C150016 Contract

• Contract/PO #: C150016
• Contractor Name: Idaho Springs, City of
• Contract Type: Loan
• Water District: 7
• County: Clear Creek
• Bill Number: HB 98-1189
• Loan Projects - Doc Type: Contract Documents

AMENDED SECURITY AGREEMENT

DEBTOR: City of Idaho Springs, acting by and through the
City of Idaho Springs Water Activity Enterprise
P.O. Box 907
Idaho Springs, CO 80452

FEDERAL TAX NUMBER: 84-6000567

COUNTY: CLEAR CREEK (CODE: 51)

SECURED PARTY: State of Colorado - Colorado Water Conservation Board
1313 Sherman Street, Room 721
Denver, CO 80203

COLLATERAL: Contract Rights (Code: 030)

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: All revenues derived from water and sewer
rates, fees and charges, as described in the pledge of revenues provisions in Contract
No. C150016 dated December 18, 2000 and amended March 1, 2002 (CONTRACT),
subject to the parity lien of certain other Prior Obligations described in said CONTRACT.

To secure payment of the indebtedness evidenced by the Promissory Note between the
above named parties herewith, payable to the SECURED PARTY, the total loan amount of
$1,165,000 at an interest rate ,of 5.0% per annum on $955,000 and an interest rate of
5.5% per annum on $210,000 with a repayment term of 30 years in accordance with said
Promissory Note or until all principal, interest, and late charges, if any, are paid in full.
This security agreement is to amend the security agreement dated December 12,
2000, to increase the loan amount to $1,165,000.

-nEBTOR EXPRESSLY WARRANTS AND COVENANTS:
~
1. That except for the security interest granted hereby and the Prior Obligations set forth
in the Loan Conract as amended March 1, 2002, which has parity with the Secured
Party's debt, DEBTOR is 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. That the execution and delivery of this agreement by DEBTOR will not violate any law
or agreement governing DEBTOR or to which DEBTOR is a party.

3. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and
by its representations herein, DEBTOR shall be estopped from asserting for any reason
that it is not authorized to grant a security interest in the COLLATERAL pursuant to the
terms of this agreement.

4. To not permit or allow any adverse lien, security interest or encumbrance whatsoever
upon the COLLATERAL and not to permit the same to be attached or replevined.

Attachment C to Contract C150016 Amendment No.1