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SECURITY AGREEMENT (PLEDGE OF REVENUES~ DATE: OCTOBER 1 O, 2008 DEBTOR: SAN LUIS VALLEY WATER CONSERVANCY DISTRICT, ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE SECURED PARTY: COLORADO WATER CONSERVATION BOARD 1313 SHERMAN STREET, ROOM 721 DENVER, CO 80203 PROMISSORY NOTE: $727,200, DATED OCTOBER 1 O, 2008 TERMS OF REPAYMENT: 3.5% PER ANNUM FOR 30 YEARS LoA-v CoNT~,cT: C150269, DATED OCTOBER 10, 2008 Co~~ar~Fta~: All Water Activity Enterprise revenues pledged to repay the loan as described in Pledge of Revenues provisions of the LOAN CONTRACT. 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 SECURE~ PaRnr a security interest in the above described Co~~aTERa,~. 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~~aTEw4~ firee from any adverse lien, security interest or encumbrances; and that DEBroR will defend the Co~~a,TERa~ 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~~aTERa,~ 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 CoNrRa,cT 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~~aTEFta~ pursuant to the terms of this agreement. UNTIL DEFAULT DEBTOR may have possession of the Co~~aTERa~, provided that DEBTOR keeps the Co~~aTERa~ in an account separate from other revenues of DEBTOR and does not use the Co~~a,TERa~ for any purpose not permitted by the CoN~r~acT. Upon default, SECURED PARTY shall have the immediate right to the possession of the COLLATERAL. Appendix 4 to Loan Contract C150269 Page 1 of 2