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Form UCC 11205— /�Bradford Publishing Co., 1824 -46 Stout Street, Denver, Colorado 800K 0632 PAGE 286 STATE OF COLORADO IME,I ' = D UNIFORM COMMERCIAL CODE — SECURITY AGREEMENT Debtor: 1 '88 Name: OVERLAND DITCH AND RESERVOIR COMPANY nn� AAvU WATER ` �` CON�RVATION JUN-,EA Address ®OARD Or , �Jfj Street 1321 2900 Road, Hotchkiss, Colorado 81419 No. Street City State 4 Secured Party: Name:STATE OF COLORADO, for the use and benefit of The Colorado [dater Conservation Board SECRETARY OF STATE OF COLORADO Address: 1313 Sherman Street, Denver, Colorado 80203 No. �,� Street City 11-01-88 Sja{p, �i STATE OF COLORADO, COUNTY 0� DELT AUG' 14 19� jj �`}} - r � 882086314 �6.0 WOWED AT %0Z AIM , RECEPT101444W412JOSENft M. GORE, FECWM 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 "): All revenues derived from assessments on stock to repay indebtedness on Overland Reservoir as approved by the stockholders, or the Board of Directors, pursuant to C.R.S. §7 -42 -104. loan repurchase contract of even date herewith To secure payment of the indebtedness evidenced by certain �bEBL�£3fx�+Yxii�2S3i� payable to the Secured Party, or order, as follows: THIS IS NOT AN OR16 NAC COP `• RECO'RD6D AS SUBMITTED 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 acauired 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; 7 Use in farming operations; F:R Use in business. 3. That Debtor's residence is as stated above, and the Collateral will be kept at offices of Overland Ditch and Reservoir Company 1321 2900 Road Hotchkiss Delta Colorado 81419 No. and Street City County State 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 NSA County of and State of Colorado, to wit: