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<br />STATE OF COLORADO <br /> <br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT <br />COLORADO SECRETARY OF STATE <br />1560 Broadway.-Suite 200 - Denver, CO 80202-5169 <br /> <br />DEBTOR: <br /> <br />NORWOOD WATER COMMISSION <br />and TOWN OF NORWOOD <br />P. O. Box 528 <br />Norwood. CO 81423 <br /> <br />Norwood Water Commission's FederallD # 84-1309729 <br />Town of Norwood's FederallD # 84-6000701 <br /> <br />SECURED PARTY: <br /> <br />STATE OF COLORADO for the use and benefit of <br />The Department of Natural Resources. Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL <br />CLASSIFICATION: <br /> <br />x <br /> <br />CONTRACT RIGHTS <br /> <br />x <br /> <br />OTHER <br /> <br />DEBTOR. for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all additions, accessIons <br />and substitutions thereto or therefor, hereinafter called the COLLATERAL: All revenues 8S described in the Pledge of Revenues Provisions 01 <br />the loan Contract #C163700. as amended, to repay the indebtedness on the amount loaned to debtor by secured party. <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract #C1 53700, as amended. dated <br />September 11, 1995, between the above named parties herewith, payable to the SECURED PARr"", or order, as follows: loan amount of <br />$950,000 in accordance with the Promissory Note Provisions of said loan Contract, as amended. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />1. That except for the security interest granted hereby DEBTOR is, or to the extent that this agreement states that the COLLATERAL <br />is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security interest or encumbrances; <br />and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming the same or any interest <br />therein. <br /> <br />2. The COLLATERAL is used or bought primarily for: <br />Personal, family or household purposes; <br />Use in farming operations; <br />Use in business; <br />X Other. <br /> <br />3. That DEBTOR'S address is as stated above, and the COLLATERAL will be kept at the above address. <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 to become <br />fixtures, said COLLATERAL concerns the following described real estate situate in the County of N/A and State of Colorado, to-wit: N/A <br /> <br />5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAl. <br /> <br />6. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAl. <br /> <br />7. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to permll the <br />same to be attached or replevined. <br /> <br />B. That the COLLATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good condition and from <br />time to time, forthwith, replace and repair all such parts of the collateral as may be broken, worn out. or damaged without allowing any lien <br />to be created upon the COlLATERAL on account of such replacement or repairs. and that the SECURED PARTY may examine and inspect the <br />COllATERAL at any time, wherever located. <br /> <br />9. That the DEBTOR wil~ not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances. <br /> <br />ATTACHMENT 3 <br />