C153629 Contract - Laserfiche WebLink

Home Browse Search

Amendment as though they were expressly rewritten, incorporated, and included.. herein. . 3. The parties expressly agree that the due dates of all future payments shall be July 1 of every year, and the total amount borrowed, upon which the annual payments are based, is $16,255,724.12. 4. It is agreed the ORIGINAL CONTRACT is and shall be modified, altered, and changed in the following respects only: a. Paragraph B.16 shall be replaced by the following paragraph: 16. Repay to the STATE the principal amount of $16,255,724.12 with interest thereon at the rate of 5% per annum, said repayment to be made in 25 annual installments with the first of such installments having been paid on July 1, 1996 and July 1, 1997, and all subsequent installments shall be due and payable annually thereafter on July 1 of every year. Said annual installment payments shall be made payable to the Colorado Water Conservation Board at the offices of said Board in Denver, Colorado. b. Paragraph B.17 shall be amended to read as follows: a. Pledge of property. To evidence its ability to provide for the payment of the principal and the interest of the loan made to the Contractor pursuant to this contract, pledge revenues due and payable from the Rock Creek Reservoir Lease Agreement dated March 3, 1987 (attached hereto as Exhibit C and incorporated herein), as amended by the Agreement Amending Lease agreement effective July 21, 1992 (attached hereto as Exhibit D and incorporated herein), the letter agreement dated July 19, 1993, incorporated herein by reference, and the supplemental agreement dated December 12. 1995, incorporated herein by reference, all of which are hereinafter refen'ed to as the Denver Lease, in the amount of the first $1,153,383.57 received annually under the Denver Lease ("pledged revenues") and the Contractor's rights under the Denver Lease to receive said revenues pursuant to a Resolution by the Contractor's Board of Directors of an irrevocable pledge of revenue (attached hereto as Exhibit E and incorporated herein) and a Resolution of the CONTRACTOR'S Board of Directors attached hereto as Attachment 1 and incorporated herein. This contract between the State and the Contractor is contingent on the rights of the Contractor under the Denver Lease being assignable to the State if the Contractor defaults. The Contractor may not amend the lease agreement without the written concurrence of the State. If the Contractor defaults on its loan repayment obligation to the State or in the performance of any covenant or agreement contained herein, the Contractor hereby assigns its rights to the first $1,153,383.57 of revenues received annually under the Denver Lease to the State. Said assignment of contract rights is evidenced by the executed Conditional Assignment of Contract Proceeds attached hereto as Attachment 2 and incorporated herein. b. Pledged revenues to be kept separate. The CONTRACTOR hereby pledges said revenues to repay the STATE loan, agrees that the pledged revenues shall be set aside and kept in an account separate from other CONTRACTOR revenues, and warrants that the pledged revenues shall not be used for any other purpose. c. Security interest in the pledged property. The CONTRACTOR agrees that, in order to provide a security interest for the STATE in the pledged revenues so that the STATE shall have pridrityover all other competing claims for such revenues, it shall execute a Security Agreement, attached as Attachment 3 and incorporated herein. Furthermore, the CONTRACTOR acknowledges that the STATE shall perfect its security interest in the CONTRACTOR'S rights to receive the pledged revenues under the Denver Lease by filing a UCC-1 Form with the Colorado Secretary of State. d. Establishment of and conveyance of security interest in reserve account. The Contractor has established a reserve account in the amount of $1,500,000 and has conveyed a security Page 2 of 3