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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 />(ii) pay any sums in any form Dr manner deemed expedient <br />by Mortgagee to protect the security of this instrument Dr to <br />cure any event of default other than payment of interest or <br />principal on Secured Indebtedness; maKe any payment hereby <br />authorized to be made according to any bill, statement or <br />estimate furnished or procured from the appropriate public <br />officer or the party Claiming payment without inquiry into the <br />accuracy or validity thereof. and the receipt of any such <br />pUblic officer or party in the hands of Mortgagee shall be <br />conclusive evidence of the validity and amount of items so <br />paid, in which event the amounts so paid, with interest <br />thereon from the date of such payment at the rate of five <br />percent (5') per annum. shall be added to and become a part of <br />the Secured Indebtedness and be immediately due and payable to <br />Mortgagee; and Mortgagee shall be subrogated to any <br />encumbrance, lien. claim or demand. and to all the rights and <br />securities for the payment thereof. paid or discharged with <br />the principal sum secured herebY or by Mortgagee under the <br />provisions hereof. and any such subrogation rights shall be <br />additional and cumulative security to this instrument; <br /> <br />(iii) declare the note and the whole indebtedness secured <br />by this mortgage. including all payments for taxes. <br />assessments. insurance premiums. liens. costs. expenses and <br />attorney's fees herein specified. without notice to Mortgagor <br />(such notice being hereby expressly waived). to be due and <br />collectible at once, by foreclosure or otherwise; <br /> <br />(iv) require the mortgagee, in writing. to use general <br />funds to rectify any repayment default and to repay the <br />Agreement debt. pursuant to ,the pledge of full fait'h- and----~ ---- -,----- <br />credit by Mortgagor; <br /> <br />(v) pursue any and all remedies available under the <br />Uniform Commercial Code or as otherwise provided in the <br />Agreement. <br /> <br />If at any time in the discretion of Mortgagee a <br />receivership may be necessary to protect the Premises. whether <br />before or after maturity of the indebtedness hereby secured. <br />or at the time of or after the institution of suit to collect <br />such indebtedness or to enforce this mortgage, Mortgagee <br />shall, have the right to the appointment on ex parte <br />application. by any court having jurisdiction. of a receiver <br />to taKe charge of. manage. preserve. protect and operate the <br />Premises and any business or businesses located thereon. to <br />collect the rents, issues. profits. and income thereof. to <br />maKe all necessary and needed repairs. and to pay all <br />assessments against the Premises and insvrance premiums for <br />insurance thereon and after the payment of the expenses of the <br />receivership. including reasonable attorney's fees to <br />Mortgagee's attorney. and after compensation for management of <br />the property. to apply the net proceeds in reduction of the <br /> <br />-8- <br />
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