C150210 Paid in Full Contract

• Contract/PO #: C150210
• Contractor Name: Little Thompson Water District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

SECURITY AGREEMENT
(PLEDGE OF REVENUES)
DATE: DECEMBER 1, 2005
DEBTOR: Little Thompson Water District acting by and through the
Little Thompson Water District Water Activity Enterprise
SECURED PARTY: COLORADO WATER CONSERVATION BOARD
1313 SHERMAN STREET, ROOM 721
DENVER, CO 80203
PROMISSORY NOTE: $4,994,955, DATED DECEMBER 1, 2005
TERMS OF REPAYMENT: 3.6% PER ANNUM FOR 20 YEARS
LOAN CONTRACT: C150210, DATED DECEMBER 1, 2005
COLLATERAL: All revenues pledged to repay the loan as described in
Pledge of Revenues provisions of the LOAN CONTRACT, and
as described in the Resolution of the Board of Directors of
the Little Thompson Water District acting by and through the
Little Thompson Water District Water Activity Enterprise
dated December 1, 2005 (attached as LOAN CONTRACT
Appendix 3).
To secure payment of the loan evidenced by the PROMISSORY NOTE payable in
accordance with the TERMS OF REPAYMENT, or until all principal, interest, and late
charges, if any, are paid in full, the DEBTOR grants to SECURED PARTY a security interest in
the above described COLLATERAL.
DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
1. That except for the security interest granted hereby and any other.,sequd,�y interests
described in Section 5 of the Loan Contract Project SummLT t owner of
the COLLATERAL free from any adverse lien, security inte5! AbAnces; and
that DEBTOR will defend the COLLATERAL against all claims te'
mands o I sons
at any time claiming the same or any interest therein.
2. That the execution and delivery of this agreement by Divill f law or
agreement governing DEBTOR or to which DEBTOR is a PAX.
3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever
upon the COLLATERAL and not to permit the same to be attached or replevined.
4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and
by its representations herein, DEBTOR 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.
UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that
DEBTOR keeps the COLLATERAL in an account separate from other revenues of DEBTOR
Appendix 4 to Loan Contract C150210
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