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<br /> <br />I <br /> <br />. <br /> <br />\ OIR <br />SC <br />ASC <br />F <br />I <br />L <br />E <br /> <br />-= <br />-.. -\ <br />~f.~~ <br /> <br />I <br />" <br />:; 4.' (~ <br />~:/ Ci,,~fCE!VfO/ <br />, ! - 1 1993 <br />IN ( ',: C'llVce <br />~'/ <br />Wams ;:; <br />A corpo n, <br />EIN 84-0491966 <br />Debtor. <br /> <br /> <br />THE UNITED STATES BANKRUPl'CY COURT <br />FOR THE DISTRICT OF COLORADO <br /> <br />Inc. <br /> <br />) <br />) <br />) <br />) <br />) <br /> <br />Case No. 88 <br /> <br />A <br /> <br />Chapter 12 <br />MC No. KSC-01 <br /> <br />DEBTOR'S MOTION TO OBTAIN CREDIT <br />AND TO APPROVE SUBORDINATION AGREEMENT <br /> <br />COMES NOW, the Debtor, Wamsley Cattle company, Inc., and <br />moves the Court for an Order approving an agreement between the <br />Debtor and the state of Colorado wherein the Debtor will obtain <br />$~5,000.00 in the form of a loan, and also to approve a related <br />subordination agreement among and between the Debtor, the State <br />of Colorado and the Farm Credit Bank of wichita, and in support <br />shows: <br /> <br />1. The Debtor is currentl~ operating successfully under a <br />Chapter 12 Reorganizat1on Plan which has ,been fully <br />confirmed and approved by this court. The Debtor has <br />complied with the terms of the Plan and has made the <br />payments required thereunder. <br /> <br />2. The state of Colorado is authorized to loan money for the <br />construction of water projects. There is a reservoir <br />located on the Debtor's ranch in Jackson County, Colorado, <br />which is known as the Pole Mountain Dam and Reservoir <br />("Reservoir"). The Reservoir is in need of repairs, and the <br />State of Colorado has agreed to advance funds to the Debtor <br />in the sum of $45,000 in order to rehabilitate the Reservoir <br />facilities. The loan will be repaid pursuant to the <br />following terms. <br /> <br />A) Interest - at the rate of 3% per annum; <br /> <br />B) Payments Annual installment of $1,946.70 each; <br /> <br />C) Term 40 years. <br /> <br />3. As security for the loan, the state will require that the <br />Debtor execute a Deed of Trust conveying to the State the <br />Reservoir and the surrounding land plus decreed water <br />storage rights for the Reservoir. <br /> <br />4. A copy of the Contract between the Debtor and the State of <br />Colorado is attached hereto, marked Exhibit A. <br /> <br />5. <br /> <br />The rehabilitation of the Reservoir <br />the Debtor, as it will increase the <br />ranch. <br /> <br />will be of benefit to <br />value of the Debtor's <br />