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<br />STATE OF COLORADO
<br />
<br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT
<br />COLORADO SECRETARY OF STATE
<br />1560 Broadway, Suite 200 - Denver, CO 80202-5169
<br />
<br />DEBTOR:
<br />
<br />Town of Lyons
<br />P.O. Box 49
<br />Lyons, Colorado 80540
<br />
<br />FILED CO:t'I
<br />
<br />DEBTOR'S FEDERAL TAX 10 '# 84-6000690
<br />
<br />SECURED PARTY:
<br />
<br />STATE OF COLORADO for the use and
<br />The Department of Natural Resources,
<br />
<br />. 26i9%~1%~ ~~ $'1.~~ gQ
<br />benefit ,,[.>;. . ~,., '... ._'''' c
<br />OJ _1'._ "'" "" -It!"'! ,.
<br />Colorad()';'W,ate7 L Conservation
<br />~.... --: ,'.... ':'';;':.l,U
<br />
<br />Board
<br />
<br />1313 Sherman Street, Room 721
<br />Denver, CO 80203
<br />
<br />COLLATERAL
<br />CLASSIFICATION:
<br />
<br />X
<br />
<br />CONTRACT RIGHTS
<br />
<br />X OTHER
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<br />DEBTOR, for consideration, hereby grants to SeCURED PARTY a security interest in the following property and any and all additions,
<br />accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: Water system revenues pledged to repay the
<br />amount loaned to Debtor by Secured Party. as described in the Pledge of Revenues Provisions contained in Loan Contract No.
<br />C1S3721,
<br />
<br />To secure payment of the indebtedness evidenced by the above-mentioned Loan Contract between the above named parties
<br />herewith, payable to the SeCURED PARTY, or order, as follows: the loan amount of $280,500 with interest at a rate of five percent
<br />(5%) per annum, payable in 20 annual installments or until all principal and interest are paid in full.
<br />
<br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
<br />
<br />1. That except for the security interest granted hereby DEBTOR is, or to the extent that this agreement states that the
<br />COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest
<br />or encumbrances; and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming
<br />the same or any interest therein.
<br />
<br />2. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL.
<br />
<br />3. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL.
<br />
<br />4. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to
<br />permit the same to be attached or replevined.
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<br />5. That the COLLATERAL is in good condition, and that the DeBTOR will, at its own expense, keep the S8me in good condition
<br />and from time to time, forthwith, replace and repair all such parts of the collateral as may be broken, wom out, or damaged without
<br />allowing any lien to be created upon the COLLATERAL on account of such replacement or repairs, and that the SeCURED PARTY may
<br />examine and inspect the COLLATERAL at any time, wherever located.
<br />
<br />6. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances.
<br />
<br />7. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire (including so-called
<br />extended coverage), theft and such other casualties as the SECURED PARTY may reasonably require, including collision in the case
<br />of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such periods, and written by such
<br />companies or underwriters as the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the
<br />DEBTOR as their interest may appear. All policies of insurance shall provide far at least ten days' prior written norice af cancellation
<br />ta the SECURED PARTY; and the DEBTOR shall furnish the SECURED PARTY with certificates of such insurance or other evidence
<br />satisfactory to the SECURED PARTY as ta compliance with the provisions of this paragraph. The SECURED PARTY may act as attorney
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<br />APPENDIX 3
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