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SECURITY AGREEMENT (PLEDGE OF REVENUES� DATE: SEPTEMBER 1, 2002 DEBTOR: THE AMITY MUTUAL IRRIGATION COMPANY SECURED PARTY: COLORADO WATER CONSERVATION BOARD 1313 SHERMAN STREET, ROOM 721 DENVER, CO 80203 PROMISSORY NOTE: $360,000, DATED SEPTEMBER 1, 2002 TERMS: REPAYMENT PERIOD OF 3O YEARS, INTEREST AT THE RATE OF 2.75% PER ANNUM LoAN CoNTt�cT: C150099 DATED SEPTEMBER 1, 2002 COLLATERAL: All revenues derived from assessments on stock and all of Debtor's right to receive said assessment revenues to repay the loan as described in Pledge of Property provisions of the Loatv CONTRACT. To .secure payment of the loan evidenced by the PROMissoRY NoTE payable in accordance with the TERMS, or until all principal, interest, and late charges, if any, are paid in full, the DEBTOR grants to SECURE� PaRnr a security interest in the above described Co��aTE��. 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��TERa� free from any adverse lien, security interest or encumbrances and that DEBTOR will defend the COLLATERAL 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 DEBTOR will not violate any law or agreement governing DEBTOR or to which DEBTOR is a party. 3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Co��aTEw�� and not to permit the same to be attached or replevined. 4. That by its acceptance of the loan money pursuant to the terms of the CoNTt�acT 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��aTEw�,� pursuant to the terms of #his agreement. 5. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL. 6. That the DEBTOR's articles of incorporation and by-laws do not prohibit any term or condition of this agreement. UNTIL DEFAULT DEeTOR may have possession of the COLLATERAL provided that DEBTOR keeps the Co��aTERa,� in an account separate from other revenues of DEaroR and does not use the Co��ATERa� for any purpose not permitted by the CorvTRacT. Upon default, SECUREO PaR�r shall have the immediate right to the possession of the Co��aTERa�. Appendix 4 to Loan Contract C150099