C153666 Contract

• Contract/PO #: C153666
• Contractor Name: Summit Reservoir and Irrigation Company
• Contract Type: Loan
• Water District: 32
• County: Montezuma
• Bill Number: EIA
• Loan Projects - Doc Type: Contract Documents

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11

STATE OF COLORADO

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UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT

Debtor:

N_: Thp ~ttmmit" 'Rpc:p,..uni,.. l'. T"'''';g::lt"inn r."

Addrns:
Resiclence:

No,

No.

so..... Cil)' s~"
Dolores ' , CO 81321
so..... Cily "'"
of the 'Colorado Water Conservation Board

Busi~:

P.O. Box 127

Secured Party: State of Colorado
Namr: for the ll~e and benefit

~1111 Sh~rm.n St Rm 771
No.

so.....

Dp-TIver
Cily

CO 80203
s....

Debtor, for consideration, hereby grants to Secured Party a security interest in the following property and any and all additions, accessions and
substitutions thereto or therefor (hereinafter called the "COll.ATERAL"):
All revenues derived from assessments of shares to repay indebtedness on its
Summit Reservoir Dam and"its Lost Canyon Ditch and all appurtenances as approved
by the shareholders or the Board of Directors pursuant to CRS '1 7-42-104

To secure payment of the indebtedness evidenced by a certain promissory note _ of even date herewith, payable to (he Secured Party,
or order, as follows: As set forth in the contract between debtor"and secured party for the

emergency repair of the debtor's Summit Reservoir Dam and Lost Canyon Ditch, as

set forth in said contract, whereby secured party has loaned debtor the principal

sum of $33,000 according to the terms set forth in said contract, including the

terms of repayment as set forth in the promissory note portion of said contract.

DEBTOR EXPRESSLY WARRANTS AND COVENANTS:

L That except for the security interest granted hereby Debtor is, or to the extent that this agreement states that the
Collateral is to be acquired after the date hereof. will be, the owner of the Collateral free from any adverse lien, security interest or
encumbrances; and that Debtor will defend the Collateral against all claims and demands of all persons at anytime claiming the
same or any interest therein.

2. The Collateral is used or bought primarily for:
o Personal. family or household purposes:
o Use in farming operations;
o Use in business.
!Xl Other

3. That Debtor's residence is as stated above, and the Collateral will be kept at

NO.and$lIffi

Dolores
City

Montezuma

CO 81321

P.O, box 127

County

so.

Ii

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 fixtures, said Collateral concerns the following described real estate situate in the County
of and State of Colorado, to wit: N / A

No. UCC U05, Rev. 3,87.

SECURITY AGREEMENT

EXHIBIT D

e
Copyright 1987

Bradford Publishing, 1743 Wazee St., Denver, CO 80202 - [phone] - 4-92