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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: RAINBOW PARK WATER COMPANY 1029 E. 5th Street Florence, Colorado 81226 .~~" -..." 1:'1. I:~' t.~. il: 1.1 "'"'I..........J.::.-I'.., COpy, 9j.'.ju~O.j""~ ......,l. f ...7/u C $16.00 SECRET'""" ""F ~~'T~ . AKI U ~!A.t 01-11-96 11:06 SSN/FED TAX 10# FJ- 84 -02991.19 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: COLLATERAL-l - DEBTOR'S revenues as described in the Pledge of Revenue Provisions. and COlLATERAl-2 - stock certificates described in the Collateral Provisions in Loan Contract #C153107 ,dated IJo>JEHPFJ2 '7 ,1995. To secure payment of the indebtedness evidenced by certain Promissory Note Provisions in said Loan Contract between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: annual payments in the amount of $7,517.91 for 30 years or until all principal and interest are paid in full, or as otherwise agreed to in said Loan Payment clause of said Promissory Note Provisions. 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; ]_ Other. 3. That DEBTOR'S address is as stated above, and COLLATERAL-' will be kept at the above address, and COLLATERAL.2 will be kept by the State Treasurer's Office. 4. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAl. 5. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAl. 6, 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. 7. 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 parts 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 the COLLATERAL at any time, wherever located. 8. That DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances. ^ OIOI::IUI'\IV' ft