PROJC00500

• Contract/PO #: C153681
• Contractor Name: Elmwood Lateral Ditch Company, Inc.
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Bill Number: SB95-029
• Loan Projects - Doc Type: Contract Documents

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STATE OF COLORADO

UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT

Debtor:
N_, 'ELKllooD T.A'l'F.RAT, DITCH CO..' INC.

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No.

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1179 17 ROAD

COLORADO
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FRUITA

Business:

No.

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Secured Party:
N.m" STATE OF COLORADO FOR THE USE AND BENEFIT OF THE VATER CONSERVATION BOARD
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....... 1313 SHERMAN ST." ROOK 721
No,

DENVER

COLORADO

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Debtor. for consideration, hereby grants to Secured Party a security interest in the following property and any and all additions, accessions and
substitutions lhereto or therefor (hereinafter called the "COLLATERAL"):
ALL REVENUES DERIVED FROK ASSESSMENTS ON STOCK TO REPAY INDEBTEDNESS ON EUlllOOD
DITCH AS APPROVED BY THE STOCKHOLDERS PURSUANT TO SECTION 7-42-104 CRS.

PROKlSSORY NOTE PROVISIONS IN CERTAIN LOAN CONTRACT
To secure payment of the indebtedness evidenced by tk. xx x x x x&-Xr;w;.I:~..J[;"'J[iS."J( x x of even dale herewith. payable 10 the Secured Party.

or order. as follows:

DEBTOR EXPRESSLY WARRANTS AND COVENANTS:

L That except for the security interest granted hereby Debtor is, or to the extent that this agreement states that the
Collateral is to be acquired after the date hereof, will be, the owner of the Collateral free from any adverse lien, security interest or
encumbrances; and that Debtor will defend the Collateral against all claims and demands of all persons at anytime claiming the
same or any interest therein.

2. The Collateral is used or bought primarily for:
o I\:rsonal, family or household purposes:
o Use in fanning operations;
IXI Use in business.

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3. That Debtor's residence is as stated above, and the Collateral will be kept at

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1179

COLORADO

17 ROAD
No.andSlreel

FRUITA
City

MESA

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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 fixtures, said Collateral concerns the following described real estate situate in the NIA County
of NI A and State of Colorado, to wit:

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Copyrighll9fl1

No. Dee U05. Rev. 3-87.

APPENDIX C

SECURITY AGREEJI

Brad!r

2 - [phone] - 1-89