Laserfiche WebLink
<br />AMENDED SECURITY AGREEMENT <br /> <br />DEBTOR: Ute Water Activity Enterprise <br />P.O. Box 460 <br />Grand Junction, CO 81502-0460 <br /> <br />FEDERAL TAX NUMBER: 84-6013629 <br /> <br />COUN1Y: MESA (CODE: 08) <br /> <br />SECURED PARTY: State of Colorado - Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property <br />and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the <br />COLLATERAL: Water system revenues pledged to repay the indebtedness on the amount loaned to <br />DEBTOR by SECURED PARTY, as described in pledge of revenues provisions in contract No. C153670B <br />(CONTRACT). <br /> <br />To secure payment of the indebtedness evidenced by the Promissory Note between the above named <br />parties in the total amount of $10,137,500 at an interest rate of 4.936% per annum for a tenn of 30 years, <br />payable by DEBTOR to the SECURED PARTY until all principal, interest, and late charges, if any, are paid in full <br />in accordance with said Promissory Note. This security agreement amends the security agreement dated <br />March 15, 1995, to document the increase in the loan amount of $2,600,000 for a total loan amount of <br />$10,137,500.00. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />1. That except for the security interest granted hereby, DEBTOR is, or to the extent that this agreement <br />states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the <br />COLLATERAL free from any adverse lien, security interest or encumbrances, except for DEBTOR'S <br />Water Revenue Refunding Bonds, Series 1995 and Series 1997 and existing loans from SECURED <br />PARTY; and that DEBTOR will defend the COLLATERAL against all daims and demands of all persons at <br />anytime daiming the same or any interest therein. <br /> <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement <br />goveming DEBTOR or to which DEBTOR is a party. <br /> <br />3. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its <br />representations herein, DEBTOR shall be estopped from asserting for any reason that it is not <br />authorized to grant a security interest in the COLLATERAL pursuant to the terms ~f this.agreement <br /> <br />4. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the <br />COLLATERAL and not to permit the same to be attached or replevined, without the prior written consent <br />of SECURED PARTY. <br /> <br />5. That the DEBTOR will not use the COLLATERAL in violation of any applicable staMes, regulations, <br />ordinances, artides of incorporation or by-laws, <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps <br />the COLLATERAL in an account separate from other revenues of DEBTOR and .does . not use 'the <br />COLLATERAL for any purpose not permitted by the CONTRACT. Upon default, SECURED PARrY shall have <br />the immediate right to the possession of the COLLATERAL. <br /> <br />Attachment D to Contract C153670B Amendment No.3 <br />