PROJC01055

• Contract/PO #: C153579
• Contractor Name: Highline Buzzard Ditch Company
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Bill Number: SB 90-41
• Loan Projects - Doc Type: Contract Documents

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STATE OF COLORADO

UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT

Debtor:

Highline-Buzzard Ditch Company, Inc.

Swnt:

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Route 1 , Box B-42 Collbran CO 81624
BUSlft1!5S:
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Secured Party:
~, State of Colorado for the use and benefit of the Colorado
Water Conservation Board
~ 1313 Sherman Street, ROom 721 Denver CO R070,
Nu. ~rftt Ol~ ~

Debtor. for consideration. hereby grants to Secured Pany a security interest in the following property and any and all additions. accessions and
substitutions thereto or therefor (hereinafter called the "COll..ATEi{AL"l: I

All revenues derived from assessments on shares to repay indebted- II
ness on.200.feet o~ 24:, 80 p.s.i. sip~on pip~ and 2575 feet of 21", I
80 p.s.~. s~phon p~pe ~n the debtor's ~rrigat~on system, approved bYil
the shareholders or the Board of Directors pursuant to CRS, S 7-42- Ii
104. ;
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To secure payment of the indebtedness evidenced by
or ortier. as follows:

. certain promissory note _ of even 'CiaLC herewith. payable to the Secured Pany.

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DEBTOR EXPRESSLY WARRANTS AND COVENAJ\'TS:

1. 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 ailer the date hereof. will be. the owner of the Collateral free from any adverse lien. security interest or
encumhrances: 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 f(lr.
o Personal. family or household purposes:
~ Use in farming operations:
CJ Use in business.

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

Route 1, Box B-42

Collbran

Mesa

CO 81624

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4. If any of the Collateral is crops. oil. gas. or minerals to be extracted or timber to be Cllt. or goods which are or are to
become fixtures. said Collateral concerns the follOwing described real eStale situate In lhe CounlY
of and State of CC,lorado. to WIt:

EXHIB:rT F

No. UCC 11115. Hot'\. ).Xi. SECl'RITY AC.REDIE:'\T

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