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<br />" <br /> <br />STATE OF COLORADO <br /> <br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT <br />COLORADO SECRETARY OF STATE <br />1560 Broadway, Suite 200 - Denver. CO 80202-5169 <br /> <br />DEBTOR: <br /> <br />Town of Lyons <br />P.O. Box 49 <br />Lyons, Colorado 80540 <br /> <br />DEBTOR'S FEDERAL TAX ID # 84-6000690 <br /> <br />SECURED PARTY: <br /> <br />STATE OF COLORADO for the use and benefit of <br />The Department of Natural Resources, Colorado Water Conservation <br /> <br />Board <br /> <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL <br />CLASSIFICATION: <br /> <br />X <br /> <br />CONTRACT RIGHTS <br /> <br />X <br /> <br />OTHER <br /> <br />DEBTOR. for consideration, hereby grants to SECURED PARTY a security interest in the fOllowing property and any and all additions, <br />accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: Water system revenues pledged to repay the <br />amount loaned to Debtor by Secured Party. 8S described in thl! Pledge of Revenues Provisions contained in Loan Contract No. <br />C15372L <br /> <br />To secure payment of the indebtedness evidenced by the above-mentioned Loan Contract between the above named parties <br />herewith, payable to the SECURED PARTY. or order, as follows: the loan amount of $280,500 with interest at a rate of five percent <br />(5%) per annum, payable in 20 annual installments or until all principal and interest are paid in full. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <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 <br />or encumbrances; and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming <br />the same or any interest therein. <br /> <br />2. Promptly to notjfy SECURED PARTY of any changes in the location of the COLLATERAl. <br /> <br />3. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL. <br /> <br />4. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to <br />permit the same to be attached or replevined. <br /> <br />5. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good condition <br />and from time to time, forthwith, replace and repair all such parts of the collateral as may be broken, wom out, or damaged without <br />allowing any lien to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECURED PARTY may <br />examine and inspect the COLLATERAL at any time, wherever located. <br /> <br />6. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances. <br /> <br />7. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire (including so.called <br />extended coverage). theft and such other casualties as the SECURED PARTY may reasonably require, including collision in the case <br />of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such periods, and written by such <br />companies or underwriters as the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the <br />DEBTOR as their interest may appear. All policies of insurance shall provide for at least ten days' prior written nOl:ice of cancellation <br />to the SECURED PARTY; and the DEBTOR shall furnish the SeCURED PARTY with certificates of such insurance or other evidence <br />satisfactory to the SECURED PARTY as to compliance with the provisions of this paragraph. The SECURED PARTY may act as attorney <br /> <br />APPENDIX 3 <br />