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\ , SECURITY AGREEMENT Debtor: Columbine Ranches Property Owner's Association 11246 Lewistown Street ,Commerce City, CO 80022 FEDERALID NUMBER: 84-1024757 COUNTY: Adams (CODE: 12) SECURED PARTY: State of Colorado - Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL: Contract Rights (Code: 030) DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: All revenues derived from assessments on stock and all of DEBTOR'S right to receive said assessment revenues to repay the indebtedness on the amount loaned to debtor by secured ptz,' described in Pledge of Property provisions in Contract No. C150010 (CONTRACT). , ' To secure payment of indebtedn s evi nced b~ Promissory Note which is a part of the Loan Contract between the abov ame arties h with, pay. e to the SECURED PARTY, the loan amount of $305,250 with inter a rate of 75% per nu payable in 30 annual installments or until all principal, interest, and late charg if any, are id in ull, in accordance with said Promissory Note. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest granted hereby, DEBTOR is, or to the extent that this agreement states that the COLLATERAL is to be acquired after the date hereof, will be the owner of the COLLATERAL 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 anytime 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. That, if DEBTOR is a corporation, its certificate and articles of incorporation and bylaws do not prohibit any term or condition of this agreement. 4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT 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 COLLATERAL pursuant to the terms of this agreement. 5. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL. 6. To not permit or allow any adverse lien, security interest or encumbrance what~oever upon the COLLATERAL and not to permit the same to be attached or replevined. Appendix D to Loan Contract C15001 0