C153656 Paid in Full Contract

• Contract/PO #: C153656
• Contractor Name: Loloff Lateral Ditch Company
• Contract Type: Loan
• County: Weld
• Loan Projects - Doc Type: Contract Documents

I. Upon completion of repayment to the State in the amount of One Hundred Sixty-Six
Thousand Six Hundred Eighty Dollars and Eighty Cents ($166,680.80), as set fo �Ith in
paragraph A.13. above of this contract, the State agrees to co t th Contractor all of
the State's right, title, and interest in and to the project and o o desc 'bed
in paragraph A.14. above by deed or other proper conveyance.
J. The Colorado Water Conservation Board, its agentsto , y esignated
Di
as the agent of the State for the purpose of this contract.
K. TheContractor agrees and understands that sections 37-60-119 through 37-60-122,CRS,
as ame ded, require that the loan of money by the State to the Contractor for this water
project a conditioned upon the repayment of the loan to the State. The Contractor hereby
agrees tO take any and all actions necessary to guarantee such repayment as provided herein
includin , without being limited to, the actions specified in this contract.
L. The Contractor agrees that the specific revenues to be pledged to repay the State shall
include, without being limited to, an assessment levied for that purpose as authorized by
Resolution of the Contractor. The Contractor hereby pledges such assessment revenues to
repay the State loan, warrants that these revenues will not be used for any other purpose,
and agrbes to provide the State a perfected security interest in the form provided by the
State id evocably pledging such revenues on the date of execution of this contract.
M. The Contractor warrants that it has duly passed, or will pass, a Resolution (Exhibit A)
by its Board of Trustees, as provided in its By-Laws, authorizing: (a) the Contractor to
enter into this contract with the State to borrow the principal sum of Seventy-One
Thousand Five Hundred Dollars ($71,500); (b) to make and levy assessment(s) sufficient to
pay off this contract loan pursuant to its terms and to discharge this lawful indebtedness; (c)
to se cnt rcvenueria s tea. n. se'ara e an. a' r _ r m +ther
Contractor revenues to assure repayment of this revenue to the State; and (d) to sign a
security interest in such assessment revenues in favor of the State to secure the repayment.
Copies of such security interest (Uniform C• is u - •• i s -- - . ri Ay eement and
Uniform Commercial Code--Financing Statement)shall be attached in ra ed
herein . I'•• _ _ • , - # - . The Reso ution of the Contractor and the security
n2 terest+ of the Contractor are conditions precedent to State performance.
N. Contractor warrants that in the event of a default by the Contractor 4.1 the
repayment to the State, and upon written notice thereof from the State,the Contractor shall,
pursuant to its By-Laws, immediately take all necessary actions to levy an additional
assessrrent and to pledge additional revenues in a sufficient amount and in a timely manner
to cure the default and to repay the State as required by the contract.. Such additional
revenues shall be deemed covered by the existing security interest.
O. The Contractor warrants that the security interest executed by the Contractor in favor
of the tate to secure repayment of this loan is a valid security interest which shall be
binding against the Contractor and that the Contractor has perfected this security interest
such that the State has priority over all other competing claims for such secured revenues.
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