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<br />STATic OF COIJlKAI)()
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<br />Debtor:
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<br />Morrison Consolidated Ditch Compan
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<br />Add~" 10914 HighwayL172
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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 />Secu...,dPart)':
<br />State of Colorado for the use and'
<br />toiMIne:
<br />Water Conservat~on Board
<br />1313 Sherman Street, Rm. 721
<br />Addrws:
<br />
<br />:-'10't'1
<br />
<br />
<br />of th:e Colorado
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<br />To secure paymeni of ~~ ~ndebiedness evi~~n~ed by
<br />or order. as folloW's:
<br />
<br />certain promissory note _ of ven :date herewith. _payable to -the Secured Party,
<br />
<br />II
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<br />Ill'
<br />to repay indebtedness
<br />d Ditch Company's
<br />ers, on the Board I
<br />nded. I
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<br />CO'
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<br />80203
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<br />Debtor._ for consideration. hereby -grants to Secured Pany a secunry interest in the"following--pro
<br />subSlitutions (hereto or therefor (hereinafter called the "COLLATERAL "):
<br />All revenues derived rrom assessments' onst:bc
<br />for the hew siphon on the Morrison Conso1idat
<br />Irrigation, System as ,appr.9ved by the.stockhol
<br />of Directors pursuanttoCRS 57-42-104, as am
<br />
<br />and any and ,all additions. accessions and
<br />
<br />SECRETARY, OF,'!HATEOF COLOR
<br />
<br />03-02-90
<br />902017523
<br />
<br />15:46
<br />$7dJO .
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<br />DEBTOR EXPRESSLY WARRAII1TS AND COVENANTS:
<br />
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<br />1. ,That except for the security interest granted hereby Debtor is. or to the extent lhat this agreement states that the
<br />Collateral is to be acquired after the date hereof. will be. the owner of the Collateral from any adverselien, security interest or
<br />encumbrdllces; and that Debtor will defend the Collateral against all claims and dem ds of all persons at anytime claiming the
<br />same or any in~rest therein.
<br />
<br />.2, The Collateral is used or bought primarily for:
<br />o , Personal,' family or household purposes: I
<br />o Use in farming operations;
<br />o Use in business.
<br />
<br />3, That Debtor's residence is as stated above. and the Collateral will be k pI at the off ices
<br />Morrison ConSOlidated Ditch Companyy
<br />1319 CR 314 .
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<br />M.andS~1
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<br />4, If any of the Collateral j,crops, oil, gas, or minerals to be extracted orti berw be cut. or goods w!\ich are or are to
<br />become fixtures, said Collateral concerns the following described real esta e situate in the. N / A County
<br />of and State of Colorado, to' wit:
<br />
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<br />
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<br />
<br />No. uee U05. ReI', 3-87, SECURITY AGREEM~lff
<br />Br.d~orcl P~blishin!l. "~3 Wazee-SI.. Denver. CO 80202 -,()031292 2500- .1-89
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<br />C~Til!htl987
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