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PROJC00971
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PROJC00971
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Last modified
8/1/2013 10:36:56 AM
Creation date
10/6/2006 12:16:27 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150041
Contractor Name
Woodchuck Ditch Company
Contract Type
Loan
Water District
58
County
Routt
Bill Number
SPL
Loan Projects - Doc Type
Contract Documents
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<br />withdrawn by the STATE for this purpose shall be replenished by the BORROWER within sixty <br />days after such withdrawal. The STATE shall not disburse any loan funds under this contract <br />until the BORROWER has established the CD ACCOUNT. <br /> <br />Additional security provided for this loan, as evidenced by the executed Deed of Trust <br />attached as Appendix 4 and incorporated herein, shall be an undivided one hundred percent <br />(100%) interest in a 400-ioot portion of the BORROWER'S ditch, as more particularly described <br />in the attached Deed of Trust, hereinafter referred to as "collateral." <br /> <br />12. Pledge Of Property. The BORROWER hereby irrevocably pledges to the STAlE lor <br />purposes of repayment of this loan revenues from assessments levied for that purpose as <br />authorized by the BORROWER'S resolution and all of the BORROWER'S rights to receive said <br />assessment revenues from its members (hereinafter collectively referred to as the <br />"pledged property"), Furthermore, BORROWER agrees 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 revenues 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 />other competing claims for said property, it shall execute a Security Agreement, attached <br />hereto as Appendix 5 incorporated herein, The BORROWER acknowledges that the STATE <br />shall perfect its security interest in the BORROWER'S right to receive assessment revenues <br />by filing a UCC-1 Form with the Colorado Secretary of State, <br /> <br />c. Assessments For Repayment Of The Loan. Pursuant to its statutory authority, articles <br />of incorporation and by-laws, and as authorized by its resolution, the BORROWER shall <br />take all necessary actions consistent therewith to levy assessments sufficient to pay this <br />loan as required by the terms of this contract and the promissory note, In the event the <br />assessments levied by the BORROWER become insufficient to assure such repayment to <br />the STATE, the BORROWER shall immediately take all necessary action consistent with its <br />statutory authority, its articles of incorporation, bylaws and resolution, including, but not <br />limited to, levying additional assessments to raise sufficient revenue to assure repayment <br />of the loan to lIle ::'TAII::, <br /> <br />d. Assessments For Operations, Maintenance And Reserves. Pursuant to its statutory <br />authority, articles of incorporation, by-laws, and resolutions, the BORROWER shall levy <br />assessments from time to time as necessary to provide sufficient funds for adequate <br />operation and maintenance, emergency repair services, obsolescence reserves and debt <br />service reserves, BORROWER shall deposit an amount equal to one-tenth of an annual <br />payment into its debt service reserve fund one year from the first loan disbursement, and <br />annually thereafter for the first ten years of this loan, In the event that the Borrower <br />applies funds from this account to repayment of the loan, the Borrower shall replenish the <br />account within ninety (90) days of withdrawal of the funds, <br /> <br />13. Change of Use of Water Shares During Term of Contraet. The BORROWER agrees to notify <br />the STATE of any change of the use of the water rights represented by its shares from irrigation <br />to municipal or commercial use, at which time the STATE, at its discretion, may adjust the <br />interest rate on that portion of the outstanding loan amount corresponding to the percentage of <br /> <br />Woodchuck Ditch Company <br /> <br />Page 6 of 13 <br /> <br />Loan Conlract <br /> <br />... .' <br />
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