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<br />STATE OF COLORADO <br /> <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 />JULESBURG IRRIGATION DISTRICT <br />11 4 W, 1 st Street <br />Julesburg, CO 80737 <br /> <br />SECURED PARTY: <br /> <br />...o~~ <br />"" V r': I '.''-:;:''-,l"""d',"i <br />~J~ 70LUWk70L <br /><~.~J ~~-R~7,n'\' <br />~~ ~~L ~!hn <br />01-11-96 <br />STATE OF COLORADO for the use and benefit of <br />The Department of Natural Resources, Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />FED TAX 10# 84-6000-185 <br /> <br />C $lt1wOO <br />OF STATE <br />" -0' <br />11; t. <br /> <br />COLLATERAL <br />CLASSIFICATION: <br /> <br />X CONTRACT RIGHTS <br /> <br />X OTHER <br /> <br />DEBTOR. for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all additions, <br />accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: All revenues pledged in Loan Contract <br />#C153604 dated January 27~ 1992; as described in the Pledge of Revenues provisions. <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract referenced above, <br />between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: The total loan amount of <br />$386,750, at an interest rate of 5% per annum, payable in 40 Bnnual installments of $22,539. 09, and more fully described in the <br />referenced Loan Contract Bnd its amendments. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND 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 be, the owner of the COLLATERAL free from any adverse lien, security interest <br />or encumbrances; and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming <br />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 the address shown above. <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 are to <br />become fixtures, said COLLArERAl concerns the following described real estate situate in the County of N/A and State of Colorado, <br />to-wit: N/A <br /> <br />5. Promptly to notify SECURED PARTY 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 <br />permit the same 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 <br />and from time to time, forthwith, replace and repair all such parts of the collateral as may be broken, worn out, or damaged without <br />allowing any lien to be created upon the COLLATERAl on account of such replacement or repairs, atld that the S~CUP.ED PAPT< may <br />examine and inspect the COLLATERAL at any time, wherever located. <br /> <br />l <br />I ~\lv ~\ <br />\'l' <br />