C153769 Paid in Full Contract

• Contract/PO #: C153769
• Contractor Name: Agricultural Ditch and Reservoir Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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SECURITY AGREEMENT
DEBTOR 1: The Agricultural Ditch and DEBTOR 2: The Golden Canal and Reservoir
Reservoir Company Company
12860 W. Cedar Drive, Suite 102 12860 W. Cedar Drive, Suite 102
Lakewood, CO 80228 Lakewood, CO 80228
FEDERAL TAX NUMBER:, 84-0001700 FEDERAL TAX NUMBER: 84-0213420
COUNTY: JEFFERSON(p0D9: 11) COUNTY: JEFFERSON, CODE: 11 )
SECURED ARTifk State of Colorado, Colorado Water Conse Utr , otar'
', 1313 Sherman Street, Room 721 - L ,; ,'-," •
Denver, CO 80203
COLLATERAL Contract Rights (Code: 030) ' :a-
DEBTORS,for consideration,h: eby grant to SECURED PARTY a security interest it -''s',:fl Ini•;.:pe;ix and any
and all additions, accessions and substitutions thereto or therefor, hereinafter .lied M. '-'4 ;:_ : All
revenues derived from D BTO S' sales of water carried primarily through the Welch Pitch pursuant to isle 10
of the bylaws of the G Iden Canal and Reservoir Company, which is a wholly) owned subsidiary of the
Agricultural Ditch and Rsery r Company, and all rights of DEBTORS to receive said revenues, as described in
pledge of property provis ons I Loan Contract#C153769.
To secure payment of t e i 'ebtedness evidenced by a certain Promissory Note, which is a part of Loan
Contract C153769 betw en , e Agricultural Ditch and Reservoir Company and the SECURED PARTY, in the
amount of $300,000.00 at aA interest rate of 5.25% per annum for a term of 130 years, payable by the
Agricultural Ditch and R sery•,r Company to the SECURED PARTY until all principal 'land interest are paid in full
in accordance with saidFrom ory Note.
DEBTORS EXPRESSL WA' RANT AND COVENANT:
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1. That except for the s cu , interest grant hereby, DEBTORS are, or to the exten that this agreement states
that the COLLATERAL s to •- acquired after the date hereof,will be,the owners the COLLATERAL free from
any adverse lien,s urity" terest or encumbrances.
2. That the execution nd • -livery of this agreement by DEBTbRR will not violil
te any law or agreement
governing DEBTORS r to ich either DEBTOR is a party.
3. That DEBTORS'certifi te44:nd articles of incorporation and by-laws do not prohibit any term or condition of
this agreement. ,
4. That by its acceptance of e loan money pursuant to the terms of the CONTRAC''and by its representations
herein, the Agricultural Di h and Reservoir Company shall be estopped from asserting for any reason that
it is not authorized to grant a security interest in the COLLATERAL pursuant to the terms of this agreement.
5. To pay all taxes and ass' sments of every nature which may be lawfully levied or assessed against the
COLLATERAL.
6. To not permit or allovrr anydverse lien, security interest or encumbrance whatsoever ul trn the CQ,J.LATERAC
and not to permit the same to be attached or replevined. _ •
7. That the DEBTORS Will t use the COLLATERAL in violation of any appli�ble statutes, regulations,-,
ordinances, articles of inc ration or by-laws. Y-:
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UNLESS THE DEBTO DEFAULT, DEBTORS may have possession of the COLLATERAL. If DEBTORS
default, SECURED PARTY shall! ave the immediate right to the possession of the COLLATERAL.
DEBTORS SHALL BE I DEFAULT under this agreement upon the happening of any of the following
events or conditions:
A endix 5 to Loan Contract C153769
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