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<br />SECURITY AGREEMENT <br /> <br />DEBTOR: <br /> <br />Vouga Reservoir Association <br />c/o Remy Labrouche <br />1525 P Road <br />Lama, CO 81524 <br />FED TAX ID # 84-0219320 <br /> <br />SECURED PARTY: <br /> <br />STATE OF COLORADO for the use and benefit of <br />The Department of Natural Resources, Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL CLASSIFICATION: CONTRACT RIGHTS & OTHER <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PAREli~ril(~t in the following property and any and all additions, <br />accessions and substitutions thereto or therefor, hereinafte ~rl.ARAL: All REVENUES DERIVED FROM ASSESSMENTS <br />ON STOCK TO REPA Y THE INDEBTEDNESS ON TIt. E A (tiT LOANED TO Df.TO.R BY SECURED PARTY, AS DESCRIBED IN <br />PLEDGE OF REVENUES PROVISIONS IN CONTRACT #f1l3f1'FULl..J <br /> <br />To secure payment of the indebtedness evidenced blAa""promissory Note Provisions of loan Contract #C153741 ("CONTRACT") <br />between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: $632,000 with interest at the rate <br />of 3%% per annum payable in 20 annual installments of $45,480.05 or until all principal and interest are paid in full. <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 states that the <br />COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest <br />or encumbrances; and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming <br />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 governing DEBTOR or <br />to which DEBTOR is a party. <br /> <br />3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do not prohibit any term or <br />condition of this agreement. <br /> <br />4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its representations herein, DEBTOR <br />shall be estopped from asserting for any reason that it is not authorized to grant a security interest in the COLLATERAL pursuant to <br />the terms of this agreement. <br /> <br />5. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL. <br /> <br />6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to <br />permit the same to be attached or replevined. <br /> <br />7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, ordinances, articles of <br />incorporation or by-laws. <br /> <br />UNTil DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps the COLLATERAL in an account <br />separate from other revenues of DEBTOR and does not use the COLLATERAL for any purpose not permitted by the CONTRACT. Upon <br />default, SECUREO PARTY shall have the immediate right to the possession of the COLLATERAL. <br /> <br />APPENDIX C <br />