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,I ~ .. ~' . SECUllITY AGREEMENT DEBTOR: West Divide Water Conservancy District P, 0, Box 1478 RlOe, CO 8165ll-1478 Fed Tox m #84,0976632 SECURED PAR1Y: 1 STATE OF COLORADO for the use aad benefit 01 The Department or Natural Resoun:es, Colorado Water CODsen'atloD Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL ClASSlFlCATlON: CONTRACT RIGHTS & OTHER Debtor, for consideration, hereby grants to Secured party a security interest in tbe following property and any and all additions, .<<tasions, and substitutions thereto or therefor, hereinafter called the Collateral: ALL REVENUES DERIVED FROM SPECIAL ASSESSMENTS LEVIED AND COLLECI'ED TO REPAY THE INDEBTEDNESS ON THE AMOUNT LOANED TO DEBTOR BY SECURED PARTY, AS DESCRIBED IN PLEDGE OF REVENUES PROVISIONS IN CONTRACT #CI53592. To secure payment ortbe indebtedness evidenced by certain Promissory Note Provisions of Loao Contract #C153S92 dated June 14, 1991, 8S amended ("Contract") between the above-named parties herewith, payable to the Secured Party, or order, as follows: $70,ooo.~ with interest at tbe rate of five percent (S%) per aonum payable in thirty (30) annual installments ot S4,5S3.5Z, or until all principal and interest are paid in full. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except tor the security Interest granted hereby, DEBTOR is, or to the exteot tbat tbis agreemeot states that the Collateral Is to be acquired after the date hereot, will be, the owner oUbe Collateral tree from any adverse lien, se<:urity interest or encumbrao<:esj and tbat Debtor will defend the Collateral against all claims and demauds ot all persoos at aoy time <=Iaiming the same or any interest tberein. Z. That the ex<<ution and delivery of tbis agreement by DEBTOR will oot violate any law or agreement governing Debtor or to wbi<:h Debtor is a party. 3. That, it Debtor is a (:Orporation, its certifi(:8te and artides of inoorporation and by.laws do not prohibit any term or <:ondition of this agreement. 4. That but its a<<eptance of the loan money pursuant to the terms of the Coutract and by its representations herein, Debtor shan be estopped from asserting for oy reason that it Is oot authorized to grant a sewrity interest in the Collateral pursuant to the terms of this agreement. 5. Collateral. To pay all taxes and assessments of ever)' nature which may be levied or assessed against the ! 6. To not permit or allow any adverse lien, security interest or encumhran<:e whatsoever upon tbe Collateral and not to permit the same to be attacbed or repleviDecL 1. That the Debtorwill not use the Collateral in violation ofaDY applicable statutes, regulations, ordinances, articles or incorporation or by. laws. UNTn.. DEFAULT Debtor may have possession oUhe Collateral, provIded that Debtor keeps the Collateral In an a<<ouot "parate from otber revenue. or Debtor and doe. not use the Collateral ror any purpose not permitted by the Contract. Upon default, Secured Party shall have the immediate right to tbe possession of the Collateral. DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening ohny otthe following events or conditions: (a) default in the payment or performance of any obligation, covenant 01' liability <:ontained or referred to herein or in any note evidencing the same; (b) the making or furnishing of any warranty, representation or statement to Secured Party by or on behalf of Debtor which proves to have been false in an material respect when made or furnished; (c) loss, theft, damage, destroction, sale or encumbrance to or or any or the Collateral, or the making of any levy seizure or atta<:hment thereof or thereon;