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<br />.\ <br />, <br /> <br />STATE OF COLORADO <br /> <br />t <br /> <br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT <br />COLORADO SECRETARY OF STATE <br />1560 Broadway, Suite 200 - Denver, CO 80202-5169 <br /> <br />DEBTOR: <br /> <br />Windsor Reservoir and Canal Company <br />P. O. Box 106 <br />Eaton, CO 8061 5 <br /> <br />FED TAX 10# 84-0355545 <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 <br />CLASSIFICATION: <br /> <br />x <br /> <br />CONTRACT RIGHTS <br /> <br />X OTHER <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all additions, accessions <br />and substitutions thereto or therefor, hereinafter called the COLLATERAL: ALL REVENUES DERIVED FROM ASSESSMENTS ON STOCK TO <br />REPA Y THE INDEBTEDNESS ON THE AMOUNT LOANED TO DEBTOR BY SECURED PARTY, AS DESCRIBED IN PLEDGE OF REVENUES <br />PROVISIONS IN CONTRACT #C153725, pursuant to ~7c40-101 et seq. and 7c42-101 et seq., C.R.S. <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract referenced above between the <br />above named parties 'herewith, payable to the SECURED PARTY, or order, as follows: $1,202,000 with interest at the rate of 4. 15% per annum <br />payable in 30 annual installinents of $70,783.30, 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 DEBTD, "-+~~nt that this agreement states that the COLLATERAL <br />is to be acquired after the date hereof, will be, the owner of the COL~~~y adverse lien, security interest or encumbrances; <br />:~:r:i~2~.t DEBTOR will defend the COLLATERAL against all c1aims1anNd d,ma'FuL'tnytim, da;m;n. th' nom, many ;nt""t <br /> <br /> <br />The COLLATERAL is used or bought primarily for: <br />Personal, family or household purposes; <br />_ Use in farming operations; <br />Use in business; <br />X Other. <br /> <br />3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at SAME ADDRESS <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 become <br />fixtures. said COLLATERAL concerns the following described real estate situate in the County of N/A and State of Colorado, to-wit: N/A <br /> <br />5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL. <br /> <br />6. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL. <br /> <br />7. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to permit <br />the same to be attached or replevined. <br /> <br />8. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good condition and from <br />time to time, forthwith, replace and repair all such parts of the collateral as may be broken, worn out, or damaged without allowing any lien <br />to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECURED PARTY may examine and inspect the <br />COLLATERAL at any time, wherever located. <br /> <br />APPENDIX C <br />