C153719 Contract - Laserfiche WebLink

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g. Collection costs. If the principal or accrued interest under this contract is not paid when due, the BORROWER agrees to pay all reasonable costs of collection, including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other committees. 10. Warranties. The BORROWER and the TOWN warrant the following: a. By acceptance of the loan money pursuant to the terms of this contract and by their representations herein, the BORROWER and the TOWN shall be estopped from asserting for any reason that the BORROWER and the TOWN, acting by and through the BORROWER, are not authorized or obligated to repay the loan money to the STATE as required by this contract. b. Both the BORROWER and the TOWN have full power and authority to enter into this contract. The execution and delivery of this contract and the performance and observation of its terms, conditions and obligations have been duly authorized by all necessary actions of the BORROWER and the TOWN. c. The BORROWER and the TOWN have not employed or retained any company' or person, other than a bona fide employee working solidly for the BORROWER and/or the TOWN, to solicit or secure this contract. The BORROWER and the TOWN have not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other consideration contingent upon or resulting from the award or the making of this contract. d. The Town of Johnstown Water Activity Enterprise is an enterprise legally created and maintained in compliance with s 37-45.1-101, et~, C.R.S., and Article X, Section 20 of the Colorado Constitution, and has authority to enter into this contract with the STATE. The BORROWER and/or the TOWN shall immediately notify the STATE in writing if the circumstances which formulate the basis of this warranty change. e. The collateral identified in the Collateral Provisions of this contract is not encumbered by any other liens or in any other manner. f. The BORROWER and the TOWN agree not to terminate or dissolve the BORROWER, nor adversely withdraw or deplete its assets, nor otherwise adversely affect the BORROWER'S ability to perform during the term of this contract. g. The specific revenues to be pledged to repay the STATE under this contract shall be water charges and fees, the establishment of which have been authorized by ordinance of the BORROWER. The TOWN and the BORROWER hereby pledge sufficient annual revenues to pay the annual installment amount pursuant to the Promissory Note provisions of this contract, and hereby agree to establish a separate account into which all such moneys shall be deposited. 11. Pledge of revenues. The TOWN and the BORROWER agree that the specific revenues to be pledged to repay the STATE shall include, but not be limited to, water charges and fees levied for that purpose as authorized by ordinance of the BORROWER. a. Revenues for this loan are to be kept separate. The TOWN and the BORROWER hereby irrevocably pledge such revenues to repay the STATE loan, agree that these revenues shall be set aside and kept in an account separate from other BORROWER revenues, and warrant that Town of Johnstown Water Activity Enterprise & Town of Johnstown Page 6 of 14 Loan Contract