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C153701 Contract
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C153701 Contract
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Last modified
3/7/2013 7:50:04 AM
Creation date
10/6/2006 12:08:08 AM
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Loan Projects
Contract/PO #
C153701
Contractor Name
Fort Morgan, City of & Fort Morgan Water Works and Distribution Enterprise
Contract Type
Loan
Water District
1
County
Weld
Bill Number
SB94-029
Loan Projects - Doc Type
Contract Documents
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<br />-., <br />, . <br /> <br />c. Duration. The repayment period of this loan shall be forty (401 years. <br /> <br />d. Loan payment. If the amount borrowed is the MAXIMUM LOAN AMOUNT. payments would be made <br />in forty (40) annual installments of TWO HUNDRED SEVENTY-SEVEN THOUSAND EIGHT HUNDRED <br />SEVENTY-NINE Dollars & NINETEEN Cents ($277 ,879.19). which amount is principal and interest. The <br />first installment shall be due and payable one 11) year after the STATE issues the loan funds to the <br />BORROWER. and yearly thereafter until the entire principal sum and any accrued interest shall have been <br />paid. Installment payments are to be made payable to the CWCB at the address given herein. <br /> <br />e. Prepayment conditions. The BORROWER may prepay all or any of the loan at any time, without <br />penalty. These payments will be applied fi'st to any accrued interest and then to reduce the principal <br />amount. <br /> <br />5. Collateral. The security provided for this loan shall be the following: <br /> <br />1) Pledge of proceeds of any sale of the CITY'S and/or BORROWER'S interest in the Allotment Contract. <br />secured by a Uniform Commercial Code Security Agreement and Financing Statement. incorporated herein <br />as APPENDIX E, and <br /> <br />2) Piedge of the CITY'S and/or BORROWER'S CONTRACT RIGHTS under the Allotment Contract as described in <br />the Remedies provisions of this contract, and secured by a Uniform Commercial Code Security Agreement <br />and Financing Statement, incorporated herein as APPENDIX F. <br /> <br />3) Pledge of revenues, more fully described in the Pledge of Revenues Provisions of this contract, and <br />secured by a Uniform Commercial Code Security Agreement and Financing Statement, incorporated herein <br />as APPENDIX G. <br /> <br />6. Remedies for default. Upon default in the payments herein set forth to be made by the BORROWER, or <br />default in the performance by the CITY or the BORROWER of any covenant or agreement contained herein. the STATE, <br />at its option. may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due and payable; <br />b. incur and pay reasonable expenses for repair, maintenance, and operation of the PROJECT herein <br />described and such expenses as may be necessary to cure the cause of default; <br /> <br />c. enforce its security interest in exercising or temporarily assigning the CITY'S and/or BORROWER'S CONTRACT <br />RIGHTS under the Allotment Contract. <br /> <br />il If the STATE does enforce its security interest in exercising or temporarily assigning the CITY'S and/or <br />BORROWER'S CONTRACT RIGHTS under the Allotment Contract, the STATE lor the party to whom the STATE <br />lawfully leases or temporarily assigns the CITY'S and/or BORROWER'S interest therein) shall fully perform <br />the obligations and receive the benefits thereunder, subject to the terms of the Allotment Contract. The <br />STATE agrees to exercise the CITY'S and/or BORROWER'S CONTRACT RIGHTS under the Allotment Contract <br />in a manner that will ensure delivery of sufficient water to meet the actual needs of the CITY'S and/or <br />BORROWER'S customers. The STATE agrees to apply revenues received as a result of its exercise or <br />temporary assignment of such CONTRACT RIGHTS after payment of expenses authorized herein to the <br />payment of principal and interest due hereunder with any excess payable to the BORROWER. The STATE <br />agrees not to permanently transfer or assign all or any part of the CITY'S and/or BORROWER'S CONTRACT <br />RIGHTS under the Allotment Contract. <br /> <br />ii) The STATE further agrees to return to the CITY and/or BORROWER all CONTRACT RIGHTS under the <br />Allotment Contract as soon as possible after the default has been cured and the City and/or BORROWER <br />reasonably demonstrates that it is competent to comply with all the terms of the Allotment Contract. <br /> <br />CITY OF FORT MORGAN. COLORADO, WATER <br />WORKS AND DISTRIBUTION ENTERPRISE <br /> <br />Page 4 of 10 <br /> <br />LOAN CONTRACT <br />
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