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<br />STATE OF COLORADO
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<br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING STATEMENT
<br />COLORADO SECRETARY OF STATE
<br />1560 Broadway, Suite 200 - Denver, CO 80202-5169
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<br />DEBTOR:
<br />
<br />MORGAN COUNTY QUALITY WATER DISTRICT
<br />P. O. Box 1218
<br />Fort Morgan, CO 80701
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<br />FED TAX ID# 84-0718085
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<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 />CLASSIFICA nON:
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<br />CONTRACT RIGHTS
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<br />OTHER
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<br />SECRETI1FY
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<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 calied the COlLATERAL: ALL REVENUES DERIVED FROM WA TER RA TES, FEES AND OTHER
<br />CHARGES TO REPA Y THE INDEBTEDNESS ON THE AMOUNT LOANED TO DEBTOR BY SECURED PARTY, AS DESCRIBED IN PLEDGE OF
<br />REVENUES PROVISIDNS IN CONTRACT #CI53718.
<br />
<br />To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract referenced above between the
<br />above named parties herewith, payable to the SECURED PARTY, or order, as follows: $3,000,000 with interest at the rate of 4% per annum
<br />payable in 30 annual installments of $173,490.30, or until all principal and interest are paid in full.
<br />
<br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
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<br />1. That except tor 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 SAME 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 X and State of Colorado, to-wit: fII/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 permit
<br />the same to be attached or replevined,
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<br />8. 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.
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<br />9. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances,
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<br />10. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire (including so-called extended
<br />coverage), theft and such other casualties as the SECURED PARTY may reasonably require, including collision in the ca~e of any motor vehicle,
<br />all in such amounts, under such forms of policies, upon such terms, for such periods, and written by such companies or underwriters as
<br />the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the DEBTOR as their interest may appear. All
<br />policies of insurance shall provide for at least ten days' prior written notice of cancellation to the SECURED PARTY: and the DEBTOR shall furnish
<br />the SECURED PARTY with certificates of such insurance or other evidence satisfactory to the SECURED PARTY as to compliance with the
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