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• <br /> STATE OF COLORADO <br /> UNFORM COMMERCIAL CODE—SECURITY AGREEMENT <br /> Debtor: Highline-Buzzard Ditch Company, Inc. <br /> • <br /> Name- <br /> Adams: <br /> Residence: <br /> No. street Chi Mow <br /> Business: Route 1 , Box B-42 Collbran CO 81624 <br /> No. Strut City State <br /> Secured Party: <br /> Name. State of Colorado for the use and benefit of the Colorado <br /> Water Conservation Board <br /> ,dry 1313 Sherman Street, Room 721 Denver CO 80201 <br /> No. street CIh 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 shares to repay indebted- <br /> ness on 200 feet of 24" , 80 p. s. i. siphon pipe and 2575 feet of 21" , <br /> 80 p. s. i. siphon pipe in the debtor' s irrigation system, approved byl <br /> the shareholders or the Board of Directors pursuant to CRS, § 7-42- <br /> 104 . <br /> To secure payment of the indebtedness evidenced by certain promissory note_of even date herewith,payable to the Secured Patty, 11 <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 4nv adverse lien,security interest or <br /> encumbrances:and that Debtor will defend the Collateral against all claims and demands of*I ns at anytime claiming the <br /> same or any interest therein. <br /> • 4 <br /> 2. The Collateral is used or bought primarily for: ` <br /> ❑ Personal. family or household purposes <br /> Lx Use in farming operations: p <br /> ❑ Use in business. <br /> it <br /> 3. That Debtor's residence is as stated above, and the Collateral will be kept at <br /> Route 1 , Box B-42 Collbran Mesa CO 81624 <br /> No.and Sueet City Counr Stale 1 <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 /> jl EXHIBIT F <br /> No. UCC 1205.Res. 3-87. SECURITY AGREEMENT <br /> hradlord 1 uhltshtnc. 1711 Hatec Si..D.,nrcr,Cl)Sll-'(h—1101,.10:2500— 1.84 Copyright 148' <br />