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<br />STATE OF COLORADO
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<br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT
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<br />Debtor: )s-i/::C~ P't'-()7 h' '1 // "~,~"~"",,,,,
<br />BEAVER PARK WATER, INC 1~~w~i~,U
<br />Name: _ . .....r-..............~ ",'
<br />;:)c.l.hc.1iihY
<br />~~ 08-08-;5
<br />Residence:
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<br />No.
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<br />Bo,'",,, P.O. BOX 286
<br />No.
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<br />Strttl
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<br />PENROSE
<br />City
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<br />CO 81240
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<br />Secured Party: STATE OF COLORAD
<br />N~, FOR THE USE AND BENEFIT OF THE COLORADO WATER CONSERVATION BOARD.
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<br />~)313 SHERMAN ST,. RM721
<br />No.
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<br />DENVER
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<br />CO 80203
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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, accessions and
<br />substitutionsthereto or therefor (h...inafter called the "COlLATERAL"): ALL REVENUES DERIVED FROM ASSESSMENTS
<br />OF SHARES TO REPAY INDEBTEDNESS ON ITS BRUSH HOLLOW DAM AND ALL APPURTNENANCES
<br />AS APPROVED BY THE SHAREHOLDERS OR THE BOARD OF DIRECTORS PURSUANT TO CRS
<br />II 7-42-104
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<br />To secure payment of the indebtedness evidenced by a certain promissory note _ of even date herewith, payable to the Secured Party,
<br />or order, as follow" As set forth in the contract between debtor and secured party for the
<br />Feasibility Study for the emergency repair of the debtor's Brush Hollow Dam whereby
<br />secured party has loaned debtor the principal sum of $75,000 according to the terms
<br />set forth in said contract, including the terms of repayment as set forth in the
<br />promissory note portion of said contract.
<br />
<br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
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<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 be, 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 demands of all persons at anytime claiming the
<br />same or any interest therein.
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<br />2. The Collateral is used or bought primarily for:
<br />D Personal, family or household purposes:
<br />D Use in fanning operations;
<br />D Use in business.
<br />[XJ Other
<br />3. That Debtor's residence is as stated above, and the Collateral will be kept at
<br />
<br />P.O. BOX 286
<br />
<br />PENROSE
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<br />FREMONT
<br />
<br />CO 8024-0
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<br />No. and51ree"1
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<br />City
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<br />Couot:
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<br />4. Jf any of the Collateral is crops, oil, gas, or minerals to be extracted ortirnber 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
<br />of and State of Colorado, to wit: N / A
<br />
<br />No. UCC 1205. Rev. 3-87. SECURITY AGREEl\-1E;.;T
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<br />APPENDIX E
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