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<br />STAT!: or COIJll{A!lCl
<br />l'~IF()RM C()M~lERCIAL COilE - s~.n 'RITY' '\(;REE~lE~TC 0 PY
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<br />Morrison Consolidated Ditch Company
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<br />...._" 10914 Highwayi_172
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<br />Ignacio
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<br />CO
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<br />81137
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<br />10914 Highway 172
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<br />Ignacio
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<br />CO 81 B 7
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<br />S_!,<,urt.'tI Party:
<br />- ---S't-ate-o-f --Col-orado__for the use and benefit of the Colorado
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<br />. Water Conservation Board
<br />1313 Sherman Street, RID. 721
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<br />Denver
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<br />CO
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<br />- 80'2ll3
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<br />Debtor. for consideration, hereby prants to Secured Pany a securit)' interest in the fullowing propeny and an)' and all additiom. Oiccessions and i
<br />ASUblSllitulions therein or theTefdor fhe';inahedrcaflled the "COLLATERAL"): Ii Ii
<br />revenues er~ve rom assessments on stock to repay indebtedness
<br />for the new siphon on the Morrison Consolidated Ditch Company's
<br />Irri~ation System as approved by the stockholders, on the Board I
<br />of D~rectors pursuant toCRS ~7-42-l04, as amended. I
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<br />1'0 secure payment of the indebtedness evidenced by
<br />or oroer,' as follows:
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<br />tertiin promissory note _ of even 'date herewith. payable to the Secured Pan)'.
<br />
<br />, SECRETARY OF STATE OF COLOR
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<br />03-02-90
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<br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
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<br />1. That except for the security interest granted hereb)' Debtor is. or to the extent that this agreement states that the
<br />Collatera) is to be acquired after the date hereof, will be. the owner of the Collateral free from "Ill' adverse lien, security interest or
<br />encumbr.mces: 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 />o Personal, famil)' or household purposes:
<br />o Use in fanning operations;
<br />,0 Use in business.
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<br />3. That DeblOis residence is as stated above, and the Collateral will be kept at
<br />Morriso:n Consolidated Ditch Companyy
<br />1319 CR 314 Jgn~~;~ ~O
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<br />the offices
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<br />4. If any of the Collateral is crops. oil, gas, or minerals to be extracted onimberto be cut. or goods W;YCh are or are to
<br />become fixtures, said Collateral COncerns the following described real estate situate in the N A County
<br />of and State of Colorado, to wit:
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<br />No. Dee 1205. Re\'. 3.8'. SECURln' AGREEMENT
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<br />O..,~f"r'" !;\,}lli~hin~, \143 Wuee SI.. Denver. CO 80::!02---(303129:!,:!50(1- \-89
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