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STATE OF COLORADO UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT COLORADO SECRETARY OF STATE 1560 Broadway, Suite 200 - Denver, CO 80202-5169 DEBTOR: NORWOOD WATER COMMISSION and TOWN OF NORWOOD P. O. Box 528 Norwood, CO 81423 Norwood Water Commission's FederallD # 84-1309729 Town of Norwood's FederallD # 84-6000701 SECURED PARTY: STATE OF COLORADO for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL CLASSIFICATION: X CONTRACT RIGHTS x OTHER 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 COLLATERAL: Sixty (60l shares of stock in the Farmer's Water Development Company, evidenced by Stock Certificate Numbers 360 and 145. as described in the Collateral Provisions of loan Contract #C153700. as amended. in the Total loan Amount of $950.000. To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract #C153700, as amended, dated September 11,1995, between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: loan amount of $950,000 in accordance with the Promissory Note Provisions of said Loan Contract, as amended. DEBTOR EXPRESSLY WARRANTS AND COVENANTS, 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 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: Personal, family or household purposes; Use in farming operations; Use in business; X Other. 3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at the above address. 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 N/A and State of Colorado, to-wit: N/A 5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAL. 6 To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL 7. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and n01 to permit the same to be attached or replevined. 8. That the COlLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good condition and from time to time, forthwith, replace and repair all such pans of the collateral as may be broken, worn out, or damaged without allOWing any lien to be created upon the COLLATERAL on account of such replacement or repairs, and that the SECURED PARTY may examine and Inspect lhe COLLATERAL at any time, wherever located. 9 That the DEBTOR will not use the COLLATERAL in violation of any applicahlf! statutes. regulntions or or(imances ATTACHMENT 2