My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
C150009 Contract
CWCB
>
Loan Projects
>
Backfile
>
2001-3000
>
C150009 Contract
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/5/2015 2:48:23 PM
Creation date
10/6/2006 12:05:50 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150009
Contractor Name
Boulder and Left Hand Irrigation Company
Contract Type
Loan
Water District
5
County
Boulder
Bill Number
SPL
Loan Projects - Doc Type
Contract Documents
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
55
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
g. Promissory Note Provisions. The Promissory Note setting forth the terms of repayment and <br />evidencing this loan in the amount of up to $100,000 at an interest rate of 3.75% per annum for a <br />term of 20 years is attached as Appendix 2 and incorporated herein. <br />a. Interest During Construction. As the loan funds are disbursed by the STnTE to the BoRROwEa <br />during construction, interest shall accrue at the rate of 3.75%. The STaTE shall calculate the <br />amount of the interest accrued during construction and the BoRROwER shall repay that amount <br />to the STaTE either within ten (10) days after the date the STnTE determines that the PRO�ECT <br />has been substantialiy comple[ed, or, at the STArE'S discretion, said interest shall be deducted <br />from the final disbursement of loan funds that the SraTE makes to the BoRROwER. <br />b. Final loan amount. In the event that the final loan amount is at least 90% Of th2 AUTHORIZED <br />LOaN AMOUNT, the S7aTE shali apply the remaining loan amount to reduce the final loan <br />amount and the annual loan payment as shown in the Promissory Note shall remain the same. <br />If the remaining loan funds is less than 90% Of th2 AUTHOfiIZED LOAN AMOUNT, the STarE may <br />apply the remaining loan amount to reduce the final loan amount with the BoRROwER's <br />consent, or the STA7E and the BoaROwER shall execute a REVisioN LErrER attached hereto as <br />Appendix 3 and incorporated herein, which will estabiish the final loan amount and shall amend <br />or replace the loan documents that reflect the final loan amount, including the Promissory <br />Note, Security Agreement, Oeed of Trust, and Assignment of Deposit Account as Security. <br />10. Warranties. <br />a. The BoRROwER warrants that, by acceptance of the loan money pursuant to the terms of this <br />contra.ct and by the BoRROwEa's representation herein, the BoRROwea shall be estopped from <br />asserting for any reason that it is not authorized or obligated to repay the loan money to the <br />SraTE as required by this contract. <br />. <br />b. The BoaaOwER warrants that it has full power and authority to enter into this contract. The <br />execution and delivery of this contract and the performance and observation of its terms, <br />conditions and obligations have been duly authorized by all necessary actions of the <br />BORFiOW ER. <br />c. The Boaaowea warrants that it has not empioyed or retained any company or person, other <br />than a bona fide employee working solely for the BoRROwER, to solicit or secure this contract <br />and has not paid or agreed to pay any person, company, corporation, individual, or firm, other <br />than a bona fide employee, any fee, commission, percentage, gift, or other consideration <br />contingent upon or resulting from the award or the making of this contract. <br />d. The BoRROwER warrants that the property identified in the Collateral Provisions of this contract <br />is not encumbered by any other deeds of trust to or liens of any party other than the STarE or in <br />any other manner. <br />11. Collateral. Part of the security provided for this loan, as evidenced by the executed Deed of Trust <br />attached as Appendix 3 and incorporated herein, shall be an undivided one hundred percent (100%) <br />interest in the BoaROwER's Twin Lakes Dam and Reservoir, as more particularly described in the <br />attached Deed of Trust, hereinafter referred to as "collateral." <br />12. Pledge Of Property. The BoaaowER hereby irrevocably pledges to the STarE for purposes of <br />repayment of this loan revenues from assessments levied for that purpose as authorized by the <br />BoRROwER's resolution and all of the BORROwER's rights to receive said assessment revenues from <br />its members (hereinafter collectively referred to as the "pledged property'). Furthermore, BORROWER <br />agrees that: <br />Boulder & Left Hand Irngation Company Page 5 of 12 � Loan Contract <br />
The URL can be used to link to this page
Your browser does not support the video tag.