|
<br />r-~,.
<br />
<br />STATE OF COLORADO.
<br />
<br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT
<br />COLORADO SECRETARY OF STATE
<br />1560 Broadway. Suite 200 - Denver. CO 8b202-5169
<br />
<br />DEBTOR:
<br />
<br />APPLETON ML350 DITCH COMPANY, INC.
<br />2327 H ROAD
<br />Grand Junction, CO 81505
<br />
<br />~'62D432Q3
<br />SECRETAW{
<br />
<br />. _. . .
<br />. .-. ....
<br />',-, :f:1C,= U:J
<br />,..,- ,...,........,..,...
<br />;)1'" ;:1; n "-
<br />
<br />FED TAX ID #84-1257543
<br />
<br />D6-D5-96
<br />
<br />.,;,t=.
<br />....l.. ,_,
<br />
<br />SECUREO PARTY:
<br />
<br />ST A TE OF COLORADO for the use and benefit of
<br />The Department of Natural Resources, Colorado Water Conservation Board
<br />1313 Sherman Street, Room 721
<br />Denver, CO 80203
<br />
<br />COLLATERAL
<br />CLASSIFICATION:
<br />
<br />x
<br />
<br />CONTRACT RIGHTS
<br />
<br />x
<br />
<br />OTHER
<br />
<br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the fOllowing property and any and all additions, accessions
<br />and substitutions thereto or therefor, hereinafter called the COLLATERAL: All revenues derNed from assessments an stock to repay the
<br />indebtedness on the amount loaned to debtor by secured party, as described in Pledge of Reve es Provisions in Loan Contract and
<br />Promissory Note #C15370B Dated 1PJ>r1wrlj J"3. 19~ and on DeDtor's Resolution dated 19~.
<br />
<br />To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract referenced above between the
<br />above named parties herewith, payable to the SECURED PARTY, or order, as follows: $40,000 with interest at the rate of four percent (4%)
<br />per annum payable in thirty (30) annual installments of $2,313.20, or until all principal and interest are paid in full, as more fully described
<br />in above referenced Loan Contract and Promissory Nate.
<br />
<br />OEBTOR EXPRESSLY WARRANTS ANO COVENANTS:
<br />
<br />,. That except for the security interest granted hereby DEBTOR is. or to the extent tha, tr.:s agr!;ement states that the CO...:..;, ~ U1/,"
<br />is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest or encumbrances;
<br />and that DEBTOR will defend the COlLATERAL against alt claims and demands of all persons at anytime claiming the same or any interest
<br />therein.
<br />
<br />2. The COLLATERAL is used or bought primarily for;
<br />Personal, family or household purposes;
<br />_ Use in farming operations;
<br />Use in business;
<br />X Other.
<br />
<br />3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at SAME ADDRESS
<br />
<br />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
<br />fixtures, said COLLATERAL concerns the 'following described real estate situate in the County of Mesa and State of Colorado, to-wit; N/A
<br />
<br />5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL.
<br />
<br />6. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL.
<br />
<br />7. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to permit the
<br />same to be attached or replevined.
<br />
<br />8. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good condition and from
<br />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
<br />to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECURED PARTY may examine and inspect the
<br />COLLATERAL at any time, wherever located.
<br />
<br />9. That the DEBTOR will not use the.CoLLATERAL'in violation of any applicable' s'tatutes, regul~~ions or l?rdina.ri~~~,. ..
<br />
<br />APPENDIX C
<br />
|