C153542 Paid in Full Documents

• Contract/PO #: C153542
• Contractor Name: County of Montrose
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

L . The Contractor agrees and understands that sections
37-60- 119 through 37-60-122, CRS, as amended , require that the
loan of money by the State to the Contractor for this water
project be 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 including, without being limited to , the actions
specified in this contract.
M. 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
agrees to provide the State a perfected security interest in
the form provided by the State irrevocably pledging such
revenues on the date of execution of this contract .
N. The Contractor warrants that it has duly passed a
Resolution by its stockholders, as provided in its By-Laws,
authorizing: the Contractor to enter into this contract with
the State to borrow the principal sum of One Hundred Sixty-Nine
Thousand Six Hundred Dollars ($169 , 600) ; the making and
levying of an assessment(s) sufficient to pay off this
contract loan pursuant to its terms and to discharge this
lawful indebtedness ; the setting aside of this assessment
revenue in a special fund separate and apart from other
Contractor revenues to assure repayment of this revenue to the
State; and the signing of a security interest in such
assessment revenues in favor of the State to secure the
repayment . The Resolution of the Contractor and the security
interest of the Contractor are conditions precedent to State
performance and shall be attached hereto and included herein by
this reference.
t.O. The Contractor. warrants that in the eve •t 4 a id f It by
the Contractor in the repayment to the Sta .J C __ p4n3 ritten
notice thereof from the State, the Cont:ract:or shall , pursuant
to its By-Laws, immediately take all ri c = ry. ig,ns to_levy
an additional assessment and to pledge a ' : ;.ti r "`vinues in
sufficient amount and in a timely mannereef c., - h 4ef4ul,t
and to repay the State as required by the contract . "u'c
additional revenues shall be deemed covered by the existing
security interest.
P. The Contractor warrants that the security interest executed
by the Contractor in favor of the State 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 .
Q. The Contractor warrants that by acceptance of the loan
money pursuant to the terms of this contract and by the
Contractor ' s representation herein, the Contractor shall be
estopped from asserting for any reason that it is not
authorized or obligated to repay the loan money to the State as
required by this contract.
R. All notices , correspondence, or other documents required by
this contract shall be delivered or mailed to the following
addresses :
(a) For the State: (b) For. the Contractor:
Director Fruitland Irrigation Company
Colorado Water Conservation Board Route 1, Box 34
721 State Centennial Building Crawford , CO 81415
1313 Sherman Street Attn: Norbert Jackson,
Denver, CO 80203 President
Attn: Nick Ioannides
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