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<br />STATE OF COLORADO
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<br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT
<br />COLORADO SECRETARY OF STATE
<br />1560 Broadway. Suite 200 - Denver. CO 80202-5169
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<br />DEBTOR: CARYL R. CARROLL ~ CO?1J.
<br />P. O. Box 219 ~'(l.~V
<br />Cocoa, Florida 32923-02IF~
<br />FED TAX ID# 59-2878382
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<br />SECURED PARTY:
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<br />STATE OF COLORADO for the use and benefit of
<br />The Department of Natural Resources, Colorado Water Conservation Board
<br />1313 Sherman Street, Room 721
<br />Denver, CO 80203
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<br />962002981 C $16.00
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<br />SECRETARY OF STATE
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<br />01-11-96 11:06
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<br />DEBTOR, for consideration, hereby grants to SECURED PARTY 8 security interest in the following property and any and all additions. accessions
<br />and substitutions thereto or therefor, hereinafter called the COllATERAL: Borrower's Interest in 703.9 acre.feet of water rights adjudicated
<br />to the DD&E Reservoir. decreed as 10Dows: an undivided 200.4 acre-Ieet adjudicated 10/26/1931, priority 43A. and an undivided 503.5
<br />acre-Ieet adjudiceted 9/1/1960. priority 7. aD 01 which Is Ioceted In 52 & 53. T2N R92W 6PM. Rio Blenco County. State 01 Colorado.
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<br />COLlATERAL
<br />CLASSIFICATION:
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<br />x
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<br />CONTRACT RIGHTS
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<br />X
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<br />OTHER
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<br />To secure payment of the indebtedness evidenced by cenain Promissory Note Provisions of Loan Contract #C153682, dated August 22,
<br />1994, 8S amended, between the above named parties herewith. payable to the SECURED PARTY, or order, as follows: the total amended
<br />principal amount of $75,000, the first $50.000 accruing interest at the rate of 2%, and the remaining $25,000 accruing interest at the rate
<br />of 3.75%, both amounts payable in 20 annual installments.
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<br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
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<br />1. That except for the security interest granted hereby DEBTOR is. or to the extent that this agreement states that the COLLATERAL
<br />is to be acquired after the date hereof, will be. the 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 at anytime claiming the same or any interest
<br />therein.
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<br />2. The COLLATERAL is used or bought primarily for:
<br />_ Personal, family or household purposes;
<br />_X_Use in farming operations;
<br />Use in business;
<br />_X_ Other.
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<br />3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at the above address.
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<br />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
<br />fixtures, said COLLATERAL concerns the following described real estate situate in the County of Rio Blanco and State of Colorado, to-wit: N/A
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<br />5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAl.
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<br />6. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAl.
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<br />7. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to permit the
<br />same to be attached or replevined.
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<br />8. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good condition and from
<br />time to time, forthwith, replace and repair all such parts of the collateral as may be broken, worn out, or damaged without allowing any lien
<br />to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECUREO PARTY may examine and inspect the
<br />COllATERAL at any time, wherever located.
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<br />9. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances.
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<br />10. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire (including so-called extended
<br />coverage), theft and such other casualties as the SECURED PARTY may reasonably require, including collision in the case of any motor vehicle,
<br />all in such amounts, under such forms of policies, upon such terms, for such periods, and written by such companies or underwriters as
<br />the SECURED PARTY may approve, losses in all cases to be payable to t~e SECURED PARTY and the DEBTOR as their interest may appear. All
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