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<br />,.. .--..\ <br /> <br />,~~-, <br /> <br />F1L:t;f.} Ct.j'.t' L- <br /> <br />,. <br /> <br />STATE OF COLDRADO <br /> <br />J1 ~ 0 4-? ~'(,~' <br /> <br />UNIFORM COMMERCIAL COVE - SECURITY AGREEMENT <br /> <br />Debtor: <br />~ The Sanchez Ditch and Rese~voir.Company <br /> <br />No. <br /> <br />s"", <br /> <br />Cify <br /> <br />962091599 C $16:00 <br />SECRETAR~F STATE <br /> <br />AddftSS: <br />Rtsidenc:e: <br /> <br />B~: <br /> <br />R.R. 1. Box 215 <br />No. <br /> <br />".... <br /> <br />S2In A~n~i() <br />City <br /> <br />l"-nQ'::~.L,R 11~r;'fl1 n <br />..... <br /> <br />Secured Party: State of Colorado for the use and benefit of the <br />~, Colorado Water Conservation Board <br /> <br />Address: <br /> <br />1313 Sherman St.. Room 721 <br />~, ~~ <br /> <br />Denver <br />City <br /> <br />CO 80203 <br />s... <br /> <br />Debtor, for consideration, hereby grants to Secured Party a security interest in the following property and any and all additions, accessions and <br />substitutions thereto or therefor (hereinafter called the "COu..ATERAL"): <br />All revenues derived from assessments on stock to repay indebtednes <br />on the Sanchez Dam and Reservoir as approved by the stockholders <br />or the Board of Directors, pursuant to C.R.S. 57-42-104, as amended <br /> <br />To secure payment of the indebtedness evidenced by <br />or order, as follows: <br /> <br />certain promissory note _ of even date herewith, payable to the Secured Party, <br /> <br />DEBTOR EXPRESSLY WARRANTS ANV 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 he, the owner of the Collateral free from any adverse lien, security interest or <br />encumbrances; and that Debtor will defend the Collateral against all claims and deinands of all persons at anytime claiming the <br />same or any interest therein. <br /> <br />2. The Collateral is used or bought primarily for: <br />o Personal, family or household purposes: <br />o Use in fanning operations; <br />o Use in business. <br /> <br />3. That Debtor's residence is as stated above, and the Collateral will he kept at <br /> <br />R.R. 1, Box 215 <br />No. and Stretl <br /> <br />San Acacio <br />Cil)' <br /> <br />Costilla <br /> <br />Colorado <br />Su< <br /> <br />COUnTY <br /> <br />4. If any of the Collateral is crops, oil, gas, or minerals to he extracted ortimherto be cut, or goods which are or are to <br />become fixtures, said Collateral concerns the following described real estate situate in the County <br />of and State of Colorado. to wit: <br /> <br />I <br />I <br />I <br />I <br />Ii <br /> <br />EXHIBIT E <br /> <br />Page 1 of 2 <br /> <br />Ii <br /> <br />No. UCC U05. Rev. 3.87. <br /> <br />SECURITY AGREEMENT <br /> <br />o~ <br />