Laserfiche WebLink
<br />.. <br /> <br />! <br /> <br />contract. the State agrees to convey to the Contractor all of <br />the State's right. title. and interest in and to the project <br />and any other property described in paragraph B.14. above by <br />deed or other proper conveyance. <br /> <br />K. The Colorado Water Conservation Board. its agents and <br />employees. is hereby designated as the agent of the State for <br />the purpose of this contract. <br /> <br />L. The Contractor agrees and understands that sections , <br />37-60-119 through 37-60-122. CRS. as amended. require that the <br />loan of money by the State to the Contractor for this water <br />project be conditioned upon the repayment of the loan to the <br />State. The Contractor hereby agrees to take any and all <br />actions necessary to guarantee such repayment as provided <br />herein including. without being limited to. the actions <br />specified in this Contract. <br /> <br />M. The Contractor agrees that the specific revenues to be <br />pledged to repay the State shall include. without being limited <br />to. an assessment levied for that purpose as authorized by <br />Resolution of the Contractor. The Contractor hereby pledges <br />such assessment re~enues to repay the State loan. warrants that <br />these revenues will not be used for any other purpose. and <br />agrees to provide the State a perfected security interest in <br />the form provided by the State irrevocably pledging such <br />revenues on the date of execution of this contract. <br /> <br />N. The Contractor warrants that it has duly passed a <br />Resolution by its noard of Directors. as provided in its <br />By-Laws. authorizing: the Contractor to enter into this <br />contract with the State to borrow the principal sum of One <br />Hundred Thousand Dollars ($100.000); the making and levying of <br />an assessment(s) sufficient to payoff this contract loan <br />pursuant to its tetms and to discharge this lawful <br />indebtedness; the ~etting aside of this assessment revenue in a <br />special fund separqte and apart from other Contractor revenues <br />to assure repayment of this revenue to the State; and the <br />signing of a security interest in such assessment revenues in <br />favor of the State to secure the repayment. The Resolution of <br />the Contractor and the security interest of the Contractor are <br />conditions precedent to State performance and shall be attached <br />hereto and included herein by this reference. <br /> <br />O. The Contractor warrants that in the event of a default by <br />the Contractor in the repayment to the State. and upon written <br />not~ce thereof f:om t~e State. the Contractor shal~. p~s~~~~ the stock- <br />to Its By-Laws. lm~edlately take all necessary actlonw to 1Yevy hPlders <br />an additional asse~sment and.to pledge additional revenues in Jj;.( <br />sufficient amount and in a timely manner to cure the default ~ (i <br />and to repay the State as required by the contract. Such ( .u \ <br />addit~ona~ revenue~ shall be deemed covered by the existing ~ <br />securIty Interest. <br /> <br />P. The Contractor warrants that the security interest executed <br />by the Contractor in favor of the State.to ,secure' repayment of <br />this loan is a valid security interest which shall be binding <br />against the Contra~tor and that the Contractor has perfected <br />this security intetest such that the State has priority over <br />~11 0ther cowoetin~ claims foe such secured revenues. <br /> <br />Q. The Contractor warrants that by acceptance of the loan <br />money pursuant to the terms of this contract and by the <br />Contractor1s repretentation herein. the Contractor shall be <br />estopped from asserting for any reason that it is not <br />authorized or obligated to repay the loan money to the State as <br />required by this contract. <br /> <br />Page ~ of 11 Pages <br />