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<br />STATE OF COLORADO <br /> <br />UNIFORM COMMERCIAL CODE. SECURITY AGREEMENT & RNANCING STATEMENT <br />COLORADO SECRETARY OF STATE <br />1560 Broadway, Suite 200 - Denver, CO 80202-5169 <br /> <br />DEBTOR: <br /> <br />THE TREMONT MUTUAL DITCH COMPANY <br />P. O. Box 711 <br />Snyder, CO 80750 <br /> <br />FED TAX 10# 84-0974474 <br /> <br />SECUREO PARTY: <br /> <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 />COLLATERAL <br />ClASSIFICA nON: <br /> <br />_X_ CONTRACT RIGHTS <br /> <br />_X_ OTHER <br /> <br />DEBTOR, for consideration, hereby grants to SecuRED PARTY 8 security interest in the following property and any and all additions, <br />accassions and substitutions thereto or therefor, ",,-reinafter -caned tha :COllATERAl: ALL REVENUES DERIVED FROM <br />ASSESSMENTS ON STOCK TOREPA Y mE INDEBTEDNESS ON mE AMOUNT LOANED TO DEBTOR BY SECURED PARTY, AS <br />DESCRIBED IN PLEDGE OF REVENUES PROVISIONS IN CONTRACT ICt 53726. <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, 8S .follows: $45,000 with interest st the rate <br />of 4'16 per. annum payable... 20 annualinstaHmentsof .$3,3 tt, t B, or untl8H principal and interest ate paid in fuR, <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 egainst all claims and demands of aU 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 mineral= to be extracted or timber to be cut, or goods which are or are to <br />become flxtures, said COllATERAl concerns the following deSCribed real estate situate in the County of X 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 COUATERAL. <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 COLlA TEAAl and not to <br />permit the same to be attached or replevined. <br /> <br />8. That the COLlATERAl is in good condition. and that the DEBTOR wiD, at its own expense, keep the same in -goqd 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 COUATERAl on account of such replacement or repairs, and that the SECURED PARTY may <br />examine and inspect the COLlATERAl at any time; wherever located. <br /> <br />APPENDIX B-1 <br />