Laserfiche WebLink
<br />, <br />~\ .1 ~ <br /> <br />SUBORDINATIO~ AGREEMENT <br /> <br />THIS AGREEMENT is between THE WAMSLEY CATTLE COMPANY. a <br />Colorado corporation, hereinafter called .wamsley", THE STATE OF <br />COLORADO FOR THE USE AND BENEFI'l' OF THE DEPARTMENT OF NATURAL <br />RESOURCES (Colorado Water Conserv~tion Board). hereinafter called <br />the "Colorado Water Conservatiol) Board", FARM CREDIT BANK OF <br />WICHITA. formerly known as The Federal Land Bank of Wichita. <br />hereinafter called "Farm Credit Bank". and is for good and valuable <br />consideration as follows: <br /> <br />1. This Agreement is contingent upon the written approval of <br />the Bankruptcy COurt in Case No, 88 B :2833A. Chapter 12. now <br />'-pending in the united States Bankruptcy Court for the bistrict of <br />Colorado and shall not be effective until approved, <br /> <br />2. The Farm Credit Bank is holder of a First Farm and Ranch <br />Mortgage dated February 15. 1982, and recorded on March 23. 1982. <br />in Book 146 beginning at page 709 ~f the records of Jackson County. <br />State of Colorado. and an Additional Collateral Security Agreement <br />dated July 15. 1991. and recorded September 17. 1991. in Book 168 <br />beginning at Page 745. both secur~ng a debt in the original amount <br />of $782.000.00 and covering the pI'operty described on Exhibits "A" <br />and "B" attached hereto and inC;orporated by reference herein, <br />excluding any land ~escribed in partial releases of record. <br /> <br />It is agreed that the reservoir, its appurtenances, ditch <br />rights pertaining to it, improvem~nts, water rights. and easements <br />are encumbered by the mortgage to the Farm Credit Bank, <br /> <br />, <br /> <br />3, That wamsleys heretofor~ filed a Chapter 12 bankruptcy in <br />the United States Bankruptcy COUrt for the District of Colorado <br />under Case No. 88 B 12833A, Chapter 12. <br /> <br />4, That wamsleys own a ranch in Jackson County and on that <br />ranch is a reservoir known as the Pole Mountain Reservoir which has <br />a Decree for 1905.2 acre feet, The Decree is dated December 10, <br />1971. This reservoir is in need of repair. wamsleys have a <br />proposed contract with the State of Colorado (the Colorado Water <br />Conservation Board) which will make available $45,000 under the <br />terms of that agreement to rehabilitate the Pole Mountain dam and <br />reservoir facilities, The projeCt has been approved by the State <br />of Colorado acting through the Department of Natural Resources and <br />the Colorado Water conservation Board, The State will be repaid <br />over 40 years, if not sooner, in ~nnual payments, and will receive <br />a promissory note secured by a Deed of Trust to secure this indebt, <br />edness, The form which will be used is the Bradford PubliShing <br />Deed of Trust (short form) No, 9~3C rev, 1-86. The State desires <br />to have a first lien on the reservoir property, and Farm Credit <br /> <br />EXHIBIT B-2 <br />