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<br />11- :' UNWORM COMME::::::LO::URITY AGREEMENT <br />,1__ ),j---",.-""", f'r-//,CJI9 <br />I' Debtor: 7 & <br />II N_: <br />II <br />I. <br />I <br /> <br /> <br />jt <br /> <br />II <br /> <br />,. <br /> <br />'ELMWOOD LATERAL DITCH. CO. . ' THC. <br /> <br />952059468 <br />SECRETARY <br />I~ OP<l "'.... <br />uo- lO-';~le <br /> <br />C $16: OD <br />.l1: !"'IT!:-rr- <br />vr ..JIMiC <br />- :' <br /> <br />Addnss: <br />Ill:sidenc:e: <br /> <br />No. <br /> <br />Slreet <br /> <br />City <br /> <br />.:.:: i..:" <br /> <br />Business: <br /> <br />1179 17 ROAD <br /> <br />FRUITA <br /> <br />COLORADO <br />Stale <br /> <br />No. <br /> <br />Street <br /> <br />Oly <br /> <br />Secured Party: c.. <br />N_: STATE OF COLORADO FOR THE USE AND BENEFIT OF THE WATER CONSERVATION BOARD <br /> <br />'I <br />II <br />I' <br />I! <br />'I <br />I <br />I <br />I <br /> <br />Address: 1313 SHERMAN ST.. ROOM 721 <br />. No. <br /> <br />DENVER <br />Oly <br /> <br />COLORADO <br />SIJlte <br /> <br />Street <br /> <br />Debtor, for consideration, hereby grants to Secured Pany a security interest in the following property and any and all additions, accessions and <br />substitutions thereto ortherefor (hereinafter called the "COLLATERAL"): <br />ALL REVEN1JESDERIVED FROM ASSESSMENTS ON- STOCK TO REPAY INDEBTEDNESS ON ELMWOOD <br />DITCH AS APP~ BY THE STOCKHOLDERS PURSUANT TO SECTION 7-42-104 CRS. <br /> <br />:- <br /> <br />II <br />Ji <br /> <br />II ~ PROMISSORY NOTE 'PROVISIONS IN CERTAIN LOAN CONTRACT <br />; i To secure payment Oftli__ eindebtedness evidenced by I){XXXXXX~lftli;("'Xd(iJr.:X"JOJt.xXX of even-datnwith, payable to the Secured Pany, <br />Ii <br />I r:,I, or order, as follows: .- . - ~l'''' - <br />- ~ -I;; -- <br />~ ~ <br />,,!:' '" <br />Ii <br />:i INp( <br />II <br />il <br />Ii <br />Ii <br />I <br />I <br />, <br />, <br />! <br /> <br />DEBTOR EXPRijSSLY WARRANTS AND COVENANTS: <br /> <br />.i: - <br /> <br />1. That e~t for the security inten::st 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 intere~ therein. <br /> <br />ii <br />Ii <br />11 <br />II <br />Ii <br />II <br />Ii <br />II <br />Ii <br />!I <br />II <br />11 <br />Ii <br />'I <br />II <br />I! <br />I' <br />I' <br />'I <br />I , <br />I <br />No. UCC llOS. Rev. 3-87. SECURITY AGREE~ APPENDIX C <br /> <br />2. The Co!Weral is used or bought primarily for: <br />o Personat-; family or household purposes: <br />o Use in fanning operations; <br />IXl Use in pusiness. <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 />FRUITA <br /> <br />MESA <br /> <br />COLORADO <br /> <br />No. and Slree' <br /> <br />City <br /> <br />County <br /> <br />S..", <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 NI A - County <br />of NI A and State of Colorado, to wit: <br /> <br />Bradf, <br /> <br />2 - (303) 292-2500 - 1-89 <br /> <br />Copyright 1987 <br />