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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:
<br />
<br />CITY OF FORT MORGAN, COLORADO &
<br />CITY OF FORT MORGAN, COLORA.DO, WATEIUNlJRKS AND DISTRIBUTION ENTERPRISE
<br />710 Railroad, P. O. Box 100 CO.... ~
<br />Fort Morgan, Colorado 80701 1t 1iJ'O I
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<br />DEBTOR'S FEDERAL TAX ID #84-6000588
<br />
<br />OF STATE
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<br />SECURED PARTY:
<br />
<br />STATE OF COLORADO for the us~ and benefit of
<br />The Department of Natural Resources. Colorado Water Conservation Board
<br />1313 Sherman Street, Room 721
<br />Denver, Colorado 80203
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<br />9_' "....n.19~.,
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<br />01-11-96
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<br />11:06
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<br />COLLATERAL
<br />CLASSIFICATION:
<br />
<br />_X_ CONTRACT RIGHTS
<br />
<br />X OTHER
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<br />DEBTOR, for consideration, hereby grants to SeCURED PARTY a S;ecurity interest in the following property and any and all additions,
<br />accessions and substitutions thereto or therefor, hereinafter Called the COLLATERAL: Pledge of Debtor's contract rights under the
<br />Allotment Contract betw'en the City of Fort Morgan, Colorado. 'cling by-and through the City of Fort Morgan. Colorado. Water Works
<br />and Distribution Enterprise and Northern Colorado Water Conse"vancy District, acting by and through Southern Water Supply Project
<br />Water Activity Enterprise, said contract dated August 4, 1995.
<br />
<br />To secure payment of the indebtedness evidenced by certain PrQmissory Note contained in the above described loan contract between
<br />the above named parties herewith, payable to the SECURED PAf1TY, or order, as follows: the loan amount of $5,500,000 payable as
<br />described in the Promissc)ry Note Provisions contained in loan tontract #C1 53701 dated August 7, 1995.
<br />
<br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
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<br />,. That except for the security interest granted hereby Dl:BTOR 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
<br />encumbrances; and that OEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming the same
<br />or any interest therein.
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<br />2,
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<br />The COllATERAL is used or bought primarily for:
<br />Personal, family or household purposes;
<br />_ Use in farming operations;
<br />Use in bllsiness:
<br />_X_Other.
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<br />3. That DEBTOR'S address is as stated above, and the C';OLLAT"ERAL will be kept at the ~abov. iiQ~iV-s~. ,....... \.-::' ':d
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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, "-goods which ar~'.or'a(e to become
<br />fixtures, said COLLATERAL'concerns the following described real estate situate in the County 0~~org\Q..:~~16"crl.:CO)6rado. to-wit:
<br />N/A ..... ~.
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<br />5,
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<br />Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAl.
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<br />6. To pay all taX;es and assessments of every nature \fvhich 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
<br />the same to be attacheCi 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 sa'!'e-!n good condition and
<br />from time to time. forth......ith. replace and repair all such parts of the collateral as may be broken. 'worn out. or damaged without allowing
<br />any lien to be created upon the COLLATERAL on account of such replacement or repairs. and tha't ~_he SECUR~D PARTY may examine and
<br />inspect the 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. regulati~ns or ordinances.
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