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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 />Town of Jolinstowri and
<br />Town of Johnstown Water Activity Enterprise
<br />P.O. Box 609
<br />Johnstown, Colorado 80534
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<br />DEBTOR'S FEDERAL TAX ID # 84-6000681
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<br />12-09-7'6
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<br />SECURED PARTY:
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<br />STATE OF COLORAOO for the use and benefit of the
<br />Department of Natural Resources,
<br />Colorado Water Conservation Board
<br />131 3 Sherman Street, Room 721
<br />Denver, CO 80203
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<br />COLLATERAL
<br />CLASSIFICATION:
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<br />X
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<br />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 sec:urity interest in the following property and any and all additions,
<br />accessions and substitutions thereto or therefor, hereinafter ca"lJed the COLLATERAL: Water system revenues pledged to repay the
<br />amount loaned to Debtor by Secured Party, as described in the Pledge 01 Revenues Provisions contained in loan Contract No.
<br />C1S3719.
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<br />To secure payment of the indebtedness evidenced by certain Loan Contract, dated /1/7/ tJ6 ,1996, between the above
<br />named parties herewith, payable to the SECURED PARTY, or order, as follows: the loan amount of $2,542,500 with interest at a rate
<br />of four percent (4%) per annum, payable in 30 annual installments or until all principal and interest are paid in .full.
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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
<br />COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest
<br />or encumbrances; and that DEBTOR will defend the CDLLATERAL against all claims and demands of all persons at anytime claiming
<br />the same o.r any interest therein.
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<br />2. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAl.
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<br />3. To pay all taxes and assessments of every nature wt1ich may be levied or assessed against the COLLATERAU~':' / ,-" :_
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<br />4. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAland not to
<br />permit the same to be attached or replevined. .
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<br />5. That the COLLATERAL is in good condition, and that the DEBTOR will. at its own expense, keep the same in good condition
<br />and from time to time. forthwith. replace and repair all such parts of the collateral as may be broken, worn out, or damaged without
<br />allowing any lien to be created upon the COLLATERAL on account of such replacement or repairs. and that the SECURED PARTY may
<br />examine and inspect the COLLATERAL at any time, wherever loccl.ted.
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<br />6. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances.
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<br />7. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire (including so.called
<br />extended coverage), theft and such other casualties as the SECURED PARTY may reasonably require, including collision in the case
<br />of any motor vehicle. all in such amounts, under such forms of policies. upon such terms. for such periods. and written by such
<br />companies or underwriters as the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the
<br />DEBTOR as their interest may appear. All policies of insurance sht111 provide for at least ten days' prior written notice of cancellation
<br />to the SECURED PARTY; and the DEBTOR shall furnish the SECURED PARTY with certificates of such insurance or other evidence
<br />satisfactory to the SECURED PARTY as to compliance with the provisions of this paragraph. The SECURED PARTY may act as attorney
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<br />ApPENDIX 5 TO CONTRACT #C 153719
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