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STATE OF COLORADO <br />UNIFORM COMMERCIAL CODE — SECURITY AGREEMENT <br />Debtor: <br />NMM The Terrace Irrigation Company <br />,tddvm <br />No. sheet Chy state <br />Budgies -__ 24050 County Road 10 La Jara CO 81140 <br />No. shed CRY state <br />Secured Party: State of Colorado for the use and benefit of the <br />No— Colorado Water Conservation Board <br />Add.. 1313 Sherman Street, Room 721 Denver CO 80203 <br />No. Sheet 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 />substitutions thereto or therefor (hereinafter called the "COLLATERAL '): <br />All revenues derived from assessments on stock to repay indebtedness <br />on the Terrace Main Canal and the Alamosa Creek Canal as approved b3 <br />the stockholders or the Board of Directors, pursuant to C.R.S. <br />S 7 -42 -104, as amended. <br />To secure payment of the indebtedness evidenced by - certain promissory note _ of even date herewith, payable to the Secured Party, <br />or order, as follows: <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 Collateral 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 farming operations; <br />❑ Use in business. <br />3. That Debtor's residence is as stated above, and the Collateral will be kept at <br />24050 County Road 10 La Jara Conejos CO 81140 <br />No. and Sven City County slate <br />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 <br />become fixtures, said Collateral concerns the following described real estate situate in the County <br />Of and State of Colorado, to wit: <br />No. UCC 1205. Rev. 3-87. sECURrry AGREEMENT Cpl <br />Bradford Publishing, 1743 Wazee St., Deaver, CO 80202 — (303) 292 -2500 — 4-92 Copyright 1987 <br />/Q Z <br />