PROJC01289 - Laserfiche WebLink

Home Browse Search

STATE OF COLORADO / DEBTOR: NORWOOD WATER COMMI and TOWN OF NORWOOD P. O. Box 528 Norwood, CO 81423 UNIFORM COMMERCIAL CODE - SECURITY AGREEME Norwood Water Commission's FederallD # 84-1309729 Town of Norwood's FederallD # 84-6000701 SECURED PARTY: STATE OF COLORADO for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 CLASSIFICATION OF COLLATERAL: _X_ Contract Rights x Other DEBTOR, for consideration, hereby grants to SeCURED PARTY a security interest in the following property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: Revenues 8S described in the Pledge of Revenues Provisions of the Loan Contract #C153700. To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of the loan Contract described above, between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: loan amount of $320,000 in accordance with the Promissory Note Provisions of said Loan Contract. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest granted hereby DEBTOR is, or to the extent that this agreement states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest or encumbrances; and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming the same or any interest therein. 2. The COLLATERAL is used or bought primarily for: business 3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at the above address. 4. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAl. 5. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAl. 6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to permit the same to be attached or replevined. 7. That the COllATERAL is in good condition, and that the DEBTOR will. at its own expense, keep the same in good condition and from time to time, forthwith, replace and repair all such parts of the collateral as may be broken, worn out, or damaged without allowing any lien to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECURED PARTY may examine and inspect the COLLATERAL at any time, wherever located. 8. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances. 9. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire (including so.called extended coverage), theft and such other casualties as the SECURED PARTY may reasonably require, including collision in the case of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such periods, and written by such companies or underwriters as the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the DEBTOR as their interest may appear. All policies of insurance shall provide for at least ten days' prior written notice of cancellation to the SECURED PARTY; and the DEBTOR shall furnish the SECURED PARTY with certificates of such insurance or other evidence satisfactory to the SECURED PARTY as to compliance with the provisions of this paragraph. The SECURED PARTY may act as attorney for the DEBTOR in making, adjusting and settling claims under or canceling such insurance and endorsing the DEBTOR'S name on any drafts drawn by insurers of the COllATERAl. APPENDIX F