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PROJC00763
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PROJC00763
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Last modified
11/19/2009 11:17:52 AM
Creation date
10/6/2006 12:13:17 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153747
Contractor Name
Consolidated Extension Canal Company
Contract Type
Loan
Water District
67
County
Bent
Bill Number
EIA
Loan Projects - Doc Type
Contract Documents
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<br />~, <br /> <br />AMENDED SECURITY AGREEMENT <br /> <br />DEBTOR: Consolidated Extension Canal Company <br />550 15th Street, Suite 900 <br />Denver, CO 80202-4256 <br /> <br />FEDERAL TAX NUMBER: 84-0176965 <br /> <br />COUNTY: DENVER (CODE: 01) <br /> <br />SECURED PARTY: State of Colorado - Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL: Contract Rights (Code: 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 special stockholder assessments on stock and all of DEBTOR'S <br />right to received said assessment revenues assessments, as described in Pledge of Revenues provisions <br />in Contract No. C153747, as amended. <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note of CONTRACT No. C153747, <br />as amended, between the above named parties herewith, payable to the SECURED PARTY, the loan amount <br />of $229,430.90 for a period of 30 years in accordance with said Promissory Note or until all principal and <br />interest are paid in full. The Parties are amending this security agreement as part of Amendment No. 1 to <br />the Loan Contract to reduce the loan amount to $229,430.90. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />1. That except for the security interest granted hereby, DEBTOR is, or to the extent that this agreement <br />states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL <br />free from any adverse lien, security interest or encumbrances; and that DEBTOR will defend the <br />COLLATERAL against all claims and demands of all persons at anytime claiming the same or any interest <br />therein. <br /> <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement <br />governing 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 DE~TOR may have possession of the COLLATERAL, provided that DEBTOR keeps the <br /> <br />Attachment B to Loan Contract C153747 Amendment No.1 <br />
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