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<br />:<~') <br /> <br />c. take possession of the PROJECT, repair, maintain, and operate or lease it; <br /> <br />d. act upon the deed of trust, security interest, and promissory note; <br /> <br />e. take any other appropriate action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively enforced. <br />The provisions of this contract may be enforced by the STATE at its option without regard to prior <br />waivers of previous defaults by the BORROWER, through judicial proceedings to require specific <br />performance of this contract, or by such other proceedings in law or equity as may be deemed <br />necessary by the STATE to ensure compliance with provisions of this contract and the laws and <br />regulations under which this contract is executed. <br /> <br />11. No sale or conveyance of any collateral. The BORROWER shall not sell, convey, assign, grant, <br />transfer, mortgage, pledge, encumber, or otherwise dispose of any collateral for this loan, including <br />the PROJECT or any portion thereof or the assessment revenues pledged to repay the loan herein, so <br />long as any of the principal and any accrued interest required by the Promissory Note Provisions of <br />the contract remain unpaid without the prior written concurrence of the STATE. <br /> <br />12. If there is a conflict. In the event of conflict between the terms of this contract and <br />conditions as set forth in any of the appendices, the provisions of this contract shall control. <br /> <br />13. Pledge of revenues. The BORROWER agrees that the specific revenues to be pledged to repay <br />the STATE shall include, but not be limited to, assessments levied for that purpose as approved by a <br />majority of the shareholders or by the Board of Directors pursuant to ~ 7-42-104, C.R.S. (1 986) and <br />authorized by a resolution by the Board of Directors of the BORROWER. Furthermore, BORROWER agrees <br />that <br /> <br />a. Revenues for this loan are to be kept separate. The BORROWER hereby pledges such <br />revenues to repay the STATE loan, agrees that these revenues will be set aside and kept in an <br />account separate from other BORROWER revenues, warrants that these revenues will not be <br />used for any other purpose, and agrees to provide the STATE a perfected security interest such <br />that the STATE has priority over all other competing claims for such secured revenues. <br /> <br />b. Establish security interest in the revenues. The BORROWER agrees that in order to provide <br />a security interest for the STATE irrevocably pledging such revenues, it will provide a <br />completed and properly executed Uniform Commercial Code Security Agreement and <br />Financing Statement, attached hereto and incorporated herein as Appendix C. No monies <br />shall be advanced prior to BORROWER providing this completed and properly executed form. <br /> <br />c. UCC agreement renewal. The BORROWER shall, within thirty (30) days prior to the end of <br />the fourth year that this contract is in effect and every five (5) years thereafter, deliver to the <br />STATE a fully and properly executed Continuation Statement (Form UCC-3) of the security <br />interest (UCC Security Agreement and Financing Statement) required by this contract. <br /> <br />d. Levy charges and fees for repayment of the loan. The BORROWER shall, pursuant to its <br />articles of incorporation, by-laws, statutory authority, and as authorized by its resolution(si, <br />annually seek from its. stockholders sufficient assessments, and take all necessary actions <br />consistent therewith to levy assessments sufficient to pay this contract loan in a timely <br />manner and as required by the terms and conditions herein. Should the stockholders fail to <br /> <br />APPLETON ML350 DITCH COMPANY, INC. LOAN CONTRACT <br /> <br />Page 6 of 11 <br />