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<br />~~ .-. ~_'~(:~T-'-':. <br />' ... ~ <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 80202-5169 <br /> <br />DEBTOR: <br /> <br />APPLETON ML350 DITCH COMPANY, INC. <br />2327 H ROAD , <br />Grand Junction, CO 81505' <br /> <br />962074670 C $16.00 <br /> <br />SECURED PARTY: <br /> <br />SECRETARY OF STATE <br />10-07-96 14:01 <br />STATE OF COLORADO for the use and benefit of the <br />Department of Natural Resources, Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />FED TAX ID #84-1257543 <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, <br />accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: All revenues derived from assessments on <br />stock to repay the indebtedness on the amount loaned to debtor by secured party. as described in Pledge of Revenues Provisions <br />in Loan Contract and Promissory Note #C15370B dated February 13, 1996, as amended, and on Debtor's Stockholders Resolution <br />dated January B. 1996. and Board of Directors Resolution dated January 19. 1996. <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract referenced above <br />between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: $53,000 with interest at the rate <br />of four percent (4%) per annum payable in thirty (3D) annual installments of 13,065.00, or until all principal and interest are paid <br />in full, as more fully described in above referenced Loan Contract and Promissory Note. <br /> <br />OEBTOR EXPRESSLY WARRANTS ANO COVENANTS: <br /> <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 COLLATERAL against all claims and demands of all persons at anytime claiming <br />the same or any interest 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 <br />become fixtures, said COLLATERAL concerns the following described real estate situate in the County of Mesa and State of Colorado, <br />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 <br />permit the same to be attached or replevined. <br /> <br />A TT ACHMENT 4 <br />