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<br />SECURITY AGREEMENT
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<br />DEBTOR: TOM BALOK AND ANTHONY CRESTO
<br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD
<br />PROMISSORY NOTE: $1,212,000, DATED ��i��-� I,S, , 2007
<br />MAKER: BULL CREEK RESERVOIR CANAL Sc POWER COMPANY
<br />TERMS OF REPAYMENT: 2.50% PER ANNUM FOR 3O YEARS
<br />LOAN CONT�CT: C150240, DATED ����-�- �.� 2007
<br />Collateral: 30 shares of common stock in the Bull Creek Reservoir
<br />Canal & Power Company evidenced by cert�cate number
<br />175, the shares representing Grantor's pro rata interest in
<br />the following water rights:
<br />Bull Creek Reservoir No. 1, ID No. 3890
<br />Location: NW 1/4, SW'/., Section 28, Range 95 W, Township 11 S
<br />153.67 Acre feet, Appropriated 06/18/1895, Adjudicated 08/16/1920, Civil Action No. 3681,
<br />Sequence No. 257
<br />Bull Creek reservoir No. 2, ID No. 3891
<br />Location: NW '/., SW %, Section 28, Range 95 W, Township 11 S
<br />120.20 Acre feet, Appropriated 06/18/1895, Adjudicated 08/16/1920, Civil Action No. 3681
<br />Sequence No. 522
<br />Bull Creek Reservoir No. 3, ID No. 3892
<br />Location: NW 1/4, SW %, Section 20, Range 95 W, Township 11 S
<br />57.94 Acre feet, Appropriated 06/18/1895, Adjudicated 08/16/1920, Civil Action No. 3681
<br />Sequence No. 523
<br />Bull Creek Reservoir No. 4, ID No. 3893
<br />Location: SW %, SW'/e Section 20, Range 95 W, Township 11 S
<br />156.26Acre feet, Appropriated 11/18/1901, Adjudicated 08/18/1920, Civil Action No. 3681
<br />Sequence No. 524
<br />156.43 Acre feet, Appropriated 10/01/1930, Adjudicated 07/21/1959, Civil Action No. 8303
<br />Sequence No. 1102
<br />115.31 Acre feet, Appropriated 08/22/2006
<br />Bull Creek Reservoir No. 5, ID No. 3894
<br />Location: SE 1/4, NE'/., Section 20, Range 95 W, Township 11 S
<br />92.30 Acre feet, Appropriated 11/18/1901, Adjudicated 08/16/1920, Civil Action No. 3681
<br />Sequence No. 525
<br />124.42 Acre feet, Appropriated 08/15/1938, Adjudicated 07/21 /1959, Civil Action No. 8303
<br />Sequence No. 1116
<br />43.21 Acre feet, Appropriated 04/01/1951
<br />Appendix 5 to Loan Contract C150240
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