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� � SECURITY AGREEMENT (PLEDGE OF REVENUES� DATE: December 18, 2009 DEBTOR: THE JOSEPH W. BOWLES RESERVOIR COMPANY SECURED PARTY: COLORADO WATER CONSERVATION BOARD PROMISSORY NOTE: $1,703,870, DATED D@C2111bE?f 18, 2�09 TERMS OF REPAYMENT: 4.65% PER ANNUM FOR 3O YEARS LOAN CONTRACT: C15O290, DATED D@C2f11b@� 18, 2009 Co��aTERa�: All revenues derived from assessments on stock and all of Debtor's right to receive said assessment revenues to repay the loan as described in Pledge of Property provisions of the LonN CoN�cT and Debtor's Resolutions adopted May 12, 2009. To secure payment of the loan evidenced by the PROMissoRY NorE payable in accordance WItI1 tlle TERMS OF REPAYMENT or until all principal, interest, and late charges, if any, are paid in full, the DEBTOR grants to SECURED PARTY a security interest in the above described COILATERAL. 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�u�TEw4� free from any adverse lien, security interest or encumb�ances; and that DESroR will defend the COLLATERAL 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 DESTOR or to which DEBTOR is a party. 3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the CouATERA� 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 CorvTRncr and by its representations herein, DESTOR shall be estopped from asserting for any reason that it is not authorized to grant a security interest in the Co�u�TEw�� pursuant to the terms of this agreement 5. To pay all taxes and assessments of every nature which may be levied or assessed against tFl@ COLLATERAL. 6. That the DEBroR's articles of incorporation and by-laws do not prohibit any term or condition of this agreement. UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL provided that DEBTOR keeps the Co�u�TERA� in an account separate from other revenues of DEBTOR and does not use the Co�u�TERA� for any purpose not permitted by the CoNTt�cT. Upon default, SECURE� PaR�nr shall have the immediate right to the possession of the Co�uaTERA�. Appendix 4 to Loan Contract C150290 Page 1 of 2