PROJC01676

• Contract/PO #: C153677
• Contractor Name: Rangely, Town of
• Contract Type: Loan
• Water District: 0
• County: Rio Blanco
• Bill Number: SB 80-67
• Loan Projects - Doc Type: Contract Documents

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Town of Rangely
Emergency Loan Contract

7d. (State will Execute Release after Loan is Repaid): Upon completion ....."... '-..."
of repayment to the State of the entire principal and any accrued interest, as specified in'the '.
Promissory Note of this contract, the State agrees to execute a release of deed of trust to ......,
convey to the Borrower all of the State's right, title, and interest in and to the project and
any other property described in Exhibit C.

7e. (This Contract Controls, if there is a Conflict): In the event of
conflict between the terms and conditions as set forth in this paragraph 7 (DEED OF
TRUST PROVISIONS), and Exhibit C (The actual Deed of Trust) , provisions of this
contract shall control.

8. (Levy Charges and Fees for repayment of the loan): The Borrower shall;
pursuant to its statutory authority, take all necessary actions consistent therewith to establish
revenues from water user charges and fees sufficient to pay this contract loan debt in a
timely manner and as required by the terms and conditions herein to assure repayment of the
project loan to the State. In the event these revenues are or become insufficient to assure
repayment to the State as required by the terms anJ' cOllditions herein, then the Borrower,
upon written notice thereof from the State, shall iirimediately take all necessary action
consistent with its statutory authority, including but riot limited to adjusting user charges and
fees, to raise sufficient revenue to assure repayment of t:le project loan to the State.

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9. (SECURITY INTEREST PROVISIONS,):'
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9a. (Borrower Pledges Revenues to Repay'thc' :'oan): The Borrower agrees
that the specific revenues to be pledged to repay tile Stitt": shall include, without being
limited to, water user charges and fees for that purpv~e, 'is authorized by Resolution of the
Borrower.

9b. (Revenues for this Loan are to be kept Separate): The Borrower
hereby pledges such revenues to repay the State loan, agrees that these revenues will be set
aside and kept separate from other Borrower revenues, warrants that these revenues will not
be used Jor any other purpose, and agrees to provide the State a perfected security interest
such that the State has priority over all other competing claims for such secured revenues.

9c. (Establish Security Interest in the Revenues): Such security interest
shall be in the form provided by the State irrevocably pledging such revenues on the date of
execution of this contract. Copies of such security interest (Uniform Commercial
Code--Security Agreement and Uniform Commercial Code--Financing Statement) shall be
attached hereto and incorporated herein as Exhibits D and E, respectively. The security
interest of the Borrower is a condition precedent to State performance on this contract.

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