CT2017-904 Contract

• Contract/PO #: CT2017-904
• Contractor Name: Julesburg Irrigation District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

the CWCB agrees to release and terminate any and all of the CWCB's right, title, and interest
in and to the PLEDGED REVENUES.
12. Warranties.
a. The BORROWER warrants that, by acceptance of the loan under this CONTRACT and by its
representations herein, the BORROWER shall be estopped from asserting for any reason
that it is not authorized or obligated to repay the loan to the CWCB as required by this
CONTRACT.
b. The BORROWER warrants that it has not employed or retained any company or person,
other than a bona fide employee working solely for the BORROWER, to solicit or secure this
CONTRACT and has not paid or agreed to pay any person, company, corporation,
individual, or firm, other than a bona fide employee, any fee, commission, percentage,
gift, or other consideration contingent upon or resulting from the award or the making of
this CONTRACT.
c. The BORROWER warrants that the PLEDGED REVENUES and PLEDGED PROPERTY for this loan
are not encumbered by any other deeds of trust or liens of any party other than the
CWCB or in any other manner, except for any existing lien(s) identified in APPENDIX 1,
PROJECT SUMMARY, SECTION 5, SCHEDULE OF EXISTING DEBT, which sets forth the position of
the lien created by this CONTRACT in relation to any existing lien(s). Documentation
establishing the relative priorities of said liens, if necessary, is attached to the PROJECT
SUMMARY and incorporated herein.
II Remedies for Default. Upon default in the payments to be made by the BORROWER under
this CONTRACT, or default in the performance of any covenant or agreement contained herein,
the CWCB, at its option, may:
a. suspend this CONTRACT and withhold further loan disbursements pending corrective
action by the BORROWER, and if the BORROWER does not cure the default as provided for
below, permanently cease loan disbursements and deem the PROJECT substantially
complete;
b. declare the entire principal amount, accrued interest, and late charges, if any, then
outstanding immediately due and payable;
c. exercise its rights under any appendices to this CONTRACT, including, but not limited to,
the PROMISSORY NOTE, SECURITY AGREEMENT, and/or any instrument securing pledged
revenues and property;and
d. take any other appropriate action.
The CWCB shall provide written notice to the BORROWER of any such default and shall give
the BORROWER an opportunity to cure within thirty (3o) days of receipt of such notice. All
remedies described herein may be simultaneously or selectively and successively enforced.
The CWCB may enforce the provisions of this CONTRACT at its option without regard to prior
waivers of previous defaults by the BORROWER, through judicial proceedings to require
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