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PROJ00327
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Last modified
12/17/2009 8:42:50 AM
Creation date
10/5/2006 11:49:50 PM
Metadata
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Loan Projects
Contract/PO #
C153465
Contractor Name
City of Cortez and Dolores Water Conservancy District
Contract Type
Loan
Water District
71
County
Dolores
Bill Number
HB 83-1102
Loan Projects - Doc Type
Contract Documents
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<br />hereby mortgaged, whether now mortgaged, later substituted <br />for, or acquired subsequent to the date of this mortgage and <br />extensions or modifications thereof. Mortgagor. upon request, <br />made either personally or by mail, shall certify by a writing, <br />duly acknowledged, to Mortgagee or to any proposed assignee of <br />this mortgage, the amount of principal and interest then owing <br />on the Secured Indebtedness and whether or not any offsets or <br />defenses exist against the Secured Indebtedness, within six <br />(6) days in case the request is made personally, or within ten <br />(10) days after the mailing of such request in case the <br />request is made by mail. <br /> <br />Notwithstanding any taking of any property, herein <br />mortgaged and agreed to be mortgaged, by eminent domain, <br />alteration of the grade of any street or other injury to. or <br />decrease in value of, the Premises by any pUblic or <br />quasi. pUblic authority or corporation, Mortgagor shall <br />continue to pay principal and interest on the Secured <br />Indebtedness, and any reduction in the Secured Indebtedness <br />resulting from the application by Mortgagee of any award or <br />payment for such taking. alterations, injury or decrease in <br />value of the Premises, as hereinafter set forth. shall be <br />deemed to take effect only on the date of such receipt; and <br />such award Or payment may, at the option of Mortgagee, be <br />retained and applied by Mortgagee toward payment of the <br />Secured Indebtedness, or be paid over, wholly or in part, to <br />Mortgagor for the purpose of altering, restoring or rebuilding <br />any part of the Premises which may have been altered, damaged <br />or destroyed as a result of any such taking, alteration of <br />grade. or other injury to the Premises. or for any other <br />purpose or object satisfactory to Mortgagee;- rrut Mortgagee <br />shall not be obligated to see to the application of any amount <br />paid over to Mortgagor. If, prior to the receipt by Mortgagee <br />of such award or payment. <br /> <br />Upon the occurrence of anyone of the following events <br />(herein called an "Event of Default"): <br /> <br />(i) should Mortgagor fail to pay the Secured <br />Indebtedness, or any part thereof, or the periOdic deposits <br />for insurance and other charges, as hereinbefore provided, <br />when and as the same shall become due and payable as provided <br />in the Agreement; <br /> <br />(ii) should any warranty of Mortgagor herein contained, <br />or contained in any instrument, document, transfer, <br />conveyance, assignment or loan agreement given with respect to <br />the Secured Indebtedness, prove untrue or miSleading in any <br />material aspect; <br /> <br />-6- <br />
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