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PROJC00632
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PROJC00632
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Last modified
11/19/2009 11:44:04 AM
Creation date
10/6/2006 12:11:48 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153778
Contractor Name
Upper Yampa Water Conservancy District
Contract Type
Loan
Water District
0
County
Routt
Bill Number
SB 97-008
Loan Projects - Doc Type
Contract Documents
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<br />SECURITY AGREEMENT' <br /> <br />DEBTOR: Upper Yampa Water Conservancy District <br />P,O, Box 0339 <br />Steamboat Springs, CO 80488 <br /> <br />FEDERAL TAX NUMBER: 84-0776538 <br />COUNTY: Routt and Moffat (Code: 28 and 42) <br /> <br />SECURED PARTY: STATE OF COLORADO <br />Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL: Contract Rights (030) <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property <br />and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the <br />COLLATERAL: All revenues derived from DEBTOR'S sale of water and power and from taxes and <br />assessments levied to repay the indebtedness on the amount loaned to DEBTOR by SECURED PARTY, as <br />described in the Pledge of Revenues provisions in contract #C153778 (CONTRACT). <br /> <br />To secure payment of the indebtedness evidenced by a Promissory Note which is part of the CONTRACT <br />between the above named parties herewith, in the amount of $2,000,000 at a 4)1,% interest rate for a term <br />of twenty years, payable to the SECURED PARTY until all principal and interest are paid in full. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />1, That except for the security interest granted hereby, DEBTOR is, or to the extent this agreement states <br />that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free <br />from any adverse lien, security interest or encumbrances; and that DEBTOR will defend the COLLATERAL <br />against all claims and demands of all persons at anytime claiming the same or any interest therein. <br /> <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement <br />goveming DEBTOR or to which DEBTOR is a party. <br /> <br />3, That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do not prohibit <br />any term or condition of this agreement <br /> <br />4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its <br />representations herein, DEBTOR shall be estopped from asserting for any reason that it is not <br />authorized to grant a security interest in the COLLATERAL pursuant to the terms of this agreement <br /> <br />5. To pay all taxes and assessments of every nature which may be levied or assessed against the <br />COLLATERAL <br /> <br />6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the <br />COLLATERAL and not to permit the same to be attached or replevined. <br /> <br />7, That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, <br />ordinances, articles of incorporation or by-laws. <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps the <br />COLLATERAL in an account separate from other revenues of DEBTOR and does not use the COLLATERAL for <br /> <br />Appendix Eto Contract #C153778 <br />
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