C150121 Paid in Full Contract

• Contract/PO #: C150121
• Contractor Name: Little Thompson Water District
• Contract Type: Loan
• Loan Projects - Doc Type: Application

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SECURITY AGREEMENT
(PLEDGE OF REVENUES)
DATE: DECEMBER 1, 2004
DEBTOR: Little Thompson Water District acting by and through the Little
Thompson Water District Water Activity Enterprise
SECURED PARTY: COLORADO WATER CONSERVATION BOARD
1313 SHERMAN STREET, ROOM 721
DENVER, CO 80203
PROMISSORY NOTE: $3,937,500, DATED DECEMBER 1, 2004
TERMS OF REPAYMENT: 4.05% PER ANNUM FOR 20 YEARS
LOAN CONTRACT: C 15012 1, DATED DECEMBER 1, 2004
COLLATERAL: All revenues pledged to repay the loan as described in Pledge
of Revenues provisions of the LOAN CONTRACT, and as
described in the Resolution of the Board of Directors of the
Little Thompson Water District acting by and through the Little
Thompson Water District Water Activity Enterprise dated
October 7, 2004 (attached as LOAN CONTRACT Appendix 3).
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 security interest in,.toe . bOVe.01Crlbed
COLLATERAL.
DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
1. That except for the security interest granted hereby and, an other securit i r
described in Section 5 of the Loan Contract Project Sum BTY.,
e o ner f r
If
the COLLATERAL free from any adverse lien, security interes, r e V um '
DEBTOR will defend the COLLATERAL against all claims and demands of all 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 whatsoever
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 for any 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 C150121