C153726 Paid in Full Contract

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

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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. 0. Box 711
Snyder, CO 80750, 0 9620746 8 C $16.00
SECRETA Y OF STATE
FED TAX ID#: 84-0974474
10-07-9.7- 14:01
SECURED PARTY: STATE OF COLORADO, for the use and benefit of the
Department of Natural esources, Colorado Water Con ervation Board
1313 Sherman Street, Room 721
Denver, CO 80203
COLLATERAL
CLASSIFICATION: X CONTRACT RIGHTS X OTHER
DEBTOR,for consideration, hereby grants to SECURED PARTY a security interest in the following property and - y and all additions,
accessions and substitutions thereto or therefor,hereinafter called the COLLATERAL: ALL REVENUES DERIV-' FROM HANDUNG
FEES PAID TO THE DEBTOR BY PIONEER WATER AND IRRIGATION, INC. PURSUANT TO AN AGREEME 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 C153726 between '
the above named parties herewith,payable to the SECURED PARTY, or order, as follows: $45,000 with inks t at the rate of 4%
per annum payable in 20 annual installments of$3,311.18, or unti all 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 agree ent states that the
COLLATERAL is to be acquired after the date hereof,will be,the owner of the COLLATERAL free from any adverse en,security interest
or encumbrances;and that DEBTOR will defend the COLATERAL against all claims and demands of all persbns 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 address is as stated above,and the COLLATERAL will be kept at SAME ADDRESS
4. If any of the COuAtERAL is crops,oil,gas or minerals to be extracted or timber to be cut,or good- which are or are to
become fixtures,said COLLATERAL concerns the following described real estate situate in the County of X an• 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 •oLLATERAL.
7. To not permit or allow any adverse lien,security interest or encumbrance whatsoever upon the C•LLATERAL 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 sa e in good condition
and from time to time,forthwith,replace and repair all such parts of the collateral as may be broken,worn mut, •r damaged without
allowing any lien to be created upon the COLLATERAL on account of such replacement or repairs,and that the SECURED PARTY may
examine and inspect the COLLATERAL at any time, wherever located.
9. That the DEBTOR wIll.not use the COLLATERAL in violation of any applicable statutes.regulations o ordinances.
APPENDIX B-2