PROJC01676 - Laserfiche WebLink

Home Browse Search

~ Town of Rangely Emergency Loan Contract 6f. (Not Sell or Convey any Collateral until the Loan is Repaid):,,\'the Borrower shall not sell, convey, assign, grant, transfer, mortgage, pledge" enZ:umoer, or otherwise dispose of the project or any portion thereof or the assessment ;ev~n~~'1?I,edged to repay the loan herein, so long as any of the principal and any accrued interesi'n.(quife~ oy. the Promissory Note of the contract remain unpaid, without the prior written concurrence' of ~~ , 7. (DEED OF TRUST PROVISIONS): 7a. (Security for the Loan): As security for the loan to be made to it by the State, executed a deed of trust as shown in Exhibit C. The security provided shall be an undivided one hundred percent (100%) interest in the following: Lot 1 and Lot 3 of the Jim Purdy Estate Subdivision according to the Plat thereof, as the same was recorded March 10, 1989, as Instrument No. 236112; in Rio Blanco County, State of Colorado. 7b. (Upon Default by the Borrower, the ~t~te has these Options): Upon default in the payments herein set forth to be mad~ ,J:iy fle Borrower, or default in the performance of any covenant or agreement contained he~ein, the State, at its option, may: (a) declare the entire principal amount then outstm).ding immediately due and payable; (b) for the account of the Borrower, incur and pay reaf;Qoabie expenses for repair, maintenance, and operation of the project herein described and s!lch elSpenses as may be necessary to cure the cause of default; ( c) take possession of the project,: ,ftipair, maintain, and operate or lease it; (d) act upon the security (described in Exhibit ~);, (y) take action to enforce paragraphs A.6 and A.8. ; and/or (1) take any other, appropriate legal action. All , ' remedies described herein may be simultaneously or'sd'~ctively and successively enforced. The provisions of this contract may be enforced by 'the S:ate at its option without regard to prior waivers by it of previous defaults by the Borrower, through judicial proceedings to require specific performance of this contract, or by such other proceedings in law or equity as may be deemed necessary by the State to ensure compliance with provisions of this contract and the laws and regulations under which this contract is entered into. 7c. (Borrower to Modify Rate Schedule if Needed to Repay the State): The Borrower warrants that in the event of a default by the Borrower in the repayment to the State, and upon written notice thereof from the State, the Borrower shall, pursuant to its Statutory Authority, take all necessary actions, including but not limited to making such modifications to water user charges and fees as the Borrower deems necessary to cure the default and to repay the State as required by the contract. Such additional revenues shall be deemed covered by the existing security interest. Page 2 of 12 Pages