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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:
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<br />CITY OF FORT MORGAN, COLORADO &
<br />CITY OF FORT MORGAN, COLORADO, WATE~RKS AND DISTRIBUTION ENTERPRISE
<br />710 Railroad, P. O. Box 100 CO
<br />Fort Morgan, Colorado 80701 1( ~r> ,
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<br />DEBTOR'S FEDERAL TAX 10 #84-6000588
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<br />962002987 C $16.00
<br />SECRETARY OF STATE
<br />OH1-96 11:06
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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 />1 31 3 Sherman Street, Room 721
<br />Denver, Colorado 80203
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<br />COLLATERAL
<br />CLASSIFICATION:
<br />
<br />X CONTRACT RIGHTS
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<br />X
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<br />OTHER
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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 Debtor's contract rights under the
<br />Allotment Contract between the City of Fort Morgan. Colorado. acting by and through the City of Fort Morgan. Colorado. Water Works
<br />and Distribution Enterprise and Northem Colorado Water Conservancy District. acting by and through Southern Water Supply Project
<br />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 loan amount of $5,500,000 payable as
<br />described in the Promissory Note Provisions contained in loan Contract #C153701 dated August 7,1995.
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<br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
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<br />1. That except for the security interest granted hereby DEBTOR is, or to the extent that this agreement states that the COLLATERAL
<br />is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest or
<br />encumbrances; and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming the same
<br />or any interest therein.
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<br />2. The COLLATERAL is used or bought primarily for:
<br />Personal, family or household purposes;
<br />Use in farming operations;
<br />Use in business; ... .....
<br />X Other. r ~'S:':"i"'~ "\:,
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<br />3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at the!atio~-~ i$'Q~~~.... \.'.-', ,_':;
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<br />4, If any of the COLLATERAL is crops, oil, gas or minerals to be extracted or timber to be"~ut, ~,goods which aJ~or'ar'e to become
<br />fixtures, said COLLATERAL 'concerns the following described real estate situate in the County o~Morg~nd Statp"o1:C~rado, to-wit:
<br />N/A \'" ~_.-' ./
<br />
<br />..............
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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 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
<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 sa~e- in good condition and
<br />from time to time, forthwith, replace and repair all such parts of the collateral as may be broken, ':--vorn out, or damaged without allowing
<br />any lien to be created upon the COLLATERAL on account of such replacement or repairs, and thai, the 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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