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PROJ00497
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Last modified
11/19/2009 11:25:15 AM
Creation date
10/5/2006 11:58:13 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C153620
Contractor Name
Clinton Ditch and Reservoir Company
Contract Type
Loan
Water District
36
County
Summit
Bill Number
SB 90-87
Loan Projects - Doc Type
Contract Documents
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<br />,f I ( <br /> <br />(h) The Shares of Borrower's stock to be <br />pledged pursuant to this Agreement shall be validly issued. <br />As to each Owner pledging its Shares, Borrower's records <br />reflect that such Shares represent all shares of Borrower's <br />stock presently owned by such Owner. All of such Shares in <br />the aggregate constitute 82.5 percent of all authorized, <br />issued and outstanding shares of Borrower. <br /> <br />4. Borrower's Covenants. <br />of the Loan, Borrower shall: <br /> <br />until payment in full <br /> <br />(a) Duly and punctually payor cause to be paid <br />in lawful money of the United states, the principal and <br />interest on the Loan upon the dates, at the place and in the <br />manner set forth in the Notes and herein. <br /> <br />(b) Maintain Borrower's corporate existence in <br />good standing under the laws of the State of Colorado, and <br />qualify and maintain its rights to conduct its affairs in all <br />jurisdictions where its activities and ownership of assets are <br />such that such qualification is necessary under the laws of <br />such jurisdictions. <br /> <br />(c) Maintain, preserve and keep the Reservoir <br />in good repair, working order and condition; manage and <br />operate the Reservoir in an efficient and economical manner; <br />assume all legal liability vis-a-vis Lender for the <br />maintenance, preservation, repair, management and operation of <br />the Reservoir; and indemnify and hold Lender harmless from any <br />liability incurred by Lender solely as a result of Lender's <br />security interest in the Shares. <br /> <br />(d) Duly and punctually pay and discharge all <br />taxes, assessments and other charges against Borrower prior to <br />the date when they shall become delinquent, and all charges <br />for labor, materials and supplies which if unpaid might become <br />a lien against the Reservoir, unless contested in good faith <br />and by appropriate proceedings. <br /> <br />(e) Keep all of Borrower's insurable property, <br />real and personal, adequately insured at all times against <br />fire and against such other risks and in such amounts as are <br />customary by similar businesses, and fully insure against its <br />employer's and public liability risks in good and responsible <br />insurance companies. Proof of such insurance shall be <br />provided to Lender. <br /> <br />(f) Keep proper books of record and account in <br />which full, true and correct entries will be made of all <br />dealings, business and affairs, and permit Lender by its duly <br /> <br />Page 6 of 13 <br />
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