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: The Agricultural Ditch and Reservoir Compan -.-.
12860 W. Cedar Drive, Suite 102 It„,„.„ ., '.(,.,"%
:.
Lakewood, CO 80228 `=. ,`
FEDERAL TAX NUMBER; 84-0001700
µN: ,
C UNTY: JEFFERSON(CODE: 11) u,.
SECURED ARTs't State of Colorado, Colorado Water Conservati B j: ,
I 1313 Sherman Street, Room 721 '""""
Denver, CO 80203
COLLA E Contract Rights (Code: 030)
DEBTOR, for consideratio , h by grants to SECURED PARTY a security interest in the following property
and any and all additi ns, cessions and substitutions thereto or therefor, hereinafter called the
COLLATERAL: All revenu ie ed from assessments levied to repay the indebtedness on the amount
loaned to DEBTOR by SECUR PARTY, and all rights of DEBTOR to receive said assessment revenues
from its stockholders,as death ed in pledge of property provisions in Loan Contract#C153769.
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To secure payment of the in btedness evidenced by a certain Promissory Note at is a part of Loan
Contract #0153769 be een 1 e above named parties herewith, in the amount of $300,000.00 at an
interest rate of 5.25% peer an m for a term of 30 years, payable by DEBTOR to the 4ECURED PARTY until
all principal and interest are p d in full in accordance with said Promissory Note.
DEBTOR EXPRESSLY AR1 'NTS AND COVENANTS:
1. That except for the -ecu , interest grant hereby, DEBTOR is, or to the extent Ithat this agreement
states that the Col TE- is to be acquired after the date hereof, will b4, the owner of the
COLLATERAL free fro anyi dverse lien,security interest or encumbrances. f
2. That the execution a d d ivery of this agreement by DEBTOR will not violate ar-y law or agreement
governing DEBTOR o to ch DEBTOR is a party.
3. That, if DEBTOR is - co 'ration, its certificate and articles of incorporation ind by-laws do not
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prohibit any term or ..r d dn of this agreement.
4. That by its accepta ce the 'loan money pursuant to the terms of the CONTRACT and by its
representations her:in r7 BTOR shall be estopped from asserting for any r ason that it is not
authorized to grant a sec t ty interest in the COLLATERAL'pursuant totheterms of this agreement.
5. To pay all taxes and ss ments of every nature which may be lawfully levied pr assessed against
the COLLATERAL.
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6. To not permit or ail w , adverse lien, security interest or encumbrance whatsoever upon the
COLLATERAL and not pz, it the same to be attached or replevined.
7. That the DEBTOR wi I notli rse the COLLATERAL in violation of any applicable statutes, regulations,
ordinances,articles f i l ••ration or by-laws.
UNLESS IT DEFAULT- •EBTOR may have possession of the COLLATERAL,.povrided that DEBTOR
keeps revenues derived from{ :ssessments in the amount of the annual loan paynhents due under the
contract, as amended, in an count separate from other revenues of DEBTOR and does not use said
revenues for any purpo-e ndl pe itted by the CONTRACT. If DEBTOR defaults, SECURED PARTY shall
have the immediate righ to t poss ssion of the COLLATERAL. .
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A• ;t„en ix 7 to Loan Contract C153769
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