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STATE OF COLORADO UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT COLORADO SECRETARY OF STATE 1560 Broadway, Suite 200 . Denver, CO 80202-5169 DEBTOR: Town of Johnstown and Town of Johnstown Water Activity Enterprise P.O. Box 609 , Johnstown, Colorado 80534 FiU~;;i.> C.c:- ,- '-,.---'-- . . H .. . ~ _ " .. ....... _.. l'::LU7 i_'; DEBTOR'S FEDERAL TAX ID # 84-6000681 SECRETAR -- -- -- Ut"" ::. ~ i.:., !:. 12-09-96 ,,":=:; --- ~- SECURED PARTY: STATE OF COLORADO for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL CLASSIFICATION: X CONTRACT RIGHTS X OTHER DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the fOllowing property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: Water system revenues pledged to repay the amount loaned to Debtor by Secured Party. as described in the Pledge of Revenues Provisions contained in Loan Contract No. C153719. To secure payment of the indebtedness evidenced by certain Loan Contract, dated /1/7/'16 .1996, between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: the loan amount of $2,542,500 with interest at a rate of four percent 14%1 per annum, payable in 30 annual installments or until all principal and interest are paid in full. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. 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. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL. 3. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL! 4. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAtand not to permit the same to be attached or replevined. 5. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good condition and from 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 to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECURED PARTY may examine and inspect the COLLATERAL at any time, wherever located. 6. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances. 7. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire (including so-called extended coverage). theft and such other casualties as the SECURED PARTY may reasonably require, including collision in the case of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such periods, and written by such companies or underwriters as the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the DEBTOR as their interest may appear. All policies of insurance shall provide for at least ten days' prior written notice of cancellation to the SECURED PARTY; and the DEBTOR shall furnish the SECURED PARTY with certificates of such insurance or other evidence satisfactory to the SECURED PARTY as to compliance with the provisions of this paragraph. The SECURED PARTY may act as attorney ApPENDIX 5 TO CONTRACT #C 153719 \;~C( '"