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<br />\ <br />SECURITY AGREEMENT <br /> <br />DEBTOR: <br /> <br />Bravo Ditch Company <br />20549 Road 55 <br />Iliff, CO 80736 <br />FED TAX ID# <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 />CONTRACT RIGHTS & OTHER <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property <br />and any arid all additions, accessions and substitutions thereto or therefor, hereinafter called the <br />COLLATERAL: ALL REVENUES DERIVED FROM ASSESSMENTS ON STOCK TO REPA Y THE <br />INDEBTEDNESS ON THE AMOUNT LOANED TO DEBTOR BY SECURED PARTY, AS DESCRIBED IN <br />PLEDGE OF REVENUES PROVISIONS IN CONTRACT #C153730. <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract <br />#C 153730 ("CONTRACT") between the above named parties herewith, payable to the SECURED PARTY, or <br />order, as follows: $51,700 with interest at the rate of 4 Y. % per annum payable in 30 annual installments <br />of $3,081.23, or until all principal and interest are paid in full. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br />~ <br /> <br />1. That except for the security interest granted hereby DEBTOR is, or to the extent that this <br />agreement states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the <br />COLLATERAL free from any adverse lien, security interest or encumbrances; and that DEBTQR will defend <br />the COLLATERAL against all claims and demands of all persons at anytime claiming the same or any interest <br />therein. <br /> <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any law or <br />agreement governing DEBTOR or to which DEBTOR is a party. <br /> <br />3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do not <br />prohibit any term or condition of this agreement. <br /> <br />4. That but its acceptance of the loan money pursuant to the terms of the CONTRACT and by its <br />representations herein, DEBTOR shall be estopped from asserting for any reason that it is not authorized <br />to grant a security interest in the COllATERAL pursuant to the terms of this agreement. <br /> <br />.L" . ,j. <br /> <br />5. To pay all taxes and assessments of every nature which may be levied or assessed a'g~i~;~the. <br />COLLATERAL. ;, , ' <br /> <br />6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the <br />COLLATERAL and not to permit the same to be attached or replevined. .. . <br /> <br />, . <br />7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statlite's, regulations, <br />ordinances. articles of incorporation or by-laws. . . <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps the <br />COLLATERAL in an account separate from other revenues of DEBTOR and does not use the COLLATERAL for <br /> <br />^DO::::l\lnrV (' i-no f'n""i-r"",,,i- ff(,,1 k~7~n <br />