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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: MORGAN COUNTY QUALITY WATER DISTRICT
<br /> P. 0. Box 1218
<br /> port Morgan, CO 80701 FILNI) C441116
<br /> FED TAX ID# 84-0718085
<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;,eO 80203
<br /> • ,4
<br /> COLLATERAL ? i C: '
<br /> CLASSIFICATION: ' '`jX CONTRACT'RIGHTS _ OTH �y' QEF _T TE
<br /> r 4 1.._ ,„,Q L 4 ,1'1141 •
<br /> 4.:..' . 'i..+ 44.0 .4.;
<br /> DEBTOR,for consideration, hereby gra s to SECURED PARTY a security interest in the o g n nd all additions,accessions
<br /> and substitutions thereto or therefor, reinafter called the COLLATERAL: ALL REVENUES DER F M R ES,FEES AND OTHER
<br /> CHARGES TO REPAY THE INDEBTED ESS ON THE AMOUNT LOANED TO DEBTOR BY SECURED S CRIBED IN PLEDGE OF
<br /> REVENUES PROVISIONS IN CONTRACT#C153718.
<br /> To secure payment of the indebtedne s evidenced by certain Promissory Note Provisions of Loan Contract referenced above between the
<br /> above named parties herewith, payab e to the SECURED PARTY, or order, as follows: $3,000,000 with interest at the rate of 4%per annum
<br /> payable in 30 annual installments of 173,490.30, or until all principal and interest are paid in full.
<br /> DEBTOR EXPRESSLY WARRANTS A D COVENANTS:
<br /> 1. That except for the security interest granted hereby DEBTOR is, or to the extent that this agreement states that the COLLATERAL
<br /> is to be acquired after the date hereof will be,the owner of the COLLATERAL free from any adverse lien, security interest or encumbrances;
<br /> and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming the same or any interest
<br /> therein.
<br /> 2. The COLLATERAL is used or bought primarily for:
<br /> Personal, family or ho sehold purposes;
<br /> _ Use in farming operat ns;
<br /> _ Use in business;
<br /> X Other.
<br /> 3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at SAME ADDRESS
<br /> 4. If any of the COLLATERAL is crops, oil, gas or minerals to be extracted or timber to be cut, or goods which are or are to become
<br /> fixtures, said COLLATERAL concerns the following described real estate situate in the County of X and State of Colorado, to-wit: N4A
<br /> 5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL.
<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 geod condition,and that the DEBTOR will, at its own expense,keep the same in good condition and from
<br /> 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
<br /> to be created upon the COLLATERAL o account of such replacement or repairs, and that the SECURED PARTY may examine and inspect the
<br /> COLLATERAL at any time, wherever loOated.
<br /> 9. That the DEBTOR will not ulse the COLLATERAL in violation of any applicable statutes, regulations or ordinances.
<br /> 10. The DEBTOR will keep theOLLATERAL at all times insured against risks of loss or damage by fire (including so-called extended
<br /> coverage),theft and such other casualties as the SECURED PARTY may reasonably require,including collision in the case of any motor vehicle,
<br /> all in such amounts, under such formis of policies, upon such terms, for such periods, and written by such companies or underwriters as
<br /> the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the DEBTOR as their interest may appear. All
<br /> policies of insurance shall provide for et least ten days'prior written notice of cancellation to the SECURED PARTY;and the DEBTOR shall furnish
<br /> the SECURED PARTY with certificates of such insurance or other evidence satisfactory to the SECURED PARTY as to compliance with the
<br /> APPENDIX D 09
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