C150335 PIF Documents

• Contract/PO #: C150335
• Contractor Name: Cemter of Colorado Water Conservancy District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

SECURITY AGREEMENT
(PLEDGE OF REVENUES)
DATE: NOVEMBER 1, 2012
DEBTOR: CENTER OF COLORADO WATER CONSERVANCY DISTRICT
P.O. Box 1747
FAIRPLAY, CO 80440
SECURED PARTY: COLORADO WATER CONSERVATIO ' ' ;
1313 SHERMAN STREET, ROOM 7.
DENVER, CO 80203 '
PROMISSORY NOTE: $404,000, DATED NOVEMB
TERMS OF REPAYMENT: 2.50%PER ANNUM FOR 10 Ya'R' LT11
LOAN CONTRACT: C150335, DATED NOVEMBER 1, 2012
COLLATERAL: As described in the resolution attached to the loan contract
as Appendix 3, all revenues from Debtor's one mill ad
valorem tax on real property, as described in Pledge of
Revenues provisions of the LOAN CONTRACT.
To secure payment of the loan evidenced by the PROMISSORY NoTE payable in
accordance with the TERMS OF REPAYMENT, or until all principal, interest, and late
charges, if any, are paid in full, the DEBTOR grants to SECURED PARTY a sedulity interest in
the above described COLLATERAL.
DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
1. That except for the security interest granted hereby and any other security interests
described in Section 5 of the Loan Contract Project Summary, DEBTOR is the owner of
the COLLATERAL free from any adverse lien, security interest or encumbrances; and
that DEBTOR will defend the COLLATERAL against all claims and demands of al persons
at any time claiming the same or any interest therein.
2. That the execution and delivery of this agreement by DEBTOR will not violate any law
or agreement governing DEBTOR or to which DEBTOR is a party.
3. To not permit or allow any adverse lien, security interest or encumbrance wh atsoever
upon the COLLATERAL and not to permit the same to be attached or replevined.
4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and
by its representations herein, DEBTOR shall be estopped from asserting far ary reason
that it is not authorized to grant a security interest in the COLLATERAL pursuant to the
terms of this agreement.
UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that
DEBTOR keeps the COLLATERAL in an account separate from other revenues of DEBTOR
and does not use the COLLATERAL for any purpose not permitted by the CONTRACT. Upon
default, SECURED PARTY shall have the immediate right to the possession of the
Appendix 4 to Loan Contract C150335
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