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<br />."":.''\ <br />;," <br />,,1 <br /> <br />--.) <br />'.' : <br /> <br />this contract and by the BORROWER'S representation herein, the BORROWER shall be <br />estopped from asserting for any reason that it is not authorized or obligated to repay the <br />loan money to the STATE as required lJY this contract. <br /> <br />b. The BORROWER warrants that it has full power and authority to enter into this contract. The <br />execution and delivery of this contract and the performance and observation of its terms, <br />conditions and obligations have been duly authorized by all necessary actions of the <br />BORROWER. <br /> <br />c. The BORROWER warrants that it has not employed or retained any company or person, <br />other than a bona fide employee worKing solely for the BORROWER, to solicit or secure this <br />contract and has not paid or agreed to pay any person, company, corporation, individual, <br />or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other <br />consideration contingent upon or resulting from the award or the making of this contract. <br /> <br />d. The BORROWER warrants' that the prOperty identified in the Collateral Provisions of this <br />contract is not encumbered by any other deeds of trust to or liens of any party other than <br />. the STATE or in any other manner. <br /> <br />12. Collateral. Part of the security provided fOr this loan, as evidenced by the executed Deed of <br />Trust, attached as Appendix 4 and incorporated herein, shall be an 'undivided one hundred <br />percent (100%) interest in the following, hereinafter referred to as Security: all. easements and <br />right;;-of-way appurtenant thereto and all improvements thereon and all other physical and legal <br />features known as the Left Hand Valley D:3ms and Reservoir, as more particularly described in . <br />the attached deed of trust. <br /> <br />13. Collateral During Repayment. The BORROWER shall not sell, convey, assign, grant, transfer, <br />mortgage, pledge, encumber, or otherwise dispose of any of the property provided. as security <br />for this loan, or any of the assessment revenues pledged to repay the loan herein, so long as <br />any of the principal and any accrued interest on this loan which remain unpaid, without the prior <br />written concurrence of the STATE. In the event of any such sale, transfer or encumbrance <br />without the STATE'S written concurrence, the STATE may at any time thereafter declare all <br />outstanding principal and interest on this loan immediately due and payable. <br /> <br />14.ln Event Of 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 />15. Pledge Of Property. The BORROWER hereby irrevocably pledges to the STATE for purposes of <br />repayment of this loan revenues in the amount of the annual payments due under this contract <br />derived from assessments levied for that purpose as authorized by the BORROWER'S resolution <br />and all of the BORROWER'S rights to receive said assessment revenues from its members <br />(hereinafter collectively referred to as the "pledged property"). Furthermore, BORROWER agrees <br />that <br /> <br />a. Revenues For This Loan Are To Be Kept Separate. The BORROWER hereby agrees to <br />set aside and keep the pledged revel'1ues in an account separate from other BORROWER <br />revenues, and warrants that it shall not use the pledged revenues for any other purpose. <br /> <br />b. Establish Security Interest. The BoRROWER agrees that, in order to provide a security <br />interest for the STATE in the pledged property so that the STATE shall have priority over all <br /> <br />Left Hand Ditch Company <br /> <br />P&lge 6 of 13 <br /> <br />Loan Contract <br />