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� • SECURITY AGREEMENT (PLEDGE OF REVENUES) DATE March 21, 2011 DEBTOR: TRINCHERA IRRIGATION COMPANY SECURED PARTY: COLORADO WATER CONSERVATION BOARD PROMISSORY I�OTE $251 ,793, DATED MARCH 2� 2011 TERMS OF REPAYMENT: 2.75% PER ANNUM FOR 30 YEARS LonN Con�r�►cT: C150316, oAr�o March 21, 2011 Co��TERa�: Ail revenues derived from assessments on st�ic and all of Debtor's right to receive said assessment revenues to repay the loan as described in Pledge of Property provisions of the Loa►tv ConrrRacT and Debtor's Resolutions adopted March 8, 2011. To secure payment of the loan evidenced by the PROnnissoRY NorE payable in accordance Wlth th@ TERMS OF REPAYMENT or until all principal, interest, and late charges, if any, are paid in full, the DEaTOR grants to SECURED PnFtnr 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��TEt� free from any adverse lien, security interest or encumbrances; and that DEBroR will defend the Cou.�aTEwu. against all claims and demands of atl persons at any time claiming the same or any interest therein. 2. That the execution and delivery of this agreement by DEBTOrt wiil not violate any law or agreement governing DEaroR or to which DESroR is a party. 3. To not permit or allow any adverse lien, security interest or encumbranoe whatsoever upon the Co�u��w�►� 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 Ctx�rrRacr and by its representations herein, DEaTOR shall be estopped from asserting for any reason that it is not authorized to grant a security interest in the Co�wrEw�►� pursuant to the terms of this agreement. 5. To pay all taxes and assessments of every natune which may be levied or assessed against tF1@ COLLATERAL. • 6. That the DESTOR's articles of incorporation and by-laws do not prohibit any term or condition of this agreement. UNTIL DEFAULT DEeroR may have possession of the Cot.wrEw►�, provided that DEBroR keeps the Co�u�rEwa� in an aa:ount separate from other revenues of DEBTOR and does not use the CouAYE� for any purpose not permitted by the Cor�rRncr. Upon default, SECURE� PARnr shall have the immediate right to the possession of the Co�u��w��. Appendix 4 to Loan Contract C150316 Page 1 of 2