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<br /><. <br /> <br />'.;' <br /> <br />STATE OF COLORADO <br /> <br />t <br /> <br />UNIFORM COMMERCIAL CODE - SECURliY AGREEMENT & FINANCING STATEMENT <br /> <br />DEBTOR: <br /> <br />NORWOOD WATER COMMISSION and <br />TOWN OF NORWOOD <br />P. O. Box 528 <br />Norwood, CO 81423 <br /> <br />~4 - /30q 7 d)P <br />Norwood Water Commission FederallD # "Appl ied For" I <br />Town of Norwood FederallD # 84-60000GJl <br /> <br />SECURED PARTY: <br /> <br />STATE OF COLORADO for the use and benefit of the <br />Department of Natural Resources, Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />CLASSIFICATION OF <br />COLLATERAL: <br /> <br />_X_ Contract Rights <br /> <br />X Other <br />-- <br /> <br />DEBTOR. for consideration. hereby grants to SecURED PARTY a security interest in the fOllowing property and any and all additions. <br />accessions and substitutions thereto or therefor. hereinafter called the COLLATERAL: Revenues 8S described in the Pledge of <br />Revenues Provisions 01 Loan Contract #C153_, dated 11~.fl" 22. ,1995. <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory -Note Provisions of loan Contract described above, <br />between the above named parties herewnh. payable to the SECURED PARTY, or order, as follows: loan amount of $7,500 at 2% <br />interest per annum payable in ten (10) annual instaDments of $834.95 or until an principal and interest are paid in full. <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 agreement states that the <br />COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest <br />or encumbrances; and that DEBTOR will defend the COLLATERAL ~gainst all claims and demands of all persons at anytime claiming <br />the same or any interest therein. <br /> <br />2. The COLLATERAL is used or bought primarily for: business <br /> <br />3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at the above address: <br /> <br />4. Promptly to notify SECURED PARTY of any changes in the IDeation of the COLLATERAL. <br /> <br />5. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAl. <br /> <br />6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COlLAT~E;lAl and not to <br />permit the same to be attached or replevined. <br /> <br />7. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good condition <br />and from time to time, forthwith, replace and repair all such parts of the collateral as may be broken, worn out, or damaged without <br />allowing any lien to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECURED PARTY may <br />examine and inspect the COLLATERAL at any time, wherever loc~ted. <br /> <br />B. That the DEBTOR will not use the COLLATERAL in viDlation of any applicable statutes, regulations or ordinances. <br /> <br />9. The DEBTOR will keep the COLLATERAL at all times im;ured against risks of loss or damage by fire (including so-called <br />extended coverage), theft and such other casualties as the SECURED PARTY may reasonably require, inclUding collision in the case <br />of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such periods, and wrinen by such <br />companies or underwriters as the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the <br /> <br />. <br /> <br />APPENDIX D <br />