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C153795 Contract
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C153795 Contract
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Last modified
5/8/2015 2:49:25 PM
Creation date
10/6/2006 12:19:19 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153795
Contractor Name
Farmers Independent Ditch Company
Contract Type
Loan
Water District
2
County
Weld
Bill Number
SPL
Loan Projects - Doc Type
Contract Documents
Supplemental fields
Water Division
1
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<br />Furthermore, BORROWER agrees that <br /> <br />a, Revenues For This Loan Are To Be Kept Separate. The BORROWER hereby agrees <br />that the pledged revenues shall be set aside and kept in an account separate from other <br />BORROWER revenues, and warrants that these revenues shall not be used for any other <br />purpose. <br /> <br />b. Establish Security Interest. The BORFlOWER 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, and an Assignment of Deposit Account as <br />Security, attached as Appendix 6 and incorporated herein, prior to the disbursement of <br />any loan funds. The BORROWER acknowledges that the STATE shall perfect its security <br />interest in the BORROWER'S right to receive assessment revenues by filing a UCC-1 Form <br />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 the STATE. <br /> <br />d. Assessments For Operations, Maint~nance 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 on an annual basis for the first ten years of this <br />loan. <br /> <br />15. Remedies For Default. Upon default in the payments herein set forth to be made by the <br />BORROWER, or default in the performance of any covenant or agreement contained herein, <br />the STATE, at its option, may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately <br />due and payable; <br /> <br />b. incur and pay reasonable expenses for repair, maintenance, and operation of the <br />PROJECT facilities herein described and such expenses as may be necessary to cure the <br />cause of default, and add the amount of such expenditures to the principal of the loan <br />amount; <br /> <br />c. act upon the Promissory Note, Security Agreement, and Assignment Of Deposit Account <br />As Security, <br /> <br />The Farmers Independent Ditch Company <br /> <br />Page 7 of 14 <br /> <br />Loan Contract ' <br />
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