Laserfiche WebLink
<br />SECURITY AGREEMENT <br /> <br />DEBTOR: The Julesburg Irrigation District <br />315 Cedar <br />Julesburg, Colorado 80737 <br /> <br />FEDERAL 10 No: 84-6000185 <br /> <br />SECURED PARTY: STATE OF COLORADO for the use and benefit of <br />The Department of Natural Resources, Colorado Water Conservation Board <br />1313 Sherman Street Room 721 <br />Denver, CO 80203 ' <br /> <br />COUNTY: Logan (Code: 13) <br /> <br />COLLATERAL: Contract Rights (Code: 030) <br /> <br />DEBTOR, for consideration, hereby grants to SECU~ED PARTY a security interest in the following property and <br />any and all additions, accessions and substitutiorls thereto or therefor, hereinafter called the COLLATERAL: <br />Revenues from taxes and assessments pledged to repay the amount loaned to Debtor by Secured Party, as <br />described in the Pledge of Revenues.Provisions COrltained in Loan Contract No. C153827 (CONTRACT). <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note which is a part of CONTRACT <br />between the above named parties herewith, payatJle to the SECURED PARTY as follows: the loan amount of <br />$510,469 with interest at a rate Of 3.75% per annum, payable in 30 annual installments or until all principal, <br />Interest, and late charges, if any, are paid in full, in accordance with said Promissory Note. . <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />1 . That except for the security interest granted hereby DEBTOR is, or to the extent that this agreement states <br />that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from <br />any adverse lien, security interest or encumbrances; and that DEBTOR will defend the COLLATERAL against <br />all claims and demands of all persons at anytime claiming the same or any interest therein. <br /> <br />2 . That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement <br />goveming DEBTOR or to which DEBTOR is a party, <br /> <br />3 . That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do not prohibit any <br />term or condition of this agreement. <br /> <br />4 . That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its representations <br />herein, DEBTOR shall be estopped from asserting for any reason that it is not authorized to grant a security <br />interest in the COLLATERAL pursuant to the terms of this agreement. <br /> <br />5 . To pay all taxes and assessments of every nature which may be levied or assessed against the <br />COLLATERAL. <br /> <br />6 . To not permit or allow any <3dverse lien, security interest or encumbrance whatsoever upon the <br />COLLATERAL and not to permit the same to be attached or replevined. <br /> <br />7 . That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, <br />ordinances, articles of incorporation or by-laws. <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps the <br />COLLATERAL in an account separate from other revenues of DEBTOR and does not use the COLLATERAL for any <br />purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall have the immediate right to the <br />possession of the COLLATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following <br />events or conditions: <br /> <br />Appendix 4 to Loan Contract No. C153827 <br />