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SECURITY AGREEMENT <br /> (PLEDGE OF REVENUES) <br /> DATE: AUGUST 3, 2009 <br /> DEBTOR: THE RIVERSIDE RESERVOIR AND LAND COMPANY <br /> SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> PROMISSORY NOTE: $2,838,100, DATED AUGUST 3, 2009 <br /> TERMS OF REPAYMENT: 2.5% PER ANNUM FOR 30 YEARS <br /> LOAN CONTRACT: C150291, DATED AUGUST 3, 2009 <br /> COLLATERAL: All revenues derived from assessments on stock and all of <br /> Debtor's right to receive said assessment revenues to repay <br /> the loan as further described in Pledge of Property provisions <br /> of the LOAN CONTRACT. <br /> To secure payment of the loan evidenced by the PROMISSORY NOTE payable in accordance <br /> with the TERMS OF REPAYMENT, or until all principal, interest, and late charges, if any, are paid in <br /> full, the DEBTOR grants to SECURED PARTY a security interest in the above described <br /> COLLATERAL. <br /> DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> 1. That except for the security interest granted hereby and any other security interests <br /> described in Section 5 of the Loan Contract Project Summary, DEBTOR is the owner of the <br /> COLLATERAL free from any adverse lien, security interest or encumbrances; and that DEBTOR <br /> will defend the COLLATERAL against all claims and demands of all persons at any time <br /> claiming the same or any interest therein. <br /> 2. That the execution and delivery of this agreement by DEBTOR will not violate any law or <br /> agreement governing DEBTOR or to which DEBTOR is a party. <br /> 3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon <br /> the COLLATERAL and not to permit the same to be attached or replevined. <br /> 4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its <br /> representations herein, DEBTOR shall be estopped from asserting for any reason that it is not <br /> authorized to grant a security interest in the COLLATERAL pursuant to the terms of this <br /> agreement. <br /> 5. To pay all taxes and assessments of every nature which may be levied or assessed against <br /> the COLLATERAL. <br /> 6. That the DEBTOR'S articles of incorporation and by-laws dã' ti7 't erm or condition <br /> of this agreement. FU <br /> LI <br /> DEFAULT DEBTOR may have possession of the COLLATERAL, p!vided that <br /> DEBTOR keeps the COLLATERAL in an account separate from other revenues of DEBTOR and <br /> does not use the COLLATERAL for any purpose not permitted by the CONTRACT. Upon default, <br /> SECURED PARTY shall have the immediate right to the possession of the COLLATERAL. <br /> DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br /> following events or conditions: <br /> Appendix 4 to Loan Contract C150291 <br /> Page 1 of 2 <br />