PROJ00303

• Contract/PO #: C153571
• Contractor Name: Morrison Consolidated Ditch Company
• Contract Type: Loan
• Water District: 9
• County: Jefferson
• Bill Number: SB 87-15
• Loan Projects - Doc Type: Contract Documents

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EXHIBIT E

STArE Of COlOK.-\!)()

L':\IFOKM COM~lEKCIAL CODE - SHTKITY "(;KEE~lE:\T

l)ehtor:

Morrison Consolidated Ditch Company

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10914 Highway; .172
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81137

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10914 Highway 172

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CO 81137
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Secun:d ParIY: of Colorado for the and benefit of the Colorado
State use
i'o.me=
Water Conservat~on Board
1313 Sherman Street, Rm. 721 Denver CO' 80203
Adcll'l:!ll<ll:
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Debtor. for consideration, hereby grants to Secured Pm)' a securi~' intere" in the following pmpeny and any and all additions, ac..ssions and II
substitutions thereto or therefor (heremafter called the "COlJ..ATERAL"): \ i
All revenues derived from assessments on stock to repay indebtedness il
for the new siphon on the Morrison Consolidated Ditch Company's
Irrigation System as approved by the stockholders, on the Board I
of Directors pursuant to CRS ~7-42-104, as amended. I

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To secure paymem of the indebtedness evidenced b)'
or order. as follows:

cenain promissory nOte _ of even 'date herewith. payable to the Secured Part)'.

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DEBTOR EXPRESSLY WARRANTS AND COVENANTS:

1. That except for the security interest granted hereby Debtor is. or to the extent that this agreement states that the
Collateral is to be acquired after the date hereof. will be, the owner of the Collateral free from any adverse lien. security interest or
encumbrdIlces; and that Debtor will defend the Collateral against all claims and demands of all persons at anytime claiming the
same or any interest therein.

2. The Collateral is used or bought primarily for:
o Personal, family or household putpOses;
o Use in farming operations;
o Use in business.

3, That Debtors residence is as stated above. and the Collateral will be kept at
Morrison Consolidated Ditch Companyy
1319 CR 314 TgnAri~ ro
J'Ioo. and ~um Ci~' Cou~

the offices

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4. If anv of the Collateral is crops. oil, .as. or minerals to be extracted ortimberto be cut. or.oods w7ch are or are to
become fixture;, said CollaIeral concerns the following described real estate situate in the - N A County
of and State of Colorado. to wit

No. uee 1205. Rel'. 3-87. SECURITY AGREEMENT

EXHIBIT E

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Bradford Pubhshin~. 1743 Wazee 51.. Denver, CO 80202 -<[phone]- I-R9

Copyri2ht 11W7

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