Laserfiche WebLink
<br />used for any other purpose. <br /> <br />b. Establish Security Interest In The Revenues. The BORROWER agrees that, in order to provide a <br />security interest for the STATE in the pledged revenues so that the STATE shall have priority over <br />all other competing claims for such revenues, it shall execute a Security Agreement, attached as <br />Appendix D and incorporated herein. Furthermore, the BORROWER acknowledges that the STATE <br />shall perfect its security interest by filing a Uniform Commercial Code Financing Statement with <br />the Colorado Secretary of State. <br /> <br />c. Assessments For Repayment Of The Loan. The BORROWER shall, pursuant to its statutory <br />authority, articles of incorporation and bylaws, and as authorized by its resolution, annually seek <br />from its stockholders sufficient assessments, and to take all other necessary actions consistent <br />therewith to levy assessments sufficient to pay this contract loan in a timely manner and as <br />required by the terms and conditions of this contract. Should the stockholders fail to set any such <br />assessments, the BORROWER shall make adequate assessments for the purpose of repaying its <br />obligations under this contract pursuant to ~ 7-42-104(2), C.R.S. (1986), In addition, in the event <br />the assessments levied by the BORROWER become insufficient to assure repayment to the STATE <br />as required by the terms and conditions of this contract, then the BORROWER shall immediately <br />take all necessary action consistent with its statutory authority, its articles of incorporation, bylaws <br />and resolutions, including but not limited to, levying additional assessments to raise sufficient <br />revenue to assure repayment of the loan to the STATE. <br /> <br />18. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal and <br />any accrued interest as specified in the Promissory Note Provisions of this contract, the STATE agrees <br />to file a UCC-3 form with the Secretary of State to terminate all of the STATE'S rights in and to the <br />revenues pledged to repay this loan. <br /> <br />19. Designated Agent Of The STATE. The CWCB, which includes its agents and employees, is hereby <br />designated as the agent of the STATE for the purpose of this contract. <br /> <br />20. Contract Assignment. This contract is not assignable by the BORROWER except with the prior <br />written approval of the STATE. <br /> <br />21. Contract Relationship. The parties to this contract intend that the relationship between them <br />contemplated by this contract is that of lender-borrower, not employer-employee, No agent, <br />employee, or servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, or <br />servant of the STATE. The BORROWER shall be solely and entirely responsible for its acts and the acts <br />of its agents, employees, servants, engineering firms, construction firms, and subcontractors during <br />the performance of this contract. <br /> <br />22. Complete Integration Of All Understandings. This agreement is intended as the complete <br />integration of all understandings between the parties. No prior or contemporaneous addition, deletion, <br />or other amendment hereto shall have any force or effect whatsoever unless embodied herein in <br />writing. No subsequent novation, renewal, addition, deletion, or other amendment hereto shall have <br />any force or effect unless embodied in a written contract executed and approved pursuant to STATE <br />fiscal rules. <br /> <br />23. Captions. The captions and headings contained in this contract are for convenience and reference <br />onlyal"!d shall not be construed so as to define or limit the terms or provisions contracted herein, <br /> <br />24. STATE'S Approval. This contract requires review and approval of plans, specifications, and various <br /> <br />. f"'~.."'.. I ~__ .,...__..~__~ <br />