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f_:~~ <br />PLEDGE & SECURITY AGREEMENT <br />This Pledge and Security Agreement (the "Pledge Agreement"), dated as of , <br />2005, is entered into by Joseph Curtis Hazden, whose address is P.O. Box 1207 Idaho Springs, <br />CO 80452 ("Harden") in favor of Clear Creek County, Colorado ("County"). <br />RECITALS <br />A. Harden was issued a Special Use Permit, approved by the County Board of <br />Commissioners on June 29, 2005, Resolution R-OS-058 (case file 04-SUP-12) <br />(the "Permit"), under which Hazden is granted certain rights including placing a <br />trailer on the Mountain Lode, MS#4894, while conducting mining operations in <br />Clear Creek County, Colorado. <br />B. Pursuant to Stipulation and Condition No. 4 of the Permit, Harden must provide <br />County a financial guarantee in the amount $540.00 before the permit becomes <br />effective, guaranteeing removal and storage of the trailer in accordance with the <br />Permit. <br />C. Hrden has asked for and obtained County's consent to the use of a cash deposit of <br />$540.00 (the "Cash Collateral") as the financial guarantee required by Stipulation <br />and Condition No. 4 of the Permit. <br />D. County and Harden intend by this Pledge & Security Agreement to set forth the <br />terms and conditions under which County shall hold, and if necessary, apply the <br />Cash Collateral. <br />TERMS AND CONDITIONS <br />Pledge and Grant of Security Interest. By delivering the Cash Collateral to County, <br />Harden has pledged the Cash Collateral to County and hereby grants to County a security <br />interest in the Cash Collateral and the proceeds, issues and profits therefrom. <br />2. Oblieations Secured. The Cash Collateral shall secure prompt and timely payment by <br />Harden to County of all amounts due from Harden to County under the Permit. <br />County's Rights with Respect to the Cash Collateral. County Shall have all rights of a <br />secured creditor with respect to the Cash Collateral as granted hereunder or under the <br />Colorado Uniform Commercial Code. Upon the occurrence of any default by Harden of <br />any of its obligations under the Permit which is not cured within any applicable cure <br />period, County may apply Cash Collateral or any portion thereof as is necessary to satisfy <br />Harden's obligations which are in default. County shall be entitled to hold the Cash <br />Collateral until all of Harden's obligations under the Permit have become liquidated and <br />have been fully s~tsfied. County need not segregate the Cash Collateral from funds of <br />G\DEPTpATA\WP51\PLANNING\CASES\SUPS\2004\04-SUP-12\cash collateral agreementwpd Page 1 <br />