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execution and delivery of this contract and the performance and observation of its terms, <br /> conditions and obligations have been duly authorized by all necessary actions of the <br /> BORROWER. <br /> c. The BORROWER warrants that it has not employed or retained any company or person, other <br /> than a bona fide employee working solely for the BORROWER, to solicit or secure this contract <br /> and has not paid or agreed to pay any person, company, corporation, individual, or firm, other <br /> than a bona fide employee, any fee, commission, percentage, gift, or other consideration <br /> contingent upon or resulting from the award or the making of this contract. <br /> d. The BORROWER warrants that the property identified in the Collateral Provisions of this <br /> contract is not encumbered by any other deeds of trust to or liens of any party other than the <br /> STATE or in any other manner. <br /> 12. Collateral. Part of the security provided for this loan, as evidenced by the executed Deed of <br /> Trust, attached as Appendix 4 and incorporated herein, shall be an undivided one hundred <br /> percent (100%) interest in the following, hereinafter referred to as Security: all easements and <br /> rights-of-way appurtenant thereto, all improvements thereon, and all other physical and legal <br /> features known as Equalizer Reservoir, consisting of approximately 70.925 acres, located in <br /> Larimer County, Colorado, as more particularly described in the deed of trust. <br /> 13. Collateral During Repayment. The BORROWER shall not sell, convey, assign, grant, transfer, <br /> mortgage, pledge, encumber, or otherwise dispose of any of the property provided as security for <br /> this loan, or any of the assessment revenues pledged to repay the loan herein, so long as any of <br /> the principal and any accrued interest on this loan which remain unpaid, without the prior written <br /> concurrence of the STATE. In the event of any such sale, transfer or encumbrance without the <br /> STATE'S written concurrence, the STATE may at any time thereafter declare all outstanding <br /> principal and interest on this loan immediately due and payable. <br /> 14. In Event Of A Conflict. In the event of conflict between the terms of this contract and conditions <br /> as set forth in any of the appendices, the provisions of this contract shall control. <br /> 15. Pledge Of Property. The BORROWER hereby irrevocably pledges to the STATE for purposes of <br /> repayment of this loan revenues from assessments levied for that pu&pose as authorized by the <br /> BORROWER'S resolution and all of the BORROWER'S rights to receives id_assessment revenues <br /> from its members (hereinafter collectively referred to as the "pledged 'pr pert fr). Furthermore, <br /> BORROWER agrees that <br /> a. Revenues For This Loan Are To Be Kept Separate. The BORROWER hereby agrees to set <br /> aside and keep the pledged revenues in an account separate from other BORROWER <br /> revenues, and warrants that it shall not use the pledged revenues for any other purpose. <br /> b. Establish Security Interest. The BORROWER agrees that, in order to provide a security <br /> interest for the STATE in the pledged property so that the STATE shall have priority over all <br /> other competing claims for said property, it shall execute a Security Agreement, attached <br /> hereto as Appendix 5 incorporated herein, prior to the disbursement of any loan funds, and <br /> an Assignment of Deposit Account as Security, in the form attached as Appendix 6 and <br /> incorporated herein. The BORROWER acknowledges that the STATE shall perfect its security <br /> interest in the BORROWER'S right to receive assessment revenues by filing a UCC-1 Form with <br /> the Colorado Secretary of State. <br /> Greeley & Loveland <br /> Irrigation Company Page 6 of 13 Loan Contract <br />