Laserfiche WebLink
<br />...--.'\ <br /> <br />SECURITY AGREEMENT <br /> <br />Debtor: Columbine Ranches Property Owner's Association <br />11246 Lewistown Street <br />Commerce City, CO 80022 <br /> <br />FEDERAL ID NUMBER: 84- <br /> <br />COUNTY: Adams (CODE: 12) <br /> <br />SECURED PARTY: State of Colorado - Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL: All water rights and ditch shares (Code: 560) <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following <br />property and any and all additions, accessions and substitutions thereto or therefor, hereinafter <br />called the COLLATERAL: DESCRIPTION OF WATER RIGHTS TO BE ADDED. <br /> <br />To secure payment of the indebtedness evidenced by the Promissory Note which is a part of <br />the Loan Contract C150010 between the above named parties herewith, payable to the <br />SECURED PARTY, the loan amount of $305,250 with interest at a rate of 4.75% per annum, payable <br />in 30 annual installments or until all principal, interest, and late charges, if any, are paid in full, in <br />accordance with said Promissory Note. <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 <br />agreement states that the COLLATERAL is to be acquired after the date hereof, will be the <br />owner of the COLLATERAL free from any adverse lien, security interest or encumbrances; <br />and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons <br />at anytime claiming the same or any interest therein. <br /> <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any law or <br />agreement governing DEBTOR or to which DEBTOR is a party. <br /> <br />3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and bylaws do <br />not prohibit any term or condition of this agreement. <br /> <br />4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its <br />representations herein, DEBTOR shall be estopped from asserting for any reason that it is <br />not authorized to grant a security interest in the COLLATERAL pursuant to the terms of this <br />agreement. <br /> <br />5. To pay all taxes and assessments of every nature which may be levied or assessed against <br />the COLLATERAL. <br /> <br />6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon <br />the COLLATERAL and not to permit the same to be attached or replevined. <br /> <br />7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, <br />regulations, ordinances, articles of incorporation or bylaws. <br /> <br />Appendix F(2) to Loan Contract C15001 0 <br />