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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 />DEBTDR: <br /> <br />Town of Breckenridge <br />p, O. Box 168 <br />1 50 Ski Hill Road <br />Breckenridge, CO 80424 <br /> <br />FEDERAL TAX 10# <br /> <br />SECURED PARTY: <br /> <br />STATE OF COLORADO for the use and benefit of <br />Department of Natural Resources, Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL <br />CLASSIFICATION: <br /> <br />X CONTRACT RIGHTS <br /> <br />X OTHER <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY B security interest in the following property and any and all additions, <br />accessions and substitutions thereto or therefor, hereinafter called the COllATERAL: Revenues pledged from the DEBTOR'S water <br />system enterprise fund. <br /> <br />~ <br /> <br />To secure payment of the indebtedness evidenced by certain loan Contract #C153351 (dated July 15. 19811. as amended, and <br />subsequently Bssigned by Blue River Water District to the DEBTOR by Amendment #2 to the contract (dated January 1996) between <br />the above named parties herewith, payable to the SECURED PARTY, or order, as follows: A loan in the original amount of $1,200,000 <br />at 4% interest for the original term of 40 years, and an annual payment of $60,624. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND CDVENANTS: <br /> <br />1. That except for the securrty 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 />t,)r 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. The COLlATERAL is used or bought primarily for: <br />_ Personal, family or household purposes; <br />_ Use in farming operations; <br />_X_Use in business; <br />_X_ Other. <br /> <br />3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at the above address. <br /> <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 <br />become fixtures, said COllATERAl concerns the following described real estate situate in the County of N/A and State of Colorado, <br />to-wit: N/A <br /> <br />5. Promptly to notify SeCURED PARTY of any changes in the location of the COLLATERAl. <br /> <br />6. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAl. <br /> <br />7. To not permit or allow any adverse lien, security interest or encumbraf1ce whatsoever upon the COLLATERAL and not to <br />permit the same to be attached or replevined. <br /> <br />8. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the ~ame in good condition <br />and from time to time, forthwith, replace and repair all such parts of the collateral as may be broken, worn 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 />............,...,...."r-........ ~ <br />