PROJ00440

• Contract/PO #: C153572
• Contractor Name: North Poudre Irrigation Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: HB 85-1042
• Loan Projects - Doc Type: Contract Documents

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STATE OF COLORADO

UNIFORM COMMERCtAL CODE - SECURITY AGREEMENT

Debtor:
The North Poudre Irrigation Company
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CO 80549
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P.O. Box 100

Wellington

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Secured PartS:
tate of Colorado for the use and benefit of the COlorado
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1313 Sherman St., Room 721 Denver CO 80203
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Debtor, for consideTalion. hereby grants 10 Secured Party a security interest in the following property and any and all additions. accessions and
substitutions Iherelo or therefor (hereinafter called the "COU-.ATERAL"):

All revenues derived from assessments on stock to reoav indebtedness
on The North poudre Number 2 Dam as approved by the stockholders
or the Board of Directors, pursuant to CRS ~7-42-104, as amended.

To secure payment of the indebtedness evidenced by
or order, as follows:

cenain promissory note _ of even .date herewith. payable to the Secured Pany,

DEBTOR EXPRESSLY WARRAl\'TS 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 Collatetal free from any adverse lien, secunty interest or
encumbrances; and that Deblor will defend the Collateral againsl 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 purposes:
o Use in fanning operations;
o Use in business.

3, That Debtor's residence is as stated above, and the Collateral will be kept al the of f ices of the
The North Poudre Irriqation Company
POBox laD Wellinaton CO 80549
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SECRETARY OF STATE OF COLORACH1i
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4. If any of the CoUateral is crops. oil, gas, or minerals to be extracted or timber to be cut, or goods which are or are to
become fixtures. said Collateral concerns the following described real estate situate in the N / A County
of and State of Colorado. to wil:

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Nil. UCC 1205. Re\'. 3-87. SECURITY AGREEMENT

Bradford PlJblishins.. 1743 WUe!: 51 . DenVer. CO IW20~ - n03) 292.1500- l.ft9

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