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<br />\ <br />J <br /> <br />C-/r35/J <br /> <br />.. <br /> <br />STATE OF COLORADO <br /> <br />Ii <br />" <br />I <br />Ii <br />II <br /> <br />, <br /> <br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT <br /> <br />Debtor: <br /> <br />Nomr. <br /> <br />Highline-Buzzard Ditch Company, Inc. <br /> <br />-- <br /> <br />........., <br /> <br />No. <br />Route 1, Box B-42 <br />No. <br /> <br />...... <br /> <br />Cn, <br /> <br />..... <br /> <br />...- <br /> <br />Collbran <br /> <br />CO <br /> <br />81624 <br /> <br />...... <br /> <br />at,. <br /> <br />s.... <br /> <br />Secured Partv: <br />~, State of Colorado for the use and benefit of the Colorado <br />Water Conservation Board <br />~ 1313 Sherman Street, Room 721 Denv~r ~o Rn7n, <br />No. Suftt 01,. s..c <br /> <br />Debtor. for consideration. hereby grants to Secured Party a security interest in the following propeny and any and all additions. accessions and <br />substitutions thereto or therefor (hereinafter called the "COlLATERAL"): <br />All revenues derived from assessments on shares to repay indebted- <br />ness on 200 feet of 24", 80 p.s.i. siphon pipe and 2575 feet of 21", <br />80 p.s.i. siphon pipe in the debtor's irrigation system, approved by <br />the shareholders or the Board of Directors pursuant to CRS, S 7-42- <br />104. <br /> <br />To secure payment of the indebtedness evidenced by <br />or order, as follows: <br /> <br />cenain promissory note _ of even -date herewith. payable to the Secured Pany, <br /> <br />SECRETARY OF STATE OF COLORA 0 <br /> <br />02-13-91 <br />912011189 <br /> <br />13:47 <br />$10.00 <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />I. 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 or <br />encumbrances: and that Debtor will defend the Collateral against all claims and demands of all persons at anytime claiming the <br />same or any interest therein. <br /> <br />2. The Collateral is used or bought primarily for: <br />o Personal. family or household purposes: <br />o Use in farming operations; <br />.0 Use in business. <br /> <br />'3. That Debtor's residence is as stated above, and the Collateral will be kept at <br /> <br />Route I, Box B-42 <br /> <br />Collbran <br /> <br />c", <br /> <br />Mesa <br />'""" <br /> <br />CO 81624 <br /> <br />No. and 50=1 <br /> <br />So. <br /> <br />4. If any of the Collateral is crops, oil, gas, or minerals to be extracted ortimberto be cut. or goods which are or are to <br />become fixtures, said Collateral concerns the following described real eState situate in the County <br />of and State of Colorado, to wit: <br /> <br />I <br />I <br />Ii <br /> <br />No. UCC 1205. Re\'. 3.87. SECURITY AGREEME~T <br /> <br />~,~<~ ;,~,. <br /> <br />Bradford P_ublishln~. 17~) Walce 51.. Denver. CO IW202 - (30)) 29:.2!iOO..:.... 1-119 <br /> <br />Cllp~.rillhl J.~~j <br />