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� ��� <br />� �� <br />���� � <br />(� <br />V <br />�� <br />\ <br />� <br />� <br />❑ <br />� <br />STATE OF COLORADO <br />C ��� 7/ <br />UNIFORM COMMERCIAL CODE — SECURITY AGREEMENT <br />Ss �,�/� ���, ,� 5`—v �� �. � y �� � <br />Debtor: ns� •-t�cn +-±� n b s, ,� <br />Ne„�: BEAVER PARK WATER, INC . '-��--°� ��' � Li �: � ��.:�. G�: <br />- rn nrr a!'?i.' l4G �T i'('!" <br />:��lr:`?L E `�� �? i}F •�i I !'4 F � <br />Address: ' � " ?' � � C f ! u .�-f <br />� ResWence: _... ��..».L}`�.-y- i?> i� <br />No. <br />Street <br />City <br />S�ace <br />8151,,�; P.O. BOX 286 PENROSE CO 81240 <br />No. Street City State <br />Secured Party: STATE OF COLORAD <br />Na,,,e:FOR THE USE AND BENEFIT OF THE COLORADO WATER CONSERVATION BOARD. <br />,�,d„�;1313 SHERMAN ST.. RM721 DENVER CO 80203 <br />No. Slreel CitY State <br />Debtor, for consideration, hereby grants to Secured Party a security interest in the following property and any and all additions, accessions and <br />substimtions thereto or therefor (hereinafter called the "COLLATERAL"): ALL REVENUES DERIVED FROM ASSESSMENTS <br />F SHARES TO REPAY INDEBTEDNESS ON ITS BRUSH HOLLOW DAM AND ALL APPURTNENANCES <br />S APPROVED BY THE SHAREHOLDERS OR THE BOARD OF DIRECTORS PURSUANT TO CRS <br />7-42-104 <br />To secure payment of the indebtedness evidenced by a certain promissory note — of even date herewith, payable to the Secured Parry, <br />ororder,asfol�ows: As set forth in the contract between debtor and secured party for the <br />Feasibility Study for the emergency repair of the debtor's Brush Hollow Dam whereby <br />secured party has loaned debtor the principal sum of $75,000 according to the terms <br />set forth in sa3d contract, including the terms of repayment as set forth in the <br />promissory note portion of said contract. <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br />1. That except for the security interest granted hereby Debtor is, or to the extent that this agreement states that the <br />Collateral is to be acquired after the date hereof, will be, the owner of the Co(lateral free from any adverse lien, security interest or <br />encumbrances; and that Debtor will defend the Collateral against all claims and demands of all persons at anytime claiming the <br />same or any interest therein. <br />2. The Collateral is used or bought primarily for: <br />❑ Personal, family or household purposes: <br />❑ Use in fatming operations; <br />❑ Use in business. <br />� Other <br />3. That Debtor's nesidence is as stated above, and the Collateral will be kept at <br />P.O. BOX 286 <br />No. and Suttt� <br />PENROSE <br />Ciry <br />FREMONT <br />Counry <br />CO 80240 <br />StaLL <br />4. If any of Che Collateral is crops, oil, gas, or minerals to be extracted or timber to be cut, or goods which are or are to <br />become fixtures, said Collateral concerns the following described real estate situate in the County <br />of and State of Colorado, to wit: N�A <br />No. UCC 1205. Rev. 3-87. SH:CUe�TV ncxE:F:MEV�� APPENDIX E <br />Bradford Publishing, 1743 Wazee St., Denver, CO 80202 —(303) 292-2500 — 5-93 <br />�� <br />Copyright 19R7 <br />