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<br />,) <br />.\ <br />.,;J <br /> <br />. <br /> <br />I <br /> <br />STATE OF COLORADO <br /> <br />Debtor: <br /> <br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT <br />SS.",V r.?Cl SJi O~- Y7iY7z-- <br />THE LOWER ARKANSAS WATER MAN~GEMENT ~SSOCIATION <br />I <br /> <br />......, <br /> <br />N~ <br /> <br />SI.... <br /> <br />Coy <br /> <br />952059475 C $16.00 <br />""'I'RET'iR" OF ST1TE <br />lo.IL.w r ~~ . <br />08 nil qe 1L'ry- <br />co - 8t052 ..;../ <br />s.... <br /> <br />........ <br />""""",,, <br /> <br />........ <br /> <br />P.O. BOX 1161 <br />No. <br /> <br />LAMAR <br /> <br />..- <br /> <br />aIr <br /> <br />Secured Party: STATE OF COLORADO <br />~ FOR THE USE AND BENEFIT OF THE COLORADO WATER CONSERVATION BOARD. <br /> <br />........ ],]1 SHERMAN STREET.. RM721 <br />No. ...... <br /> <br />DENVER <br />c., <br /> <br />CO 80203 <br />..... <br /> <br />Debtor, for consideration. hereby grants to Secured Party a security interest in the following properlY and any and all additions. accessions and <br />subSlilUtions Ibereto or1l1erefor (hereioafter called the "COli.ATERAL"): ALL REVENUES DERIVED FROM ASSESSMENTS OF <br />MEMBERS TO REPAY INDEBTEDNESS ON ITS FEASIBILITY STUDY CONTRACT FOR A SUBSTITUTE <br />SUPPLY PLAN Af,APPROVED BY THE MEMBERSHIP OR THE BOARD OF DIRECTORS. <br /> <br />To secure payment of tfie 'indebtedness ~videnced by certain promissory note _ of even date herewith. payable (0 the Secured Party <br />or order, as follows: As set fortjI in the contract between debtor and secured party for the <br />Feasibility S~udy for debtor's Substitute Supply Plan whereby secured party has <br />loaned debtor 'the principal sum of $65,000 according to the terms set forth in <br />said contract, including the terms of repayment as set forth in the promissory <br />note portion of said contract. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />'- That ex<:epl for the security interest granted hereby Debtor is, or to the extent that this agreement-slates that the <br />Collateral is to be acquired after the date hereof, will be. the owner of the Collateral free flum any adverse lien, security interest or <br />encumbrances; and !bat Debtor will defend the Collateral against all claims and demands of all persons at anytime claiming the <br />same or any interesi therein. <br /> <br />2. The Collateral is used or bought primarily for: <br />o Personal, family or household purposes: <br />o Use in fanning operations; <br />o Use in business. <br />[Xl Other' <br />3. That Debtor's residence is as Slated above, and the Collateral will be kepI at <br /> <br />P.O. BOX 1161 <br /> <br />No. and Stred <br /> <br />LAMAR <br />Cily <br /> <br />PROWERS <br /> <br />CO 81052 <br /> <br />CO\lnl)' <br /> <br />So. <br /> <br />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 10 <br />become fixtures. said Collateral concerns the following described real estate situate in the Counly <br />of and Slate of Colorado, to wit <br /> <br />" <br />---~ <br /> <br />No, UCC U05.Rev. 3-87. SECURITY AGREEMENT EXHIBIT E <br />Bradford Publishing, 1743 Wazee St., [)eO\'tl', CO 80202 -(303) 292.2500 _ 5-93 <br /> <br />@ <br /> <br />Cop)"righl 1~87 <br />