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SECURITY AGREEMENT (PLEDGE OF REVENUES� DATE: OCTOBER 20, 2004 DEBTOR Henry Bolen Ditch Company SECURED PARTY: COLORADO WATER CONSERVATION BOARD PROMISSORY NOTE: $520 DATED OCTOBER 20, 2004 TERMS OF REPAYMENT: 2.50% PER ANNUM FOR 3O YEARS LOAN CONTRACT C150179 DATED OCTOBER 20, 2004 COLIATERAL All revenues derived from assessment 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, DEBTOR Funding Agreement entered into on �►oU+�t3r� Z, 2004 and . incorporated herein by reference, and Resolutions adopted on �ir�� Z , 2004 by the DEaTOR's Members and Board of Directors, attached as Appendix 3. To secure payment of the loan evidenced by the PROMissoRY NoTE payable in accordance Wlth the TERMS OF REPAYMENT or until all principal, interest, and late charges, if any, are paid in full, the DEBTOR grants to SECUREO PaR�nr a security interest in the above described Co��TEt� and assigns to the Secured Party the DEeTOR's right to enforce Paragraphs 6 and 15 of Debtor's Funding Agreement. This assignment shall be effective solely in the event of DEBTOR default in the payment of the loan as required by the Promissory Note. 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, DESTOR is the owner of the Cot�arE� free from any adverse lien, security interest or encumbrances; and that DEBroR will defend the Co��a,TE� 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 agreement governing DEBTOR or to which DEaTOR is a party. 3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Co��aTE� 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 CoNTw4cT and by its representations herein, DEBTOR shail be estopped from asserting for any reason that it is not authorized to grant a security interest in the Co�v�TERa� pursuant to the terms of this agreement. 5. To pay all taxes and assessments of every nature which may be fevied or assessed against thG' COLLATERAL. 6. That the DEBTOR's articles of incorporation and by-laws do not proh'ibit any term or condition Appendix 4 to Loan Contract C150179