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<br />~. .( <br /> <br />a. The mortgag~.~Jrovides that the cOloradJJater conservation <br />Board shall take a mortgage interest as provided by Colorado law <br />in the Rehabilitation of Peterson Dam. . <br /> <br />b. The mortgage provides that all the afore-referenced items are <br />real . property or fixtures and that if the same shall be <br />considered to be personal property under Colorado law or the <br />Uniform Commercial Code, the mortgage shall be deemed to be a <br />security agreement in personal property and shall be treated as <br />such. <br />c. .The mortgage provides.that the mortgagor is justly indebted <br />to the mortgagee in the amount of Six Hundred Twentv Thousand <br />Five Hundred Ninetv six Dollars ($620.596) and has agreed to pay <br />the same with interest. . <br /> <br />d. The mortgage requires that mortgagor has good title to the <br />premises and warrants the same free' of all encumbrances. <br /> <br />e. The mortgage provides for a' f!lture advance clause and <br />provides that such mortgagor shall pledge its full faith and <br />credit. to assure repayment of the agreement loan -to the <br />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 <br />security insured to the extent such insurance can be obtained, <br />and shall maintain the premises in good condition and.repair and <br />shall not suffer any waste to the premises and shall comply with <br />all, statutes and requirements of governmeIlt authorities with <br />jurisdiction. <br /> <br />g.. The mortgage prpvides for eVents of default.such as failure <br />to pay the indebtedness, breach of warranties, demolition or <br />threatened waste of the premises, 'or attachment of mechanics <br />liens; ,. <br /> <br />. SECTION .6. Payment of Principal and Interest. There may be <br />established a special principal and interest fund to contain the <br />proceeds from such assessments which may be levied by assessment of <br />water charges for the use of municipal water either within or <br />without the limits of the City of Greeley. <br /> <br />Nothing in this. ordinance or in the creation of the afore- <br />referenced fund shall preclude the City from budgeting and applying <br />such monies from other .funds as it deems necessary or expedient for <br />the payment of the obligations set. forth herein or the prepayment <br />of such obligations set forth herein. <br /> <br />SECTION 7. Execution of Collateral Documents. The Mayor, City <br />Clerk,'. Finance Director, City Attorney, and other appropriate <br />office~s of the City are hereby authorized to execute on behalf of <br />the City any collateral documents appropriate or necessary, <br />directly or indirectly, relating to the subject matter of this <br />ordinance. <br /> <br />~, <br />