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<br />r-) <br /> <br />AMENDED SECURITY AGREEMENT <br /> <br />DEBTOR: <br /> <br />Town of Johnstown and <br />Town of Johnstown Water Activity Enterprise <br />P,O, Box 609 <br />Johnstown, Colorado 80534 <br /> <br />DEBTOR'S FEDERAL TAX 10 # 84-6000681 <br />DEBTOR'S COUNTY: Weld (Code: 06) <br /> <br />SECURED PARTY: <br /> <br />State of Colorado - Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL CLASSIFICATION: CONTRACT RIGHTS (Code: 30) <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following <br />property and any and all additions, accessions and substitutions thereto or therefor, hereinafter <br />called the COLLATERAL: Water system revenues pledged to repay the amount loaned to Debtor by <br />Secured Party, as described in the Pledge of Revenues Provisions contained in Loan Contract No, <br />C153719, as amended. <br /> <br />To secure payment of the indebtedness evidenced by said Loan Contract, and Promissory Note <br />dated October 1,1999, between the above named parties herewith, payable to the SECURED PARTY, <br />or order, the loan in the amount of $1,948,932.60 with interest at a rate of four percent (4%) per <br />annum, payable in 30 annual installments or until all principal and interest are paid in full. This <br />Security Agreement is amended to establish the final loan amount of $1,948,932.60 <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />1. 1. That except for the security interest granted hereby DEBTOR is, or to the extent that this <br />agreement states that the COLLATERAL is to be acquired after the date hereof, will be, the owner <br />of the COLLATERAL free from any adverse lien, security interest or encumbrances; and that <br />DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime <br />claiming the same or any interest therein. <br /> <br />2. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL. <br /> <br />3. To pay all taxes and assessments of every nature which may be levied or assessed against the <br />COLLATERAL, <br /> <br />4. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the <br />COLLATERAL and not to permit the same to be attached or replevined, <br /> <br />5. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the <br />same in good condition and from time to time, forthwith, replace and repair all such parts of the <br />collateral as may be broken, worn out, or damaged without allowing any lien to be created upon <br />the COLLATERAL on account of such replacement or repairs, and that the SECURED PARTY may <br /> <br />Exhibit B to Loan Contract C153719 Amendment No.1 <br />