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SECURITY AGREEMENT <br />(PLEDGE OF REVENUES� <br />DATE: DECEMBER 15, 2003 <br />DEBTOR: THE GRAND MESA RESERVOIR COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />1313 SHERMAN STREET, ROOM 721 <br />DENVER, CO 80203 <br />PROMISSORY NOTE: $181,800, DATED DECEMBER 15, 2003 <br />TERMS OF REPAYMENT: 2.40% PER ANNUM FOR 2O YEARS <br />LOAN CONTRACT: C150157, DATED DECEMBER 15, 2003 <br />Coc�aTEt�a�: All revenues derived frc <br />Debtor's right to receive <br />the loan as described in <br />LOAN CONTRACT. <br />n assessments on stock and all of <br />said assessment revenues to repay <br />Pledge of Property provisions of the <br />To secure payment of the loan evidenced by the PROMissoRY NoTE payable in accordance <br />Wlth ti12 TERMS OF REPAYMENT, or until all principal, interest, and late charges, if any, are paid in <br />full, the DEBTOR grants to SECURED PARTY a security interest in the above described <br />COLLATERAL. <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br />2. <br />3. <br />4. <br />5. <br />That except for the security interest granted hereby and any other security interests <br />described in Section 5 of the Loan Contract Project Summary, DEBTOR is the owner of the <br />Co��aTEw�,� free from any adverse lien, security interest or encumbrances; and that DEBTOR <br />will defend the Co��TEw4� against all claims and demands of all persons at any time <br />claiming the same or any interest therein. <br />That the execution and delivery of this agreement by DEBTOR will not violate any law or <br />agreement governing DEBTOR or to which DEBTOR is a party. <br />To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon <br />the Co��aTE�� and not to permit the same to be attached or replevined. <br />That by its acceptance of the loan money pursuant to the terms of the CoNTRacT and by its <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 COLLATERAL pursuant to the terms of this <br />agreement. <br />To pay all taxes and assessments of every nature which may be levied or assessed against <br />the COLLATERAL. <br />6. That the DEBTOR's articles of incorporation and by-laws do not prohibit any term or condition <br />of this agreement. <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provi.ded that <br />DEBTOR keeps the Co��aTERa� in an account separate from other revenues of DEBTOR and <br />does not use the Co��aTERa� for any purpose not permitted by the CoNTRacT. Upon default, <br />SECURE� PARn shall have the immediate right to the possession of the Co��arERa�. <br />Appendix 4 to Loan Contract C150157 <br />