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<br />AMENDED SECURITY AGREEMENT <br /> <br />DEBTOR: Castle Pines North Metropolitan District & Castle Pines North <br />Metropolitan District Water Activity Enterprise <br />7404 Yorkshire Drive <br />Castle Rock, CO 80104 <br /> <br />FEDERAL TAX NUMBER: 84-0952336 <br /> <br />COUNTY: DOUGLAS (CODE: ) <br /> <br />SECURED PARTY: State of Colorado - Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL: Contract Rights (Code: 030) <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and any <br />and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: All <br />revenues derived from water user service charges and infrastructure fees from future home construction <br />pledged to repay the indebtedness on the amount loaned to DEBTOR by SECURED PARTY, as described in Pledge <br />of Revenues provisions in contract No. C153711 (CONTRACT). <br /> <br />To secure payment of the indebtedness evidenced by a certain Promissory Note which is part of the CONTRACT <br />between the above named parties herewith, payable to the SECURED PARTY, the loan amount of $255,803,52 for <br />a period of fifteen years in accordance with said Promissory Note or until d interest are paid in full. <br />The Parties agree that this Security Agreement is amen 0 ual loan amount of <br />$255,803.52. ' <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANT <br /> <br />1. That except for the security interest by, <br />that the COLLATERAL is to be acquire te <br />any adverse lien, security interest or en <br />claims and demands of all persons at an <br /> <br />2. That the execution and delivery of this <br />goveming DEBTOR or to which DEBTOR is arty. <br /> <br />3, That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do not prohibit any <br />term or condition of this agreement. <br /> <br />4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its representations <br />herein, DEBTOR shall be estopped from asserting for any reason that it is not authorized to grant a security <br />interest in the COLLATERAL pursuant to the terms of this agreement. <br /> <br />5. To pay all taxes and assessments of every nature which may be levied or 'assessed against the <br />COLLATERAL. <br /> <br />6~ _ To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL <br />,_,~ and not to permit the same to be attached or replevined. <br /> <br />7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, ordinances, <br />articles of incorporation or by-laws. <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps the <br />COLLATERAL in an account separate from other revenues of DEBTOR and does not use the COLLATERAL for any <br />purpose not permitted by the CONTRACT, Upon default, SECURED PARTY shall have the immediate right to the <br />possession ofthe COLLATERAL. ' , <br /> <br /> <br />t that this agreement states <br />be owner of the COLLATERAL free from <br />a OR will defend the COLLATERAL against all <br />claimin same or any interest therein. <br /> <br />ment by DEBTOR will not violate any law or agreement <br /> <br />Attachment C to Loan Contract C153711 Amendment No.1 <br />