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� �' � SECURITY AGREEMENT Debtor: Chatfield South Water District P. O. Box 474 Littleton, CO 80160-0474 FEDERAL ID NUMBER 84-1440119 Coutv Douglas (CODE: 47) � SECURE� PARN: State of Colorado - Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL All Water Rights and Ditch Shares (Code: 560) DEBTOR for consideration, hereby grants t0 SECURED PARTY a security interest In the following property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: 23 .54. acre-feet of Antero Reservoir water, evidenced by Account No. 002430 on the records of the Denver Water Department and by Antero Reservoir Certificate No. 1037 and 27.39 acre-rights of High Line Canal water, evidenced by Account No. 008940 0 � the Denver Water Department. To secure payment of the indebtedn ced by the Promissory Note which is a part of the Loan Contract No. C153837 betwe v am�� parties herewith, payable to the SECURED PARTY the loan a o �� interest at a rate of 4.75% er P annum, payable in 20 annual inst� e ts r until all principal, interest, and late charges, if any, are paid in full, in accordance with said Promissory Note. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest granted hereoy, D�:: i oR is, or to the extent that this agreement states that the Co��aTERa,� is to be acquired after the date hereof, will be, except for any interests of the Denver Water Department, 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 DEBroR or to which DEBTOR is a party. 3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws 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 ±�rms of this agreeme�±. Appendix C(2) to Loan Contract C153837