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<br />:..:-~-:\ <br /> <br />,~,." - <br /> <br />EXHIBIT E <br /> <br />GENERAL SECURITY AGREEMENT <br /> <br />1. Debtor: <br /> <br />2. <br /> <br />Secured Party: <br /> <br />Colorado Yater Conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Attention: Director <br /> <br />and its successors in interest. <br /> <br />3. Collateral: shares of the Class A Series 1 [and shares <br />of the Class A Series 2] common stock of Clinton Ditch & Reservoir Company, <br />represented by certificate no[sJ. . The Collateral entitles the holder <br />thereof to a specified volume of water from the Reservoir Yield of the Clinton <br />Gulch Reservoir located in Summit County, Colorado, as set forth in Maker's <br />articles of incorporation. <br /> <br />4. Obli~ations: Limited to that portion of the indebtedness evidenced and <br />created by the following described promissory note payable to the order of <br />Secured Party (the "Note") allocated to Debtor, such portion being <br />$ and all renewals, extensions and amendments of such portion: <br /> <br />Note Amount: [$615,000 or $4,120,000] <br />Date: August __, 1992 <br />Maturity Date: August ,2002 <br />Maker: Clinton Ditch & Reservoir Company <br /> <br />5. Securitv Interest. To secure payment and performance of the Obligations, <br />Debtor hereby grants to Secured Party a security interest in the Collateral <br />and in its proceeds, products and accessions. <br /> <br />6. Yarranties and ReDresentations. Debtor warrants and represents to <br />Secured Party: (a) Debtor has title to the Collateral free and clear of all <br />liens, security interests, restrictions, setoffs, adverse claims, assessments, <br />defaults, prepayments, defenses and conditions precedent except as disclosed <br />thereon or to Secured Party; (b) the Collateral is enforceable in accordance <br />with its terms; (c) no financing statement covering any of the Collateral is <br />on file in any public office other than those: (i) which reflect the security <br />interest created by this agreement or (ii) to which Secured Party has <br />specifically consented; (d) if Debtor is a corporation, its certificate or <br />articles of incorporation and bylaws do not prohibit any term or condition of <br />this agreement; (e) the execution and delivery of this agreement will not <br /> <br />E-1 <br />