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<br />'-~.~ <br />J <br /> <br />AMENDED SECURITY AGREEMENT <br /> <br />DEBTOR: Town of Lyons <br />P.O. Box 49 <br />Lyons, CO 80540 <br /> <br />FEDERAL TAX NUMBER: 84-6000690 <br /> <br />COUN1Y: BOULDER (CODE: 07) <br /> <br />SECURED PAR1Y: State of Colorado - Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL: Contract Rights (Code: 030) <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property <br />and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the <br />COLLATERAL: Water system revenues pledged to repay the amount loaned to DEBTOR by SECURED <br />PARTY, as described in the Pledge of Revenues provisions in Loan Contract No. C153721, as <br />amended. <br /> <br />To secure payment of the indebtedness eviderlced by the above-referenced Loan Contract between <br />the above named parties herewith, in the amount of $226,979.86 at an interest rate of 5% per annum <br />for a tenm of 20 years, payable by DEBTOR to the SECURED PARTY until all principal and interest are paid <br />in full in accordance with said Loan Contract. The parties are amending this security agreement as <br />part of Amendment No. 1 to the Loan Contract, which documents the revised principal of the loan, <br />which.totals $226,979.86. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />1. That except for the security interest grant hereby, DEBTOR is, or to the extent that this agreement <br />states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the <br />COLLATERAL free from any adverse lien, security interest or encumbrances. <br /> <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement <br />goveming DEBTOR or to which DEBTOR is a party. <br /> <br />3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do not <br />prohibit any tenm or condition of this agreement. <br /> <br />4. That by its acceptance of the loan money pursuant to the tenms of the CONTRACT and by its <br />representations herein, DEBTOR shall be estopped from asserting for any reason that it is not <br />authorized to grant a security interest in the COLLATERAL pursuant to the tenms of this agreement. <br /> <br />5. To pay all taxes and assessments of every nature which may be levied or assessed against the <br />COLLATERAL. <br /> <br />6, To not penmit or allow any adverse lien, security interest or encumbrance whatsoever upan the <br />COLLATERAL and not to penmit the same to be attached or replevined. <br /> <br />7, That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, <br />ordinances, articles of incorporation or by-laWS. <br /> <br />UNLESS IT DEFAULTS DEBTOR may have possession of the COLLATERAL, provided that DEBTOR <br /> <br />Attachment C to Loan Contract C153721 Amendment No.1 <br />