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SECURITY AGREEMENT <br />(PLEDGE OF REVENUES) <br />DATE: SEPTEMBER 3, 2009 <br />DEBTOR: NORTH STERLING IRRIGATION DISTRICT <br />SECURED PARTY: CO�ORADO WATER CONSERVATION BOARD <br />1313 SHERMAN STREET, ROOM 721 <br />DENVER, CO 80203 <br />PROMiSSORY NOTE: $1,094,840, DATED SEPTEMBER 3, 2009 <br />TERMS OF REPAYMENT: 2.25% PER ANNUM FOR 2O YEARS <br />LoAtv CoNTw�cT: C150293, DATED SEPTEMBER 3, 2009 <br />Co��aTEw�,�: All revenues pledged to repay the loan as described in <br />� Pledge of Revenues provisions of the Loatv CoNTwacT and <br />Debtor's authorizing resolution dated July 8, 2009. <br />To secure payment of the loan evidenced by the PROMISSORY NOTE payable in <br />accordance Wlth th2 TERMS OF REPAYMENT, or until all principal, interest, and late <br />charges, if any, �are paid in full, the DEBTOR grants to SECURE� PaRN a security interest in <br />the above described Co��aTERa�. <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br />2. <br />3 <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 <br />the Co��.aTEw4� free from any adverse lien, security interest or encumbrances; and <br />that DESTOR will defend the Co��aTEwo,� against all claims and demands of all persons <br />at any time 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 DEeTOR is a party. <br />To not permit or allow any adverse lien, security interest or encumbrance whatsoever <br />upon the Co��aTEFta� and not to permit the same to be attached or replevined. <br />4. That by its acceptance of the loan money pursuant to the terms of the CoNTFtacT and <br />by its representations herein, DEBTOR shall be estopped from asserting for any reason <br />that it is not authorized to grant a security interest in the Co�u�TERa� pursuant to the <br />terms of this agreement. <br />UNTIL DEFAULT DEBTOR may have possession of the Co��a,TERa,�, provided that <br />DEaTOR keeps the Co�uaTEt�a,� in an account separate from other revenues of DEBTOR <br />and does not use the Co��aTERa,� for any purpose not permitted by the CoNTw�cT. Upon <br />default, SECURED PARTY shall have the immediate right to the possession of the <br />COLLATERAL. <br />Appendix 4 to Loan Contract C150293 <br />Page 1 of 2 <br />