Laserfiche WebLink
<br />I' <br /> <br />LOAN CONlRACT <br />Lower Arkansas <br />Water Management Association <br />Feasibility Study <br /> <br />- <br /> <br />6f. (No Prepayment Penalty): The Borrower may prepay the loan in full at any <br />time, at the Borrower's option, for which there shall be no prepayment penalty. <br /> <br />6g. (Make Advanced Principal Payments without Penalty): The Borrower has the <br />right to prepay any part of the principal at any time without penalty. In the event of any <br />prepayment, this Contract shall not be treated as in default with respect to payment so long <br />as the unpaid balance of principal and interest is less than it would have been had the <br />periodic payments been made as stated above. <br /> <br />6h. (Not Sell or Convey any Collateral until the Loan is Repaid): The Borrower <br />shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise <br />dispose of the collateral for this loan, or any portion thereof, or the assessment revenues <br />pledged to repay the loan herein, so long as any of the principal and any accrued interest <br />required by the Promissory Note of the contract remain unpaid, without the prior written <br />concurrence of the State. <br /> <br />7. (DEED OF TRUST PROVISIONS): <br /> <br />7a. (Security for the Loan): As security for the loan to be made to it by the State, <br />. the Borrower has executed a deed of trust as shown in Appendix D. The security provided <br />therein shall be an undivided one hundred percent (100%) interest in the following: <br /> <br />ALL WATER RIGHTS, LAND, AND FACILITIES OWNED BY THE BORROWER <br />AND ASSOCIATED WITH THE FOLLOWING WELLS: <br /> <br />NAME <br />Flint Well No, 1 <br />Flint Well No.2 <br />Kelly Well <br />Baxter Well <br />State Well <br />Crurn Well <br />Hardin Well <br />Hammit Well <br /> <br />NUMBER <br />24l58-RF <br />24467-F <br />019743-F <br />019794-F <br />20725-F <br />019793-F <br />019792-F <br />10243-F <br /> <br />LEGAL DESCRIPTION <br />NE1I4 NE1I4. SEC 10 T23S R43W <br />NW1I4 NE1I4 SEC 10 T23S R43W <br />NE1I4 NW1I4 SEC 25 T22S R44W <br />NW1I4 NW1I4 SEC 9 T23S R42W <br />SE1I4 SE1I4 SEC 3 T23S R43W <br />NW1I4 SE1I4.SEC 10 T23S R42W <br />NW1I4 NW1I4 SEC 11 T23S R43W <br />NE1I4 NW1I4 SEC 14 T23S R43W <br />ALL OF THE 6TH P.M., PROWERS <br />COUNTY, COLORADO <br /> <br />Page 5 of 12 Pages <br /> <br />- . <br />