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SECURITY AGREEMENT (PLEDGE OF REVENUES� DATE: JUNE 21, 2005 DESTOR: Well Augmentation Subdistrict of the Central Colorado Water Conservancy District SECURED PARTY: COLORADO WATER CONSERVATION BOARD 1313 SHERMAN STREET, Roon� 721 DENVER, CO 80203 PROMISSORY NOTE: $20,200,000, DATED.IUNE 21, 2OOS TERMS OF REPAYMENT: 2.5% PER ANNUM FOR 30 YEARS LOAN CONTRACT: C150194, DATED �UNE 21, 2005 Co��aTEFta�: All revenues pledged to repay the loan as described in Pledge of Revenues provisions of the LoAN CotvTRacr and in the Resolution adopted by the DEBroR on June 21, 2005. To secure payment of the loan evidenced by the PROnnissoRY NOTE payable in accordance Wlth th2 TERMS OF REPAYMENT, or until all principal, interest, and late charges, if any, are paid in full, the DEBroR grants to SECURE� P�tn a security interest in the above described CouarEr�n�. 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 Cou.ar�Rn� free from any adverse lien, security interest or encumbrances; and that DEBTOR will defend the Co��nTE�� 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 DEeTOR is a party. 3. To not permit or atlow any adverse lien, security interest or encumbrance whatsoever upon the Cou.arE�� 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 CoNTwacT 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 CouATEr�� pursuant to the terms of this agreement. UNTIL DEFAULT DEBTOR may have possession of the Co��aTEr�ta�, provided that DEBTOR keeps the Co��nTEt�� in an account separate from other revenues of DEaTOR and does not use the Co�u�rEtza� for any purpose not permitted by the CoNrt�cT. Upan default, SECURED PnR�nr shall have the immediate right to the possession of the COLLATERAL. Appendix 4 to Loan Contract C150194 Page 1 of 2