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STATE OF COLORADO UNIFORM COMMERCIAL CODE -SECURITY AGREEMENT & FINANCING STATEMENT COLORADO SECRETARY OF STATE 1560 Broadway, Suite 200 -Denver, CO 80202-5169 DEBTOR: The Lower Arkansas Water Management Association P.O. Box 1161 FI~~~ ~~~~ Lamar, Colorado 81052 r` ~ mss,-.;'}.-Jp -: , ~~ .. ;~ n DEBTOR'S FEDERAL TAX ID 84-0637532 ri °~^''~° '3 ^ '-' `TT o~Llit i tai ~ u~ ~~+'~ I ~ SECURED PARTY: STATE OF COLORADO for the use and benefit of ~~-~ ~'+~~ '' ~ ~ ~ ~~ The Department of Natural Resources, Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, Colorado 80203 COLLATERAL CLASSIFICATION: X CONTRACT RIGHTS X OTHER DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: revenues from assessments levied and pledged by the Debtor for purposes of repaying the interest on the Loan described in Loan Contract #C153706 dated October 5, 1995. To secure payment of the indebtedness evidenced by certain Promissory Note contained in the above described loan contract between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: interest at the rate of 3.5% per annum on the loan amount of up to S750,000 payable as described in the Promissory Note Provisions contained in above referenced loan contract. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest granted hereby DEBTOR is, or to the extent that this agreement states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest or encumbrances; and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming • the same or any interest therein. 2. The COLLATERAL is used or bought primarily for: _ Personal, family or household purposes; _ Use in farming operations; _ Use in business; X Other. 3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at the above address. 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 become fixtures, said COLLATERAL concerns the following described real estate situate in the County of N/A and State of Colorado, to-wit: N/A 5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL. 6. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL. 7. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLf_ATERAL and not to permit the same to be attached or replevined. 8. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same ir, good condition and from time to time, forthwith, replace and repair all such parts of the collateral as may be broken, worn out; ar damaged.without allowing any lien to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECURED PA~tTV may examine and Inspect the COLLATERAL at any time, wherever IOCated. APPENDIX- C