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SECU�RITY A�REEMENT <br />(PLEDGE OF REVENUES� <br />DATE: MaftCH 1, 2003 <br />DEBTOR: . SOUTH SIDE RESERVOIR COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />1313 SHERMAN STREET RooM 721 <br />DENVER, CO 80203 <br />PROMISSORY NOTE $363 ,600, DATED MARCH 1, 2003 <br />REPAYMENT TERMS: 3.1 % INTEREST PER ANNUM FOR 3O YEARS <br />L0;4N CONTRACT C150130 DATED MARCH 1, 2003 <br />COLLATERAL Alf revenues derived from assessments on stock and all of <br />Debtor's right to receive said assessment revenues to repay <br />the loan as described in Pledge of Property provisions of the <br />LOAN CONTRACT. <br />To secure payment of the loan evidenced by the PROMISSORY NOTE payable in <br />aCCOfdallCe Wlth the REPAYMENT TERMS or until all principal, interest, and late charges, ff <br />any; are paid in full, the DEeTOR grants to SECURE� PaFt1v a security interest in the above <br />described Co��aTERa�. <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br />1. That except for the security interest granted hereby and any other security interests <br />described in Section 5 of the Loan Contract Project Summary, DeBTOR is the owner of <br />the Co��TE�,� free from any adverse fien, security interest or encumbrances; and that <br />DEBTOR will defend the Co��aTERa� against a(I ctaims and demands of ail persons at <br />any time claiming the same or any interest therein. <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any law or <br />agreement goveming DEBTOR or to which DEBTOR is a party. <br />3. To not permit or allow any adverse lien, securiiy interest or encumbrance whatsoever <br />upon the Co��a,TEt� and not to permit the same to be attached or rep(evined. <br />4. That by its acceptance of the loan money pursuant to the terms of fhe Cotv�cT and <br />by its representations herein, DEBTOR shall be estopped from asserting for any reason <br />that it is not authorized to grant a security interest in the Co��a,�Ra,� pursuant to the <br />terms of this agreement. <br />5. To pay all taxes and assessments of every nature which may be levied or assessed <br />against the Co��,TE�. <br />6. That the DEBroR's articles of incorporation and by-laws do not prohibit any term or <br />condition of this agreement. � <br />UNTIL DEFAULT DESroR may have possession of the Co��a,TERa,i., provided that <br />DEBTOR keeps the Co��a,TERa� in an account separate from other revenues of DEBTOR and <br />does not use the Co��aTERa� for any purpose not permitted by the Cotv�acT. Upon <br />default SECURED PaRN shall have the immediate right to the possession of the <br />COLLATERAL. <br />Appendix 4 to Loan Contract C150130 <br />