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<br />. , <br /> <br />r-- - ----------. <br />\ ;-------.------------ <br />ii <br /> <br />STATE OF COLORADO <br /> <br />-------------1 <br />i <br /> <br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT <br /> <br />Debtor: <br />Name: ' ELMWoon LATERAL DITCH. CO. .. 'INC. - - .,. <br /> <br />Add.....: <br />Residence: <br /> <br />No. <br /> <br />Street <br /> <br />City <br /> <br />Stalr <br /> <br />BlI5iness: <br /> <br />1179 17 ROAD <br />No. <br /> <br />FRUITA <br /> <br />Street <br /> <br />Cily <br /> <br />COLORADO <br />Slak <br /> <br />Ii <br />i I <br /> <br />Secured Party: <br />Name: STATE OF COLORADO FOR THE USE AND BENEFIT OF THE WATER CONSERVATION BOARD <br /> <br />Add.....: 1313 SHERMAN ST.. ROOM 721 <br />No. <br /> <br />DENVER <br /> <br />Street <br /> <br />City <br /> <br />COLORADO <br />StaIr <br /> <br />Debtor, for consideration, hereby grants to Secured Party a security interest in the following property and any and all additions, accessions and <br />substitutions thereto or therefor (hereinafter called the "COllATERAL"): <br />ALL REVENUES DERIVED FROM ASSESSMENTS ON STOCK TO REPAY INDEBTEDNESS ON ELMWOOD <br />DITCH AS APPROVED BY THE STOCKHOLDERS PURSUANT TO SECTION 7-42-104 CRS.. <br /> <br />PROMISSORY NOTE PROVISIONS IN CERTAIN LOAN CONTRACT <br />To secure payment of the indebtedness evidenced by lXXXXXXXX>lrtIiX""x'}(ilkX"JO.Ji.x xx of even date herewith. payable to the Secured Party, <br /> <br />or order, as follows: ~......... ~.. ,.... -i7'.'.-'. <br />'f. ....Jr~.'~... <br />. n V' <br />INF <br /> <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />I. 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 or <br />encumbrances; and that Debtor will defend the Collateral against all claims and demands of all persons at anytime claiming the <br />same or any interest therein. <br />i I <br /> <br />2. The Collateral is used or bought primarily for: <br />o Personal, family or household purposes: <br />o Use in fanning operations; <br />IXl Use in business. <br /> <br />i I <br /> <br />i <br />I <br />I <br />I <br />i <br /> <br />I <br />-I <br />I <br /> <br />I <br />L <br /> <br />3_ <br /> <br />That Debtor's residence is as stated above, and the Collateral will be kept at <br /> <br />1179 <br /> <br />17 ROAD <br /> <br />No_ and Street <br /> <br />FRUITA <br />CII)' <br /> <br />MESA <br /> <br />Counl)' <br /> <br />COLORADO <br />Slate <br /> <br />4. If any of the Collateral is crops, oil, gas, or minerals to be extracted or timber to be cut, or goods which are or are to <br />become fixtures, said Collateral concerns the following described real estate situate in the Nt A County <br />of Nt A and State of Colorado, to wit: <br /> <br />I <br />fi) <br /> <br />No. UCC 1205. Rev. 3-87. SECURITY AGREE~ APPENDIX C <br /> <br />Bradf, <br /> <br />2 - (303) 292-2500 - 1-89 <br /> <br />Copyright 1987 <br />