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PROJC00816
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Last modified
4/26/2011 10:12:17 AM
Creation date
10/6/2006 12:14:20 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150026
Contractor Name
Ute Water Conservancy District
Contract Type
Loan
Water District
72
County
Mesa
Bill Number
SB 99-173
Loan Projects - Doc Type
Contract Documents
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<br />AMENDED SECURITY AGREEMENT <br /> <br />DEBTOR: Ute Water Activity Enterprise <br />P.O. Box 460 <br />Grand Junction, CO 81502-0460 <br /> <br />FEDERAL TAX NUMBER: 84-6013629 <br /> <br />COUNTY: MESA <br /> <br />SECURED PARTY: State of Colorado - Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <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: Water system revenues pledged to repay the indebtedness on the amount loaned to DEBTOR <br />by SECURED PARTY, as described in pledge of revenues provisions in contract No. C150026, as amended <br />(CONTRACT). <br /> <br />To secure payment of the indebtedness evidenced by the Promissory Note between the above named. <br />parties in the total amount of $17,000,000.00 at an interest rate of 4.90% per annum for a term of 30 <br />years, payable by DEBTOR to the SECURED PARTY until all principal, interest, and late charges, if any, are <br />paid in full in accordance with said Promissory Note. This security agreement amends the security <br />agreement dated April 12, 2000, to document the increased loan amount of $17,000,000.00. <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 <br />agreement states that the COLLATERAL is to be acquired after the date hereof, will be, the <br />owner of the COLLATERAL free from any adverse lien, security interest or encumbrances, <br />except for DEBTOR'S Water Revenue Refunding Bonds, Series 1995 and Series 1997, <br />DEBTOR'S Water Revenue Bonds Series 2000, and existing loans from SECURED PARTY; and <br />that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at <br />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 <br />agreement governing DEBTOR or to which DEBTOR is a party. <br /> <br />3. 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 <br />agreement. <br /> <br />4. 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, without the prior written <br />consent of SECURED PARTY. <br /> <br />5. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, <br />regulations, ordinances, articles of incorporation or by-laws. <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR <br />keeps the COLLATERAL in an account separate from other revenues of DEBTOR and does not use <br />the COLLATERAL for any purpose not permitted by the CONTRACT. Upon default, SECURED PARTY <br />shall have the immediate right to the possession of the COLLATERAL. <br /> <br />Attachment 3 to Contract C150026 Amendment No.1 <br />
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