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<br />SlECURITY AGRlEJEMJENT <br /> <br />DEBTOR: <br /> <br />ARISTOCRAT RANCHEITE WATER PROJECT. INC. <br />P. O. Box 247 <br />Fort Lupton, CO 80621 <br /> <br />Ii'~c. <br />~/v. <br />/Jcr: ~b <br />Co.l <J/.4 <br />00~8" 0,110'0 r99cf <br />'VqkOt, ~q"" <br />~~ <br /> <br />FEDERAL TAX ID NUMBER: <br />COUNTY: <br /> <br />84-0690646 <br />Weld (Code 03) <br /> <br />SECURED PARTY: <br /> <br />State of Colorado - Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL: <br /> <br />All Water Rights and Ditch Shares (Code 560) <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all <br />additions, accessions and substitutions thereto or therefor, pursuant to Loan Contract No. Cl53739, (Contract), 20 acre- <br />foot units of Colorado-Big Thompson Project water, approved by the Board of the Northern Colorado Water <br />Conservancy District on December 11, 1998, hereinafter referred to as the COLLATERAL, <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note which is a part of the Contract between the <br />above named parties herewith, payable to the SECURED PARTY, the loan amolUlt of $600,000 with interest at 4V.% for 30 <br />years payable in accorc!llnce with said Promissory Note lUliil all principal and interest are paid in full. <br /> <br />DEBTOR EXPRESSL Y WARRANTS AND COVENANi"S: <br /> <br />1. That except for the security inter~st 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 <br />lien, security interest or encumbrances; and that Dl'llTOR will defend the COLLATERAL against all claims and <br />demands of all persons at anytime claiming 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 whicl1 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 <br />to permit the same to be attached or replevined. <br /> <br />5. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good <br />condition and from time to time, forthwith, replace anJ repair all such parts of the collateral as may be broken, worn <br />out, or damaged without allowing any lien to be created upon the COLLATERAL on accolUlt of such replacement or <br />repairs, and that the SECURED PARTY may examine anJ 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- <br />called extended coverage), theft and such other casualties as the SECURED PARTY may reasonably require, including <br />collision in the case of any motor vehicle, all in such amolUlts, lUlder such forms of policies, upon such terms, for <br />such periods, and written by such companies or lUlderWriters as the SECURED PARTY may approve. losses in all cases <br />to be payable to the SECURED PARTY and the DEBTOJ< as their interest may appear. All policies of insurance shall <br />provide for at least ten days' prior written notice of cancellation to the SECURED PARTY; and the DEBTOR shall <br />furnish the SECURED PARTY with certificates of such iTlsurance or other evidence satisfactory to the SECURED PARTY <br /> <br />a,. <br />