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<br />""'> > <br />~ O}'" . <br />c. The mort9"c'~ provides that the mortgagee', justly indebted to the <br />mortgagor in the amount of Three Hundred Thirteen Thousand Four Hundred <br />Twentv-Four Dollars ($313.424) and has agreed to pay the same with <br />interest. <br /> <br />d. The mortgage requires that mortgagor has good title to the premises <br />and warrants the same free of all encumbrances. <br /> <br />e. The mortgage provides for a future advance clause and provides that <br />such mortgagor shall pledge its full faith and credit to assure repayment <br />of the agreement loan to the mortgagee. <br /> <br />f. The mortgage provides that the mortgagor shall not demand or <br />otherwise allow the destruction of the security, will keep the security <br />insured to the extent such in$urance can be obtained, and shall maintain <br />the premises in good condition and repair and shall not suffer any waste <br />to the premises and shall comply with all statutes and requirements of <br />government authorities with j~risdiction. <br /> <br />g. The mortgage provides for events of default such as failure to pay <br />the indebtedness, breach of w~rranties, demolition or threatened waste of <br />the premises, or attachment of mechanics liens. <br /> <br />SECTION 6. Payment of Principal and Interest. There may be established <br />a special principal and interest f~nd to contain the proceedS from such <br />assessments which may be levied by assessment of water charges for the use of <br />municipal water either within or without the limits of the City of Greeley. <br /> <br />Nothing in this ordinance or in the creation of the afore-referenced fund <br />shall preclude the City from budgeting and applying such monies from other <br />funds as it deems necessary or exp~dient for the payment of the obligations <br />set forth herein or the prepayment of such obligations set forth herein. <br /> <br />SECTION 7. Execution of Collateral Documents. The Mayor, City Clerk, <br />Finance Director, City Attorney, ahd other appropriate officers of the City <br />are hereby authorized to execute Oh behalf of the City any collateral <br />documents appropriate or necessary, directly or indirectly, relating to the <br />subject matter of this ordinance. <br /> <br />SECTION 8. Severabilitv. If anyone or more sections or parts of this <br />ordinance shall be adjudged unenforceable or invalid, such judgment shall not <br />affect, impair, or invalidate the remaining proviSions of this ordinance, it <br />being the intention that various Provisions hereof are severable. <br /> <br />SECTION 9. Reoealer. All ordinances or parts thereof in conflict with <br />this ordinance are hereby repealed. <br /> <br />SECTION 10. Ordinance Irreoea1able. After the execution of the project <br />contract for Barnes Meadow Dam Rehabilitation and the mortgage, this ordinance <br />shall be and remain irrepealable until the contract shall have been fully <br />paid, satisfied and discharged. <br /> <br />.r <br /> <br />3 <br />