C153726 Paid in Full Contract

• Contract/PO #: C153726
• Contractor Name: Tremont Mutual Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

•
STATE OF COLORADO
•
UNIFORM COMMERCIAL CODE SECURITY AGREEMENT & FINANCING STATEMENT
COLORADO SECRETARY OF STATE
1560 Broadway, Suite 200 - Denver, CO 80202-5169
DEBTOR: THE TREMONT MUTUAL DITCH COMPANY
P. O. Box 711
Snyder, CO 80750
FED TAX ID#: 84
SECURED PARTY: • p$TATE,OF e e for the u and benefit of the
Jeiatirien + ral, olorado Water Conservation Board
1313 Sherman S ee
Denver, CO 002.03•
COLLATERAL 'r ,
CLASSIFICATION: X CONTRACT RIGHTS X OTHER
DEBTOR,for consideration,hereby grants to SECURED PARTY a security interest in the following property and any and all additions,
accessions and substitutions thereto•or therefor,hereinafter called the COLLATERAL: ALL REVENUES DERIVEDFROM HANDLING
FEES PAID TO THE DEBTOR BY PIONEER WATER AND IRRIGATION,INC. PURSUANT TO AN AGREEMENT RECORDED IN THE
OFFICE OF THE CLERK AND RECORDER OF MORGAN COUNTY, COLORADO ON MAY 14, 1987 IN BOOK 891 AT PAGE 338.
To secure payment-of the indebtedness evidenced by.certain Promissory Note Provisions of-Loan Contract is 153726 between
the above named parties-herewith,payable to the SECURED PARw,or order,es follows: $45,000 with interest at the rate of 4%
per annum payablekr20 annual hrstements-of$3,311.18,of unti ad principal and interest are paid in full
DEBTOR-EXPRESSLY WARRANTS.AND COVENANTS:
1. That except for the security interest granted hereby DEBTOR is,or to the extent that this agreement states that the
COLATERAL is to be acquired after the date hereof,will be,the owner of the COLLATERALfreefrom any adverse lien,security interest
or encumbrances;and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons'at anytime claiming
the same or any interest therein.
2. The COLLATERAL is used or bought primarily for:
_ Personal,family or household purposes;
Use in farming operations;
_ Use in'business;
_X Other.
3. That DEBTOR'S addtess is as stated above,and the COLLATERAL will be kept at SAME ADDRESS
4. If any of the CDLLAIERAL is crops,oil,gas or minerals to be extracted or timber to be cut,or good4 which are or are to
become fixtures,said COLLATERAL concerns the following described real estate situate in the County of X and State of Colorado,
to-wit:N/A
5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL.
6. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL.
7. To not perrflit or allow any adverse lien,security interest or encumbrance whatsoever upon the COLLATERAL and not to
permit the same to be attached or replevined.
8. That the COLLATERAL is in good condition,and that the DEBTOR will,at its own expense,keep the steno in good condition
and from time to time,forthwith,replace and repair all such parts of the collateral as may be broken,worn out,Or damaged without
allowing any lien to be created upon the COLLATERAL on account ef such replacement or repairs,and that the SECURED PARTY may
examine and inspect the COLLATERAL at any time, wherever located.
9. That the DEBTOR wnl.not use the COLLATERAL in violation of any applicable statutes,regulations of ordinances.
APPENDIX B-2