C153629 PIF Contract - Laserfiche WebLink

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SECURITY AGREEMENT DEBTOR: Colorado River Water Conservation District P. O. Box 1120 Glenwood Springs, CO 81602 FEDERAL TAX NUMBER: 84 -6000167 SECURED PARTY: STATE OF COLORADO for the use and benefit of the Dept of Natural Resources, Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL CLASSIFICATION: Contract Rights (Code 030) COUNTY: Garfield (Code 24) DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: Pledged revenues in the amount of the first $1,153,383.57 received annually under the Rock Creek Reservoir Lease Agreement _dated March 3, 1987, as amended by the Agreement Amending Lease Agreement effective July 21, 1992, the letter agreement dated July 19, 1993, and the supplemental agreement dated December 12. 1995, and DEBTOR'S rights under said Lease Agreement to receive said revenues, as described in Loan Contract #C153629, dated September 30, 1992, as amended (CONTRACT). To secure payment of the indebtedness evidenced by Paragraph b.16 of the abovementioned CONTRACT between the above named parties herewith, in int of $16,255,724.12 with interest at 5% per annum for a term of 25 years, payable ED P TY in accordance with the provisions of said CONTRACT until all principal and i aid i DEBTOR EXPRESSLY WARRANTS AND COVENA S: 1. That except for the security interest grante, y, BTOR is, or to the extent that this agreement states that the COLLATERAL is to be after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, se rity interest or encumbrances; and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime 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 goveming DEBTOR or to which DEBTOR is a party. 3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and by -laws do not prohibit any term or condition of this agreement. 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 COLLATERAL pursuant to the terms of this agreement. 5. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL. 6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to permit the same to be attached or replevined. Attachment 3 to Contract C153629 Amendment No. 2