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� � SECURITY AGREEMENT (PLEDGE OF REVENUES) DATE: MARCH 7, 2008 DEBTOR: BIJOU IRRIGATION DISTRICT SECURED PARTY: COLORADO WATER CONSERVATION BOARD PROMISSORY NOTE: $2,408,850, DATED MARCH 7, 2008 TERMS OF REPAYMENT: 2.25% PER ANNUM FOR 30 YEARS LOAN CONTRACT: C150259, DATED MARCH 7, 20Q8 COLLATERAL: All revenues levied to repay the Promissory Note in accordance with the Irrigation District Law of 1905 (C.R.S. 37- 41-101 to —160) and all of Debtor's right to receive said assessments to repay the loan as described in Pledge of Property provisions of the LOAN CONTRACT and Debtor's Resolution adopted March 3, 2008. To secure payment of the loan evidenced by the PROMissoRV NoTE payable in accordance Wltil 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 COLLATERAL. 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��arERa� free from any adverse lien, security interest or encumbrances; and that DEaroR will defend the Cou..aTERa� 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 DEBTOR is a party. 3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Co��,aTERa� 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 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 Co��aTERa� pursuant to the terms of this agreement. 5. To pay all taxes and assessments of every nature which may be levied or assessed against th2 COLLATERAL. 6. That the DEBTOR'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 Co��aTERa�.. Upon default, SECURE� PaRTr shall have the immediate right to the possession of the Co��TERa�. DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the following events or conditions: Appendix 4 to Loan Contract C150259 Page 1 of 2