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STATE OFCOLORADO <br />UNIFORM COMMERCIAL CODE — SECURITY AGREEMENT - <br />Debtor: <br />N� The North Poudre Irrigation Company <br />Aaa� <br />t r amre <br />w - seat ar s,m <br />P.O. Box 100 Wellington CO 80549 <br />N> sa,a cer _ sire <br />Secured party: State of Colorado for the hie and benefit of the <br />Na— Colorado Water Conservation Board <br />Aems 1313 Sherman Street, Rm. 721 Denver CO 80203 <br />N. sa,e CLr <br />Debtm for consideration, hereby grants to Secured Parry a security interest in the following property and any and all additions, accessions and <br />substitutions thereto or therefor (hereinafter called the "COLLATERAL'): <br />All revenues derived from assessments on stock to repay indebted- <br />ness on North Poudre Reservoir Nos. 5 & 6 as approved by the <br />stockholders or the Board of Directors, pursuant to CRS § 7-42-104, <br />as amended, as allocated to repay the indebtedness. <br />To secure payment of the indebtedness evidenced by certain promissory note _ of even date herewith, payable to the Secured Party, <br />or order, as follows <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br />1. That except for the security interest granted hereby Debtor is, or to the extent that this agreement states that the <br />Collateral is to be acquired after the date hereof, will be, the owner of the Collateral free from any adverse lien, security interest or <br />encumbrances; 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. <br />2. The Collateral is used or bought primarily for. <br />❑ Personal, family or household purposes: <br />❑ Use in farming operations; <br />❑ Use in business. <br />3. That Debtor's residence is as stated above, and the Collateral will be kept at <br />P.O. Box 100 Wellington Larimer CO 80549 <br />No. vd S. City C. S. <br />c <br />4. If any of the Collateral is crops, oil, gas, or minerals to be extracted or timber to be cut, or goods which are or are to <br />become fixtures, said Collateral concerns the following described real estate situate in the County <br />Of and State of Colorado, to wit: <br />No. UCC 1205. Rev. 3-87. SECURITY AGREEMENT LG' <br />