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<br />STATE OF COLORADO
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<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 />CASTLE PINES NORTH METROPOLITAN DISTRICT &
<br />CASTLE PINES NORTH METROPOLITAN DISTRICTWA TER ACTIVITY ENTERPRISE
<br />650 Castle 'Pines Drive South
<br />Castle Rock, CO 80104
<br />
<br />SECURED PARTY:
<br />
<br />.
<br />I
<br />DEBTOR'S FEDERAL TAX ID# 84-0952336 9520594&1 C $16.DO
<br />f""rnncT'R" nr i""!"f<.::
<br />~cL~~ M.t vr JlnfC
<br />STATE OF COLORADO for the use and benefit of 013-08'::95 14: 27
<br />The 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 />
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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, acC"e~sions
<br />and substitutions thereto or therefor, hereinafter called the COLLATERAL: water funds derived from water user fees and infrasttuetUre- fees
<br />from future home construction.
<br />
<br />To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of loan Contract, dated MA D..CJ-I J 3, 1995,
<br />between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: the loan amount of $100,500 payable in
<br />one (1 J installment on ,the first day of the month, one year after the month that the STA TE declares that the PROJECT has been substantially
<br />completed, accruing interest at the rate of five percent (5%J per annum.
<br />
<br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
<br />
<br />1. That e~cept for the security interest granted hereby DEBTOR is, or to the extent that this agreement states that the COLLATERAL. is to
<br />be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest or encumbrances; and
<br />that DEBTOR will-defend the COLLATERAL against all claims and demands of all persons at anytime claiming 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 />Use in business;
<br />X Other~.
<br />
<br />3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at Debtor's 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 artJ to become fixtures,
<br />said COLLATERAL concerns the following described real estate situate in the County of Douglas and State of Colorado, to. wit: N/A- .
<br />
<br />5~ Promptly to notify SECURED PA~T'r' 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 encumbrance whatsoever upon the COLLATERAL and not to p'3rrnit the same
<br />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 same in good condition and from time
<br />to time, forthwith, replace and repair all such parts of the collateral as may be broken, worn out, or damaged without allowing any lien to
<br />be created upon the COLLATERAL on account of such replacement 0; repairs, and that the SECURED PARTY may examine and inspect the
<br />COLLATERAL at any time, wherever located.
<br />
<br />9. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances.
<br />
<br />10. The DEBTOR will keep the COlLATERAL at all times insured against risks of loss or di3-m<:'lge by fire (includIng so~caUe~d: ~~xt~D9.eq ~~verage).
<br />theft and such other casualties as the SECURED PARTY may reasonabl:i require, including collision in the case of any motor vehicle, all in such
<br />amounts, under such forms of policies, upon such terms, for such periods, and '!"fritten by such .companies or underwriters as the SECURED
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<br />APPENDiX C
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