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<br />" <br /> <br />". <br /> <br />, <br /> <br />, . <br /> <br />t ) <br /> <br />() <br /> <br />c. The mortgage provides that the mortgagee is justly indebted to <br />the mortgagor in the amount of Two Hundred Fifty Thousand Dollars <br />($250,000) and has agreed to pay the same with interest. <br /> <br />d. The mortgage requires that mortgagor has good title to the <br />premises and warrants the same free of all encumbrances. <br /> <br />e. The mortgage provides for a future advance clause and provides <br />that such mortgagor shall pledge its full faith and credit to <br />assure repayment of the agreement loan to the mortgagee. <br /> <br />f. The mortgage provides that the mortgagor shall not demand or <br />otherwise allow the destruction of the security, will keep the <br />security insured to the extent such insurance can be obtained, and <br />shall maintain ,the premises in good condition and repair and shall <br />not suffer any waste to the premises and shall comply with all <br />statutes and requirements of government authorities with <br />jurisdiction. <br /> <br />g. The mortgage provides for events of default such as failure to <br />pay the indebtedness, breach of warranties, demolition or <br />threatened waste 'of the premises, or attachment of mechanics <br />1 iens. <br /> <br />SECTION 6. Payment of Principal and Interest. There may be established <br />a special principal and interest fund to contain,the proceeds from such" <br />assessments which may be levied by assessment of water charges for the use of <br />municipal water either within or without the limits of the City of Greeley. <br /> <br />~; I <br /> <br />" , <br />, .. <br />Nothing in this' ordinance or ln the(creation of the,afore":'referenced <br />fund shall preclude the City from budgeting:a,~nd applying 'such monies from <br />other funds as it deemsiiecessary or expedient for the payment of the <br />obligations set forth herein or the prepayment of such obligations set forth <br />herein.' ' <br /> <br />SECTION 7. Execution of Collateral Documents. The Mayor, City Clerk, <br />Finance, Di rector, City Attorney ,and other appropriate officers of the City <br />are hereby ,authorized to execute on behalf of the City any collateral <br />documents appropriate or necessary, directly or indirectly, relating to the <br />sUbject matter of this ordinance. <br /> <br />SECTION 8. Severability. If anyone or more sections or parts of this <br />ordinance shall be adjudged unenforceable or invalid, such judgment shall not <br />affect, impair, or invalidate the remaining provisions of this ordinance, it <br />being the intention that various provisions hereof are severable. <br /> <br />SECTION 9. Repealer. All ordinances or parts thereof in conflict with <br />this ordinance are hereby repealed. <br /> <br />SECTION 10. Ordinance Irrepealable. After the execution of the project <br />contract for Hourglass Dam Rehabilitation and the mortgage, this ordinance <br />shall be and remain irrepealable until the contract shall have been fully <br />paid, satisfied and discharged. <br /> <br />1& <br />