or <br /> furnished. <br /> Appendix 5 <br /> Page 1 of 2 <br />
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