C153797 Paid in Full Loan Compliance Confirmation

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• s SECURITY AGREEMENT DEBTOR: C. R. Evans 231 Nyberg Road Pueblo, Colorado 81006 FEDERAL ID No.: 317-50-0976 SECURED PARTY: STATE OF COLORADO for the use and benefit of the Dept of Natural Resources, Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL ALL WATER RIGHTS AND DITCH SHARES (CODE: 560) COUNTY: PUEBLO(CODE: 02) 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: 2,883 shares of stock in the Excelsior Irrigating Company, evidenced by Certificate Number 5 for 1,007 shares of stock and Certificate Number 6 for 1,876 shares of stock. To secure payment of the indebtedness evidenced by the Promissory Note which is a part of the Loan Contract#C153748 ("CONTRACT") between the above named parties herewith, payable to the SECURED in accordance with the Promissory Note or until 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 agreement states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest or encu . •. s; th t DEBTOR will defend the COLLATERAL against all claims and demands of all perso p i i, 'ng the same or any interest therein. C . 2. That the execution and delivery of this agreement by DEBTOv'.t {ireement governing DEBTOR or to which DEBTOR is a party. ';:; • • 3. That, if DEBTOR is a corporation, its certificate or articles of incorporation and by-laws do not prohibit any term or condition of this agreement. 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. 5. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL. 6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Appendix E to Loan Contract #C153748