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<br />AMENDED SECURITY AGREEMENT <br /> <br />The Windsor Reservoir and Canal Company <br />P. O. Box 106 <br />Eaton, CO 80615 <br /> <br />84-0355545 <br /> <br />State of Colorado, Colorado wD 1fora-Ehtion Board <br />1313 Sherman Street, Room ~-~.LI <br /> <br />Denver, CO 80203 T~ T F <br /> <br />COLLATERAL: Contract Rights (Code: EI~) ~ ULL <br /> <br />COUNTY: Larimer (CODE: 06) <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and <br />any and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: <br />All revenues derived from assessments levied to repay the indebtedness on the amount loaned to DEBTOR <br />by SECURED PARTY, and all rights of DEBTOR to receive said assessment revenues from its shareholders, as <br />described in pledge of property provisions in Loan Contract C153725, as amended ("Contract"). <br /> <br />To secure payment of the indebtedness evidenced by the Promissory Note which is a part of the Contract <br />between the above named parties herewith, in the amount of $2,357,000 at an interest rate of 4.08% per <br />annum for a term of 30 years, payable by DEBTOR to the SECURED PARTY until all principal and interest are <br />paid in full, in accordance with said Promissory Note. This security agreement is to amend the security <br />agreement dated October 28,1996, to increase the loan amount to $2,357,000. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />1. That except for the security interest grant hereby, DEBTOR is, or to the extent that this agreement states <br />that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free <br />from any adverse lien, security interest or encumbrances. <br /> <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any ,law or agreement <br />governing DEBTOR or 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 <br />any term or 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 <br />representations herein, DEBTOR shall be estopped from asserting for any reason that it is not authorized <br />to grant a security interest in the COLLATERAL pursuant to 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 <br />COLLATERAL. <br /> <br />DEBTOR: <br /> <br />FEDERAL 10 NUMBER: <br /> <br />SECURED PARTY: <br /> <br />6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the <br />COLLATERAL and not to 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, <br />ordinances, articles of incorporation or by-laws. <br /> <br />UNLESS IT DEFAULTS DEBTOR may have possession of the COLLATERAL, provided that DEBTOR <br />keeps all revenues derived from stockholder assessments in the amount of the annual loan payments due <br />under the contract, as amended, in an account separate from other revenues of DEBTOR and does not use <br />said revenues for any purpose not permitted by the CONTRACT. If DEBTOR defaults, SECURED PARTY shall <br />have the immediate right to the possession of the COLLATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following <br />events or conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred to <br /> <br />Attachment 4 to Contract C153725 Amendment No.1 <br />