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SECURlTY AGREEMENT <br />(PLEDGE OF REVENUES� <br />DaTE: February 1, 2009 <br />DEBTOR: TOWN OF HILLROSE <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />1313 SHERMAN STREET, ROOM 721 <br />DENVER, CO 80203 <br />PROMISSORY NOTE: $49 DATED F@bRJB�/ 1 2009 <br />TERMS OF REPAYMENT: 3.00% PER ANNUM FOR 30 YEARS <br />LOAN CONTRACT: C150254, DATED Febt'Ua�/ 1, 2009 <br />Co��aTEwa�: A pledge of all Water Enterprise Fund revenues to repay the <br />loan as further described in Pledge of Revenues provisions <br />Of th@ LOAN CONTRACT. <br />To secure payment of the loan evidenced by the PROMISSORY NOTE payable in <br />accordance Wlth th2 TERMS OF REPAYMENT or until all principal, interest, and late <br />charges, if any, are paid in full, the DEBTOR grants to SECURE� PaRN a security interest in <br />the above described Co��aTEFta�. <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��asEFta� free from any adverse lien, security interest or encumbrances; and <br />that DEBTOR will defend the Co��aTEr�a� against all claims and demands of all persons <br />at any time claiming the same or any interest therein. <br />2. That the execution and delivery of this agreement by DEaTOR will not violate any law or <br />agreement governing DEBTOR or to which DEBTOR is a party. <br />3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever <br />upon the Co��aTEwa� and not to permit the same to be attached or replevined. <br />4. That by its acceptance of the loan money pursuant to the terms of the CorvTr�acT 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��TERa� pursuant to the <br />terms of this agreement. <br />UNTIL DEFAULT DEBTOR may have possession of the Co��TERa�, provided that <br />DEeTOR keeps the Co��TEw>� in an account separate from other revenues of DEBTOR <br />and does not use the Co�u�rEw4� for any purpose not permitted by the CoNTRacT. Upon <br />default SECURED PARTY shall have the immediate right to the possession of the <br />COLLATERAL. <br />Appendix 4 to Loan Contract C150254 <br />Page 1 of 2 <br />