PROJ00157 - Laserfiche WebLink

Home Browse Search

11 The irrigation system including three pump stations, easements, and approximately 1 acre of land affiliated with the system, as more fully described in the executed deed of trust, attached hereto and incorpmated herein, and referred to as APPENDIX D. 10. Remedies for default. Upon default in the payments herein set forth to be made by the BORROWER, or default in the performance of any covenant or agreement contained herein, the STATE, at its option, may: a. declare the entire principal amount and accrued interest then outstanding immediately due and payable; b. for the account of the BORROWER, incur and pay reasonable expenses for repair, maintenance, and operation of the PROJECT herein described and such expenses as may be necessary to cure the cause of default; c. take possession of the PROJECT, repair, maintain, and operate or lease it; d. act upon the deed of trust, security interest, and promissory note; e. take any other appropriate legal action. All remedies described herein may be simultaneously or selectively and successively enforced. The provisions of this contract may be enforced by the STATE at its option without regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings to require specific performance of this contract, or by such other proceedings in law or equity as may be deemed necessary by the STATE to ensure compliance with provisions of this contract and the laws and regulations under which this contract is entered into. 11. No sale or conveyance of any collateral until the loan is repaid. The BORROWER shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the PROJECT, collateral or any portion thereof or the assessment revenues pledged to repay the loan herein, so long as any of the principal and any accrued interest required by the promissory note provisions of the contract remain unpaid without the prior written concurrence of the STATE. 12. This contract controls if there is a conflict. In the event of conflict between the terms and conditions as set forth in the any of the appendices, provisions of this contract shall control. 13. Pledge of revenues. The BORROWER agrees that the specific revenues to be pledged to repay the STATE shall include, but not be limited to, an assessment levied for that purpose as authorized by the ordinances of the BORROWER referred to above as Appendices Band C. a. Revenues for this loan are to be kept separate. The BORROWER hereby irrevocably pledges such revenues to repay the STATE loan, and agrees that these revenues will be set aside and kept in an account separate from other BORROWER revenues, warrants that these revenues will not be used for any other purpose, and agrees to provide the STATE a perfected security interest such that the STATE has priority over all other competing claims for such secured revenues. b. Establish security interest in the revenues. The BORROWER agrees that, in order to provide a security interest for the STATE irrevocably pledging such revenues on the date of execution of this contract, it will provide a Uniform Commercial Code Security Agreement and Financing Statement, completed and properly executed, incorporated herein as APPENDIX E. No monies shall be advanced prior to BORROWER providing this form. c. Renewal of UCC agreements in fourth year. The BORROWER will, within thirty (30) days prior to the end of the fourth year that this contract is in effect and every five (51 years thereafter, deliver to the STATE a fully and properly executed Continuation Statement (Form UCC-31 for each of the UCC Security Agreement and Financing Statements required by this contract. d. Levy charges and fees for repayment of the loan. The BORROWER shall, pursuant to the election held November 8, 1994, statutory authority and as authorized by its ordinances, take all necessary actions consistent therewith to provide sufficient funds for adequate operation and maintenance, emergency repair TOWN OF SILT Page 5 of g LOAN CONTRACT