PROJ00289

• Contract/PO #: C153597
• Contractor Name: Windsor Reservoir and Canal Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: HB 91-1006
• Loan Projects - Doc Type: Contract Documents

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STATE Of COLORADO

UNIFOR.,'.! COMMERCIAL CODE - SECURITY AGREEMENT

Debtor:

:'IIame:

The Windsor Reservoir and Canal Company

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""- s_ o" .....
P. O. Box 206 Eaton CO 80615
Busines:
So. """ Oly .....
Secured Party: State of Colorado for the use and benefit of the
Colorado Water Conservation Board
1'01_:
1313 Sherman St. , Rrn. 721 Denver CO 80203
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:>;Q. """ City .....

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Debeor. for consideration. hereby grams to Secured Party a security interest in the following property and any and all additions. accessions and
substitutions thereto or Iherefor (hereinafter called the "COUATERAL"):
All revenues derived from assessments on shares to repay indebtedness
on the Douglas Dam structure and all appurtenant structures thereto
in the Debtor's irrigation system, approved by the shareholders or the
Board of Directors pursuant to CRS (1986), Section 7-42-104.

To secure payment of the indebtedness evidenced by certain promissory note _ of even date herewith. payable [0 the Secured Party,
aroeder. as follows: pursuant to the Project Contract and Promissory Note of even date
herewith in the principal sum of $761,000 payable with interest at the rate of
5% per annum in constant annual installments of $53,994.82 for 25 years.

DEBTOR EXPRESSLY WARRA:'ITS AND COVENANTS:

I. That except for the security interest granced hereby Debwr is. or to the extent that lhis agreement states that the
Collaleral is to be acquired after the dale hereof, will be,lhe owner of Ibe Collateral free from any adverse lien, securiry inlerest or
encumbrances; and Ibal DeblOr will defend Ihe Collaleral againsl all claims and demands of all persons at anytime claiming Ibe
same or any interest therein.

2, The Collaleral is used or bought primarily for:
o Personal, family or household purposes:
12!1 Use in farming operalions;
o Use in business,

], That Debtor's residence is as staled above, and Ihe Collaleral will be kept al

Douglas Dam (see legal on UCC OCR Financing Stmt.)Larimer
So w SIrl:'o:1 CiIy CUUIl'Y

Colorado

SUlI:

4, If any oflbe Collateral is crops, oil. gas, or minerals 10 be e'lfaCled or timber to be cut, or goods which an: or an: to
become fixtures. said Collateral concerns the following describ~d real estale situate in the County
of and Slate of Colorado, 10 wit:

EXHIBIT G

Page 1 o:f-2c::.

No. vcc 1105. Rev. .1-87. SH'L'RITY ,-\CRO:ME~T

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