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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
<br />
<br />DEBTO R:
<br />
<br />CITY OF FORT MORGAN. COLORADO &
<br />CITY OF FORT MORGAN, COLORADO, WATER WORKS AND DISTRIBUTION ENTERPRISE
<br />710 Railroad. P. O. Box 100 ""l
<br />Fort Morgan. Colorado 80701 D CO\"
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<br />DEBTOR'S FEDERAL TAX 10 #84-~~~8
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<br />SECURED PARTY:
<br />
<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, Colorado 80203
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<br />COLLATERAL
<br />CLASSIFICATION;
<br />
<br />X
<br />
<br />CONTRACT RIGHTS
<br />
<br />X
<br />
<br />OTHER
<br />
<br />962002985 C $16.00
<br />SECRETARY OF STATE
<br />01-11-96 11:06
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<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: Pledge of proceeds of any sa(e of the Debtor's
<br />interest in the Allotment Contract between the City of Fort Morgan, Colorado, acting by and through the City of Fort Morgan, Colorado,
<br />Water Works and Distribution Enterprise and Northern Colorado Water Conservancy District, acting by and through Southern Water
<br />Supply Project Water Activity Enterprise, said contract dated August 4, 1995.
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<br />To secure payment of the indebtedness evidenced by certain Promissory Note contained in the above described loan contract between
<br />the above named parties herewith, payable to the SECURED PARTY, or order, as follows: the (oan amount of $5,500,000 payable as
<br />described in the Promissory Note Provisions contained in Loan Contract #C1S3701 dated August 7,1995.
<br />
<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 COLLA iERAL
<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 DEBTOR will defend the COLLATERAL against all claims and demands of aU persons at anytime claiming the same
<br />or any interest therein. .~"_'" .._
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<br />2. The COLLATERAL is used or bought primarily for: , ,~. _ _ .:....;.-_ ~J '
<br />Personal, family or household purposes; fl'; 'ti/ ~... >
<br />- Use In farming operations; It~i:.Y \ _ '
<br />Use In bUSiness; J ,) i,'.c ~;!;tttJ:tJr ~
<br />J_ Other. \ ~'\ ""'vt;;STh!;; }': ,:'
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<br />3, That DEBTOR'S address IS as stated above. and ~he COLLATERAL WIll be kept at th~o~A .' )1
<br />'\...u _ "
<br />4. If any of the COLLATERAL IS crops, Oil, gas or minerals to be extracted or timber to be cu_t~~ods w~9~e or are to become
<br />fixtures, saId COLLATERAL concerns the followmg described real estate situate In the County of Morgan""'tt't\!iS'tate of Colorado, to-WIt
<br />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 again.st the CS>LLATERAl.
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<br />7. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the CqUATERAL.and not to permit
<br />the 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
<br />from time to time, forthwith, replace and repair all such parts of the collateral as may be broken: wO-fn out, Qf damaged V'fithout allowing
<br />any lien to be created upon the COLLATERAL on account of such replacement or repairs. and that the SECURED PAflTY may examine and
<br />inspect the COlLATERAL at any time, wherever located. .
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