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C153739 Contract
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C153739 Contract
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Last modified
3/7/2013 11:04:40 AM
Creation date
10/5/2006 11:42:56 PM
Metadata
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Loan Projects
Contract/PO #
C153739
Contractor Name
Aristrocrat Ranchettes Water Project, Inc.
Contract Type
Loan
Water District
2
County
Weld
Bill Number
SB 96-153
Loan Projects - Doc Type
Contract Documents
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<br />/ <br /> <br />'.. <br /> <br />interest required by the Promissory Note Provisions of the contract remain unpaid, without the prior <br />written concurrence of the STATE. <br /> <br />11. Remedies for default. Upon default in the payments herein set forth to be made by the <br />BORROWER, or default in the performance of arlY covenant or agreement contained herein, the <br />STATE, at its option, may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due and <br />payable; <br /> <br />b. incur and pay reasonable expenses for repair, maintenance, and operation of the PROJECT <br />facilities herein described and such expenses as may be necessary to cure the cause of <br />default, and add the amount of such expenditures to the principal of the loan amount <br /> <br />c. act upon the deeds of trust, security agreements, and promissory note; <br /> <br />d. take any other appropriate action. <br /> <br />All remedies described herein may be simultan@ously or selectively and successively enforced. <br />The provisions of this contract may be enforced by the STATE at its option without regard to prior <br />waivers of previous defaults by the BORROWER, through judicial proceedings to require specific <br />performance of this contract, or by such other 1'roceedings in law or equity as may be deemed <br />necessary by the STATE to ensure compliance with provisions of this contract and the laws and <br />regulations under which this contract is executed. The STATE'S exercise of any or all of the <br />remedies described herein shall not relieve the BORROWER of any of its duties and obligations <br />under this contract. .. <br /> <br />12. In event of a conflict. In the event of conflict between the terms of this contract and conditions as <br />set forth in any of the appendices, the provisions Of this contract shall control. <br /> <br />13. Pledge of revenues. The BORROWER agrees that the specific revenues to be pledged to repay the <br />STATE shall include, but not be limited to, water charges and assessments levied for that purpose <br />as authorized by resolution of the BORROWER. Furthermore, BORROWER agrees that <br /> <br />a. Revenues for this loan are to be kept si!parate. The BORROWER hereby pledges such <br />revenues to repay the STATE loan, agrees that these revenues shall be set aside and kept in an <br />account separate from other BORROWER revenues, and warrants that these revenues shall not <br />be used for any other purpose, except for repayment of the BORROWER'S loans from the U.S. <br />Farmer's Home Administration (currently known as and hereinafter referred to as RURAL <br />DEVELOPMENT) with current balances totaling approximately $672,000. <br /> <br />b. Establish parity status for this loan. Because the BORROWER has also pledged its water <br />charges and assessments to repay the BORROWER'S loans from RURAL DEVELOPMENT, the <br />BORROWER has obtained a Consent to ParitY from RURAL DEVELOPMENT, which is attached <br />hereto as Appendix E and incorporated herein. <br /> <br />c. Establish security interest in the revenues. The BORROWER agrees that, in order to provide <br />a security interest for the STATE in the pledged revenues so that the STATE shall have priority <br />over all other competing claims for such revenues, except for the BORROWER'S pledges of said <br /> <br />Aristocrat Ranchette Water Project, Inc. <br /> <br />Page 5 of 11 <br /> <br />loan Contract <br />
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