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C153857 PIF
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C153857 PIF
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Last modified
2/27/2019 11:19:13 AM
Creation date
2/27/2019 11:18:56 AM
Metadata
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Loan Projects
Contract/PO #
C153857
Contractor Name
Western Mutual Ditch Company
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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SECURITY AGREEMENT <br /> DEBTOR: The Western Mutual Ditch Company <br /> 1007 9th Avenue <br /> Greeley, CO 80631 <br /> FEDERAL TAX NUMBER: 84-0350690 <br /> COUNTY: WELD (CODE: 03) <br /> SECURED PARTY: State Of Colorado, Colorado Water Conservation Board <br /> 1313 Sherman Street, Room 721 <br /> Denver, CO 180203 <br /> COLLATERAL: CONTRACT RIGHTS (CODE 030) <br /> DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following <br /> property and any and all additions, accessions and substitutions thereto or therefor, hereinafter <br /> called the COLLATERAL: All revenues derived from assessments levied to repay the indebtedness on the <br /> amount loaned to DEBTOR by SECURED PARTY, and all rights of DEBTOR to receive such assessment <br /> revenues from its stockholders, as described in pledge of property provisions in Loan Contract No. <br /> C153857 ("Contract"). <br /> To secure payment of the indebtedness evidenced by the Promissory Note which is a part of <br /> CONTRACT, between the above named parties herewith, payable to the SECURED PARTY in the amount <br /> of $100,000 payable in 20 annual installments in accordance with the Promissory Note or until all <br /> principal and interest are paid in full. <br /> DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> 1 . That except for the security interest granted hereby, and subject to the terms of the Escrow <br /> Agreement, incorporated herein by reference, DEBTOR is, or to the extent that this agreement <br /> states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the <br /> COLLATERAL free from any adverse lien, security interest or encumbrances; and that DEBTOR will <br /> defend the COLLATERAL against all claims and demands of all persons at anytime claiming the <br /> same or any interest therein by, through or under DEBTOR.n NI 1 <br /> DEBTOR 11 � <br /> 2 .That the execution and delivery of this agreement by DEBTOR will not violate any law or <br /> agreement governing DEBTOR or to which DEBTOR is a party. <br /> 3. That, if DEBTOR is a corporation, its certificate or articles of incorporation and by-laws do not <br /> prohibit any term or condition of this agreement. <br /> 4. That, by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its <br /> representations herein, DEBTOR shall be estopped from asserting for any reason that it is not <br /> authorized to grant a security interest in the COLLATERAL pursuant to the terms of this <br /> agreement. <br /> 5. To pay all taxes and assessments of every nature which may be levied or assessed against the <br /> COLLATERAL. <br /> 6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the <br /> COLLATERAL and not to permit the same to be attached or replevined. <br /> 7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations <br /> or ordinances, articles of incorporation or by-laws. <br /> Appendix 5 to Loan Contract C153857 <br />
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