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PROJC01591
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PROJC01591
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Last modified
6/18/2010 3:28:58 PM
Creation date
10/6/2006 12:26:02 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150011
Contractor Name
Consolidated Mutual Water Company, The
Contract Type
Loan
Water District
7
County
Jefferson
Bill Number
SB 99-173
Loan Projects - Doc Type
Contract Documents
Supplemental fields
Water Division
1
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<br />" <br /> <br />". <br /> <br />incorporated herein. which will establish the final loan amount and amend or replace the <br />loan documents that reflect the final loan amount, including the Promissory Note, Security <br />Agreement, Deed of Trust, and Assignment of Certificate of Deposit. <br /> <br />1 O. Warranties. <br /> <br />a. The BORROWER warrants that, by acceptance of the loan money pursuant to the terms of this <br />contract and by the BORROWER'S representation herein, the BORROWER shall be estopped <br />from asserting for any reason that it is not authorized or obligated to repay the loan money to <br />the STATE as required by this contract. <br /> <br />b. The BORROWER warrants that it has full power and authority to enter into this contract. The <br />execution and delivery of this contract and the performance and observation of its terms, <br />conditions and obligations have been duly authorized by all necessary actions of the <br />BORROWER. <br /> <br />c. The BORROWER warrants that it has not employed or retained any company or person, other <br />than a bona fide employee working solely for the BORROWER, to solicit or secure this contract <br />and has not paid or agreed to pay any person, company, corporation, individual, or firm, other <br />than a bona fide employee, any fee, commission, percentage, gift, or other consideration <br />contingent upon or resulting from the award or the making of this contract. <br /> <br />d. The BORROWER warrants that the property identified in the Collateral Provisions of this <br />contract is not encumbered by any other deeds of trust to or liens of any party other than the <br />STATE or in anyother manner. <br /> <br />11 IS oan, as evidenced by the executed Deed of <br />Trust, Stock Assignment and Security Agreement, attached as Appendix D, Appendix E, and <br />Appendix F, respectively, .and incorporated herein, shall be an undivided one hundred percent <br />(100%) interest in 2,841/40 shares in The Agricultural Ditch and Reservoir Company evidenced by <br />Certificate No, 5803, hereinafter referred to as the COLLATERAL and more fully described in the <br />attached appendices . . <br /> <br />12. Pledge Of Property. The BORROWER hereby irrevocably pledges to the STATE for purposes of <br />repayment of this loan water service revenues charged for that purpose as authorized by the <br />BORROWER'S resolution and all of the BORROWER'S rights to receive said revenues from its <br />stockholders (hereinafter collectively referred to as the "pledged property"), Furthermore, <br />BORROWER agrees that <br /> <br />a. Revenues For This Loan Are To Be Kept Separate. The BORROWER hereby agrees to set <br />aside and keep the pledged revenues in an account separate from other BoRROWER <br />revenues, and warrants that it shall not use the pledged revenues for any other purpose. <br /> <br />b. Establish Security Interest. The BORROWER 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 F incorporated herein, prior to the disbursement of any loan funds and an <br />Assignment of Deposit Account as Security, attached as Appendix G and incorporated <br />herein, upon substantial completion of the PROJECT. The BORROWER acknowledges that the <br />STATE shall perfect its security interest in the BORROWER'S right to receive water service <br />revenues by filing a UCC-1 Form with the Colorado Secretary of State. <br /> <br />c. Water Service Rates For Repayment Of The Loan. Punsuant to its statutory authority, <br />articies of incorporation and by-laws, and as authorized by its resolution, the BORROWER shall <br />take all necessary actions consistent therewith to charge water service rates sufficient to pay <br />this loan as required by the terms of this contract and the promissory note. In the event the <br /> <br />The Consolidated Mutual Water Company <br /> <br />Page S of 11 <br /> <br />I n^n r""..__, <br />
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