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4) all of the BORROWER'S right, title and interest in and to that certain water lease dated September 7, <br /> 1974, from Richard L. Beaghler, Mary Jane Gordon and A. J. Beagh/er to R. J. Seyfried and Anne <br /> Seyfried, conveyed to the GRANTOR by an Assignment of Water Lease recorded in Book 1527, <br /> Reception No. 2471505, of the records of the Clerk and Recorder of Weld County, Colorado, covering <br /> the production of ground water and certain rights incident thereto beneath a tract of land situate in <br /> Weld County, Colorado, described as follows: the South Half of the North Half (SV2 NY2) and the <br /> Southeast Quarter (SE%) of Section 5, Township 3 North, Range 61 West of the 6th P.M., and <br /> containing 320 acres more or less, together with all of the BORROWER'S right, title and interest, if any, <br /> in and to Well Permit Nos. 18338-FP and 31655-FP. <br /> 7. Collateral during repayment. The BORROWER shall not sell,c .y ssi•n,grant,transfer,mortgage, <br /> pledge, encumber, or otherwise dispose of any collateral for this lo 4, di c ; - •ROJECT or any portion <br /> thereof or the revenues pledged to repay the loan herein, so long . .y e ri ipal and any-accrued <br /> interestrequired by the Promissory Note Provisions of the ct remain un 4 . hout the prior written <br /> concurrence of the STATE. <br /> 8. Remedies for default. Upon default in the payments her in jIII <br /> iom by the BORROWER, <br /> or default in the performance of any covenant or agreement contained herein, its option, may: <br /> a. declare the entire principal amount and accrued interest then outstanding immediately due and <br /> payable; <br /> b. incur and pay reasonable expenses for repair, maintenance, and operatiCn of the PROJECT facilities <br /> herein described and such expenses as may be necessary to cure the cause of default, which <br /> expenditures shall be added to the principal of the loan amount; <br /> c. take possession of the PROJECT facilities, repair, maintain, and operate Or lease them; <br /> d. act upon the deed of trust, UCC DOCUMENT, and promissory note; <br /> e. take any other appropriate action. 1 <br /> All remedies described herein may be simultaneously or selectively and successively enforced. The <br /> provisions of this contract may be enforced by the STATE at its option without regard to prior waivers of <br /> previous defaults by the BORROWER, through judicial proceedings to require specific performance of this <br /> contract, or by such other proceedings in law or equity as may be deemed necessary by the STATE to ensure <br /> compliance with provisions of this contract and the laws and regulations under which this contract is executed. <br /> The STATE'S exercise of any or all of the remedies described herein shall not relieve the BORROWER of any of <br /> its duties and obligations under this contract. <br /> 9. In event of a conflict. In the event of conflict between the terms of this contract and conditions as set <br /> forth in any of the appendices, the provisions of this contract shall control. <br /> 10. Pledge of revenues. The BORROWER agrees that the specific revenues to be used to repay the STATE <br /> shall come from the BORROWER'S WATER USER FEES, as authorized by resolution of the BORROWER, and any other <br /> funds legally available to BORROWER tO repay the STATE. Furthermore, BORROWER agrees that <br /> a. Revenues to repay this loan. The BORROWER hereby pledges such re!renues to repay the STATE <br /> loan, agrees that these revenues shall be set aside and kept in an account separate from other <br /> BORROWER revenues, warrants that these revenues shall not be used for any other purpose, and agrees <br /> to provide the STATE a perfected security interest in these revenues such that the STATE has priority <br /> over all other competing claims for such secured revenues. <br /> b. Establish security interest in the revenues. The BORROWER agrees, that in order to provide a <br /> security interest for the STATE irrevocably pledging such revenues, it shalO provide a completed and <br /> Morgan County Quality Water District Page 4 of 9 Loan Contract <br />