PROJ01948 ‎(3)‎

• Contract/PO #: C153794
• Contractor Name: Colorado Water Protective and Development Association
• Contract Type: Loan
• Water District: 0
• Loan Projects - Doc Type: Contract Documents

FEDERAL TAX NUMBER: 84-
COUNTY: OTERO (CODE: _)

SECURITY AGREEMENT ,

DEBTOR: Colorado Water Protective and Development Asso!ciation
PO Box 604 I
La Junta, CO 81050 I
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SECURED PARTY: STATE OF COLORADO for the use and benefit of It he
Dept. of Natural Resources,
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, hereinaft~r caned the
COL'LATERAL: All revenues derived from membership dues and from assessments levied Ito repay the
indebtedness on the amount loaned to DEBTOR by SECURED PARTY, and all rights of DEBT0R to receive
said dues and assessment revenues from its members, as described in pledge of property Iprovisions in
i Loan Contract #C153794. I

To secure payment of the indebtedness evidenced by certain Promissory Note betweer the above
named parties herewith, in the amount of $60,000.00 at an interest rate of 4% per annum for a term of
10 years, payable by DEBTOR to the SECURED PARTY until all principal and interest are ~aid in full in
accclrdance with said Promissory Note. I

;i DEBTOR EXPRESSLY WARRANTS AND COVENANTS: ' I

, 1. That except for the security interest grant hereby, DEBTOR is, or to the extent that this agreement
Btates that the COLLATERAL is to be acquired after the date hereof, will be, the dwner of the
COLlATERAL free from any adverse lien, security interest or encumbrances. I

2. That the execution and delivery of this agreement by DEBTOR will not violate an~ law or agreement
!~oveming DEBTOR or to which DEBTOR is a party. I

" 3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and bY-1laws 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 agteement.
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5. To pay all taxes and assessments of every nature which may be levied or assessed against the
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COLLATERAL. I

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Appendix F to Loan Contract #C153794
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