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�, SECURITY AGREEMENT (PLEDGE OF REVENUES� DEBTOR Parker Water and Sanitation District, acting by and through the Parker Water Activity Enterprise and the Parker Sanitary Sewer Activity Enterprise SECURED PARTY: COLORADO WATER CONSERVATION BOARD 1313 SHERMAN STREET, ROOM 721 DENVER, CO 80203 PROMISSORY NOTE: $15,000,000, DATED NOVEMBER 14, 2002 TERMS: REPAYMEIVT PERIOD OF 2O YEARS, INTEREST AT THE RATE OF 4.5% PER ANNUM LOAN CONTRACT: C15OO9�, DATED NOVEMBER 14, 2002 COLLATERAL All revenues pledged to repay this loan as described in Pledge of Revenue provisions of the Loa,rv CoNr�a,cr. To secure payment of the loan evidenced by the PROnnissoRY NoTE payable in accordance Wlth the LOAN CONTRACT atld TERMS or until all principal, interest, and late charges, if any, �are paid in full, the DEaTOR grants to SECURE� P�tN a security interest in the above described COLLATERAL. This security agreement is issued and delivered pursuant to portions of Supplemental Public Securities Act, constituting Title 11, Article 57, Part 2, C.R.S. (the °Supplemental Act"). Pursuant to Section 11-57- 210 of the Supplemental Act, such recital shall be conclusive evidence of the validity and the regularity of the issuance of this promissory note after its de1ivery for value. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest granted hereby and any other security interests described in Section 5 of the Loan Contract Project Summary DEBTOR is the owner of the Co��a,TERa� free from any adverse lien, security interest or encumbrances; and that DEaTOR will defend the Cou.aTEw� against all claims and demands of all persons at any time claiming the same or any interest therein. 2. That the execution and delivery of this agreement by DEaTOR will not violate any law or agreemenf governing DEaTOR or to which DEBTOR is a party. 3. That by its acceptance of the loan money pursuant to the terms of the CoNTRacr and by its representations herein, DEBTOR shall be estopped from asserting for any reason that it is not authorized to grant a security interest in the Co��aTERa,� pursuant to the terms of this agreement. � 4. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Co��TEt�a� and not to permit the same to be attached or replevined except as provided in the Pledge of Revenue provisions in the Loan Contract. UNTIL DEFAULT DEBroR may have possession of the COLLATERAL provided that DeBTOR keeps the COLt.aTERa,L in an account separate from other revenues of DEBTOR and ,Appendix 4 t� Loar� Contract C150090