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<br />, " <br /> <br />GENERAL SECURITY AGREEMENT <br /> <br /> <br />1. <br /> <br />Debtor: <br /> <br />The Town of Dillon, Colorado <br />P.O. Box 168 <br />275 Lake Dillon Drive <br />Dillon, Colorado 80435 <br /> <br />2, <br /> <br />Secured Party: <br /> <br />Colorado Water 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: 200 shares of the Class A Series 1 common stock of Clinton <br />Ditch & Reservoir Company, represented by certificate nos. 8, 9, 10, 1l, l2 <br />and 13 (29 shares each), and no. 14 (26 shares). The Collateral entitles the <br />holder thereof to a specified volume of water from the Reservoir Yield of the <br />Clinton Gulch Reservoir located in Summit County, Colorado, as set forth in <br />Maker's articles of incorporation. <br /> <br />4. Ob1i~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 NNoteH) allocated to Debtor, such portion being $82,000.00, <br />and all renewals, extensions and amendments of such portion: <br /> <br />Note Amount: $615,000 <br />Date: August 13, 1992 <br />Maturity Date: August 13, 2002 <br />Maker: Clinton Ditch & Reservoir Company <br /> <br />5. Security Interest. To secure payment and performance of the Obligations, <br />Debtor hereby grants to Secured Parey a security interest in the Collateral <br />and in its proceeds, products and accessions. <br /> <br />6. Warranties and Reoresentations. 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 />violate any law or agreement governing Debtor or to which Debtor is a party; <br />