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SECURITY AGREEMENT <br /> (PLEDGE OF REVENUES) <br /> DATE: March 19 , 2015 <br /> DEBTOR: San Luis Valley Water Conservancy District, acting by and through <br /> its Water Activity Enterprise <br /> SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> 1313 SHERMAN STREET, ROOM 721 <br /> DENVER, CO 80203 <br /> PROMISSORY NOTE: $839,000 <br /> TERMS OF REPAYMENT: 2.50% PER ANNUM FOR 30 YEARS <br /> LOAN CONTRACT: C150348 <br /> COLLATERAL: All water activity enterprise revenues pledged to repay the loan as <br /> described in PLEDGE OF REVENUES provisions of the LOAN <br /> CONTRACT and DEBTOR'S RESOLUTION dated E:Phrua ry 19 , 2015 <br /> To secure payment of the loan evidenced by the PROMISSORY NOTE payable in accordance with <br /> the TERMS OF REPAYMENT, or until all principal, interests, and late charges, if any, are paid in full, <br /> the DEBTOR grants to SECURED PARTY a security interest in the above described COLLATERAL. <br /> DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> 1. 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 the <br /> COLLATERAL free from any adverse lien, security interest or encumbrances; and that DEBTOR <br /> will defend the COLLATERAL against all claims and demands of all persons at any time <br /> claiming the same or any interest therein. <br /> 2. That the execution and delivery of this agreement by DEBTOR will not violate any law or <br /> agreement governing DEBTOR or to which DEBTOR is a party. <br /> 3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon <br /> the COLLATERAL 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 CONTRACT and by its <br /> representations herein, DEBTOR shall be estopped from asserting for any reason that it is not <br /> authorized to grant a security interest in the COLLATERAL pursuant to the terms of this <br /> agreement. <br /> UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps <br /> the COLLATERAL in an account separate from other revenues of DEBTOR and does not use the <br /> COLLATERAL for any purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall <br /> have the immediate right to the possession of the COLLATERAL. <br /> Appendix 4 to Loan Contract C150348 <br /> Page 1 of 3 <br />