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<br /> STATE OF COLORADO
<br /> UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT
<br /> COLORADO SECRETARY OF STATE
<br /> 1560 Broadway, Suite 200 - Denver, CO 80202-5169
<br /> DEBTOR: CITY OF FORT MORGAN, COLORADO &
<br /> CITY OF FORT MORGAN, COLORADO, WATER WORKS AND DISTRIBUTION ENTERPRISE
<br /> 710 Railroad, P. 0. Box 100
<br /> Fort Morgan, Colorado 80701 GO?1
<br /> DEBTOR'S FEDERAL TAX ID #84-'0 0588
<br /> SECURED PARTY: STATE OF COLORADO for the use and benefit of
<br /> The Department of Natural Resources, Colorado Water Conservation Board
<br /> 1313 Sherman Street, Room 721
<br /> Denver, Colorado 80203
<br /> COLLATERAL 962002985 C $16.00
<br /> CLASSIFICATION: X CONTRACT RIGHTS X OTHER
<br /> � tf�fkf � � STATE
<br /> — — — —
<br /> n1-11-96 11006
<br /> DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all additions,
<br /> accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: Pledge of proceeds of any sale of the Debtor's
<br /> interest in the Allotment Contract between the City of Fort Morgan,Colorado, acting by and through the City of Fort Morgan,Colorado,
<br /> Water Works and Distribution Enterprise and Northern Colorado Water Conservancy District, acting by and through Southern Water
<br /> Supply Project Water Activity Enterprise, said contract dated August 4, 1995.
<br /> To secure payment of the indebtedness evidenced by certain Promissory Note contained in the above described loan contract between
<br /> the above named parties herewith, payable to the SECURED PARTY, or order, as follows: the loan amount of $5,500,000 payable as
<br /> described in the Promissory Note Provisions contained in Loan Contract#C153701 dated August 7, 1995.
<br /> DEBTOR EXPRESSLY WARRANTS AND COVENANTS: '1 ;
<br /> Jk1. That except for the security interest granted hereby DEB • " •• • ent that this agreement states that the COLLATERAL
<br /> is to be acquired after the date hereof, will be, t n-r of the COLLA -" free from any adverse lien, security interest or
<br /> encumbrances; and that DEBTOR will defend the Cot. ,;,,y'R• e :.:ins ' s and demands of all persons at anytime claiming the same
<br /> or any interest therein. ,t4,..! ,
<br /> 2. The COLLATERAL is used or bought primarily for: f
<br /> Personal, family or household purposes; , . .+°`
<br /> Use in farming operations;
<br /> _ Use in business; j
<br /> .. 4
<br /> X Other. ;
<br /> 3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at thee bov ddress.
<br /> 4. If any of the COLLATERAL is crops,oil, gas or minerals to be extracted or timber to be cut`,'wr goods whicl •are or are to become
<br /> fixtures, said COLLATERAL concerns the following described real estate situate in the County of Morga illitrItate of Colorado, to-wit:
<br /> N/A
<br /> 5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL. 1
<br /> 6. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL.
<br /> 7. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to permit
<br /> the same to be attached or replevined.
<br /> 8. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good condition and
<br /> from time to time, forthwith, replace and repair all such parts of the collateral as may be broken,worn out,or damaged without allowing
<br /> any lien to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECURED PARTY may examine and
<br /> inspect the COLLATERAL at any time, wherever located.
<br /> APPENDIX E
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