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<br />SECURITY AGREEMENT <br /> <br />DEBTOR: <br /> <br />DeWeese-Dye Ditch and ReselVoir Company <br />1631 Chestnut Street <br />Canon City, CO 81212 <br /> <br />FED TAX ID# 84-0189215 <br /> <br />SECURED PARTY: <br /> <br />STATE OF COLORADO for the use and benefit of <br />The Department of Natural Resources, Colorado Water ConselVation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL <br />ClASSIFICATION: <br /> <br />CONTRACT RIGHTS and OTHER <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property <br />and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the <br />COLLATERAL: All revenues derived from assessments on stock to repay the indebtedness on the amount <br />loaned to DEBTOR by SECURED PARTY, as described in Pledge of Revenues Provisions in Contract <br />#C153749. <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract <br />referenced above between the above named parties herewith, payable to the SECURED PARTY, or order, as <br />follows: $17,450 with interest at the rate of 3.25% per annum payable in 10 annual installments of <br />$2,071.86, or until all principal and interest are paid in full. <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 <br />COLlATERAL is to be acquired after the date hereof, will be, the owner of the COLlATERAL free from any adverse <br />lien, security interest or encumbrances; and that DEBTOR will defend the COLlATERAL against all claims and <br />demands of all persons at anytime claiming the same or any interest therein. <br /> <br />2. Promptly to notify SECURED PARTY of any changes in the location of the COLlATERAL. <br /> <br />3. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL, <br /> <br />4. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLlATERAL and <br />not to permit the same to be attached or replevined. <br /> <br />5. That the COLlATERAL is in good condition, and that the DEBTOR will, at its own expense, keep the same in good <br />condition and from time to time, forthwith, replace and repair all such parts of the collateral as may be broken, wom <br />out, or damaged without allowing any lien to be created upon the COLLATERAL on account of such replacement or <br />repairs, and that the SECURED PARTY may examine and inspect the COLLATERAL at any time, wherever located, <br /> <br />6. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances. <br /> <br />7. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire (including so- <br />called extended coverage), theft and such other casualties as the SECURED PARTY may reasonably require. <br />including collision in the case of any motor vehicle, all in such amounts, under such foons of policies, upon such <br />terms, for such periods, and written by 'such companies or undelWriters as the SECURED PARTY may approve, <br />losses in all cases to be payable to the SECURED PARTY and the DEBTOR as their interest Illay appear, All policies <br /> <br />Annpnrliv n +,... ,..':"'........---~_ ..u.,..... --- p- <br />