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<br />STATE OF COLO.RADO
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<br />UNIFORM COMMERCIAL CODE - SECURITY AGREEMENT & FINANCING
<br />STATEMENT
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<br />COLORADO SECRETARY OF STATE
<br />1560 Broadway, Suite 200 - Denver, CO 80202-5169
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<br />DEBTOR:
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<br />KINGS ROW HOMEOWNERS ASSOCIATION
<br />clo Leavenworth & Caloia, P.C.
<br />P. O. Drawer 2030
<br />Glenwood Springs, CO 81602
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<br />SECURED PARTY:
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<br />FED TAX 10# g,/() q 22 Cj'2--0 SECRETARY OF STATE
<br />08-08-95 1~:27
<br />STATE OF COLORADO for the use and benefit of the
<br />Department of Natural Resources, Colorado Water Conservation Board
<br />131 3 Sherman Street, Room 721
<br />Denver, CO 80203
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<br />COLLATERAL
<br />CLASSIFICATION:
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<br />X CONTRACT RIGHTS
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<br />X OTHER
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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 call~e COLLATERAl: PLEDGE OF ASSESSMENTS AS DESCRIBED IN .PLEDGE OF
<br />ASSESSMENTS. PROVISIONS OF CONTRACT DATE. /JUAI? 18. Aq~ , _, BETWEEN DEBTOR AND SECURED PARTY.
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<br />To secure payment of the indebtedness evidenced by certain Promissory Note Provisions of Loan Contract, datedjl\trllli-P"{ I~ ,q<1~.
<br />between the above named parties herewith, payable to the SECURED PARTY, or order, as follows: TWENTY (20) ANNUAL INSTALLMENTS
<br />OF $5,B91.29 OR UNTIL ALL ACCRUED INTEREST AND PRINCIPAL ARE PAID IN FULL.
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<br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS:
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<br />1. That except for 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.
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<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.
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<br />3. That DEBTOR'S address is as stated above, and the COllATERAL will be kept at same.
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<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 descri.bed real estate situate in the Counties of Garfield and Eagle, State of Colorado, to-wit:
<br />N/A
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<br />5. Promptly to notify SECURED PARTY of any changes in the location of the COLLATERAl.
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<br />6. To pay all taxes and assessments ,of every nature which may be levied or assessed against the COLLATERAl.
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<br />7. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to permit the
<br />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 />APPENDIX C
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