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<br />", <br />.) <br /> <br />SECURITY AGREEMENT <br /> <br />DEBTOR: The Greeley and Loveland Irrigation Company <br />808 23rd Avenue <br />Greeley, CO 80631 <br /> <br />FEDERAL T AA NUMBER: 84-1207090 <br />COUNTY: WELD (CODE: 03) <br /> <br />SECURED PARTY: STATE OF COLORADO <br />Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL: Contract Rights (Code: 030) <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property <br />and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the <br />COLLATERAL: All revenues derived from assessments levied to repay the indebtedness on the amount <br />loaned to DEBTOR by SECURED PARTY, and all rights of DEBTOR to receive said assessment revenues <br />from its stockholders, as described in pledge of property provisions in Loan Contract #C153788. <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note between the above <br />named parties herewith, in the amount of $23,400.00 at an interest rate of 3.25% per annum for a term <br />of 10 years, payable by DEBTOR to the SECURED PARTY until all principal and interest are paid in full in <br />accordance with said Promissory Note. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />1. That except for the security interest grant hereby, DEBTOR is, or to the extent that this agreement <br />states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the <br />COLLATERAL free from any adverse lien, security interest or encumbrances. <br /> <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement <br />goveming DEBTOR or to which DEBTOR is a party. <br /> <br />3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do not <br />prohibit any term or condition of this agreement. <br /> <br />4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its <br />representations herein, DEBTOR shall be estopped from asserting for any reason that it is not <br />authorized to grant a security interest in the COLLATERAL pursuant to the terms of this agreement. <br /> <br />5. To pay all taxes and assessments of every nature which may be levied or assessed against the <br />COLLATERAL. <br /> <br />6. 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 />7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, <br />ordinances, articles of incorporation or by-laws. <br /> <br />APPENDIXF TO LOAN CONTRACT #C153788 <br />