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SECURITY AGREEMENT DEBTOR: Plumb and Dailey Ditch Company 4239 WCR 22 Lon;jmont, CO 80504 FEDERAL TAX NUMBEr\: 84-0293625 COUNTY: WELD (CODE: 03) SECURED PARTY: State of Colorado - Colorado Water Conservation Scard 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL: Contract Rights (Code: 030) '~TOR, for consideration, hereby grants to SECURED PARTY a security interest in the following :<,erty and any and all additions, accessions and substitutions thereto or therefor, hereinafter ;3d the COLLATERAL: All revenues derived from assessments on stock and all of DEBTOR'S right to ,~=ive said assessment revenues to repay the indebtedness on the amount ioaned to debtor by ,::Jured party, as described in Pledge of Property provisions in Contract No, C150048 (CONTRACT). " secure payment of the indebtedness evidenced by the Promissory Note between the above named . ~;es herewith, payable to the SECURED PARTY, the loan amount of $42,000 at an interest rate of ','5% per annum for a period of 20 years in accordance with said Promissory Note or until all principal .' ::: interest are paid in full. , ::3TOR EXPRESSLY WARRANTS AND COVENANTS: 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 wiD defend the COLLATERAL against all claims and demands of all persons at anytime claiming the same ::Jr any interest therein. That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement ;)oveming DEBTOR or to which DEBTOR is a party, That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do rot :,rohibit any term or condition of this agreement. ':-hat by its acceptance of the ioan money pursuant to the terms of the CONTRACT and by HIs 'epresentations herein, DEBTOR shall be estopped from asserting for any reason that it is not wthorized to grant a security interest in the COLLATERAL pursuant to the terms of this agreement. - 0 pay all taxes and assessments of every nature which may be levied or assessed against the :;OLLATERAL, - 0 not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the :;JLLATERAL and not to permit the same to be attached or replevined, -~al the DEBTOR will not use the COLLATERAL in violation of any appli:able statutes, regulatiol'lS, : rdinances, artiCles of in:orporation or by-laws, UNTIL DEFAULT O,,6TOR may nave possession of the COLLATERAL, prOvided that DESTOR ',3 the COL~-;-ERAL in an account separate from other revenues of DEBTOR and ooes not use tile , : .-"TERAL for any purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall have :c'mediate rigm to the :lossession of the COLLA ERAL Appendix 4 to Loan Contract C150048