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SECURITY AGREFIWENT <br />(PLEDGE OF REVENUES) <br />DarE: March 1, 2010 <br />DEBTOR: TRINCHERA IRRIGATION COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />PROMISSORY nIOTE: $606,000, DATED MafCh 1, 201 � <br />TERMS OF REPAYMENT: 2.75% PER ANNUM FOR 3O YEARS <br />LOAN CONTRACT C 150303 DA7ED MafCh 1 2010 <br />COLLATERAL All revenues derived from assessments on stodc and ail of <br />Debtor's right to receive said assessment revenues #o repay <br />the loan as described in Pledge of Property provisions of the <br />LoaN Cot�r�tncr and Debtor's Resolutions adopted February <br />23, 2010. <br />To secure payment of the Ioan evidenced by the PROnnissoRY NoTE payable in accordance <br />Wlth th@ TERMS OF REPAYMENT or until all principal, interest, and late charges, if any, are paid in <br />fuil, the DEaTOR grants to SECURED P�nr a security interest in the above described <br />COLLATERAL. <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, DESTOR is the owner of the <br />Co�wTEFta� free from any adverse lien, security interest or encumbrances; and that DEBTOR <br />will defend the Co�u�rE�n� against all claims and demands of all persons at any time <br />claiming the same or any interest therein. <br />2. That the execution and delivery of this agreement by DEBroR will not violate any law or <br />agreement goveming DESTOR or to which DESroR is a party. <br />3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon <br />the Co�u�TERn� and not to permit #he same to be attached or r�ep�vined. <br />4. That by its acceptance of the loan money pursuant to the terms of the ConrrRacr and by i�s <br />representations herein, DEBTOR shall be estopped from asserting for any reason that it is not <br />authorized to grant a security interest in the Co��.a�w� pursuant to the terms of this <br />agreement. <br />5. To pay all taxes and assessments of every nature which may be levied or assessed against <br />tI1@ COLLATERAL. <br />6. That the DEBTOR's articles of incorporation and by-laws do not prohib� any term or condition <br />of this agreemen#. <br />UNTtL DEFAULT DEaTOR may have possession of the COLLATERAL provided that <br />DEBroR keeps the Co�u�rEw4� in an account separate from other revenues of DEBTOR and <br />does not use the Co�u�TEw�� for any purpose not permitted by the Con�r�tncr. Upon default, <br />S�c�RE� PaRN shall have the immediate right to the possession of the CouArEt�. <br />Appendix 4 to Loan Contract C150303 <br />Page 1 of 2 <br />