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STATE OF COLORADO UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT COLORADO SECRETARY OF STATE 1560 Broadway, Suite 200 - Denver, CO 80202 -5169 DEBTOR: CARYLoR.2 �ARROLL GOV11 P O B jj�� ,,� Cocoa, Florida 32923 -02VP FED TAX ID# 59- 2878382 SECURED PARTY: STATE OF COLORADO for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL -116 _ i CLASSIFICATION: X CONTRACT RIGHTS X OTHER SCLfiCilti ij i :� ; l —j i —1,_ 1 i, �0 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: Borrower's interest in 703.9 acre -feet of water rights adjudicated to the DD &E Reservoir, decreed as follows: an undivided 200.4 acre -feet adjudicated 10/26/1931, priority 43A , and an undivided 503.5 acre -feet adjudicated 91111960, priority 7, all of which is located In S2 & S3, T2N R92W 6PM, Rio Blanco County, State of Colorado. To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract 11C153682, dated August 22, 1994, as amended, between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: the total amended principal amount of $75,000, the first $50,000 accruing interest at the rate of 2 %, and the remaining $25,000 accruing interest at the rate of 3.75 %, both amounts payable in 20 annual installments. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest granted hereby DEBTOR is, or to the extent that this agreement states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security 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. The COLLATERAL is used or bought primarily for: _ Personal, family or household purposes; X Use in farming operations; Use in business; x Other. 3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at the above address. 4. If any of the COLLATERAL is crops, oil, gas or minerals to be extracted or timber to be cut, or goods which are or are to become fixtures, said COLLATERAL concerns the following described real estate situate in the County of Rio Blanco and State of Colorado, to -wit: N/A 5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL. 6. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL. 7. 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. 8. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good condition and from time to time, forthwith, replace and repair all such parts of the collateral as may be broken, worn out, or damaged without allowing any lien to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECURED PARTY may examine and inspect the COLLATERAL at any time, wherever located. 9. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances. 10. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire (including so- called extended coverage), theft and such other casualties as the SECURED PARTY may reasonably require, including collision in the case of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such periods, and written by such companies or underwriters as the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the DEBTOR as their interest may appear. All A TT A /1■ ■N 00 r2L 5T /1