Negative Pledge Agreement

Exhibit 10.11


NEGATIVE PLEDGE AGREEMENT

Principal
Loan Date
Maturity
Loan No
Call / Coll
Account
Officer
Initials
$ 20,000,000.00 10-01-2004 10-01-2005 30023029 04A0 / USEC 80266
References in the shaded area are for Lender' s use only and do not limit the applicability of this document to any particular
loan or item. Any item above containing " ***" has been omitted due to text length limitations.

Borrower:

Centennial Bank Holdings, Inc.

4650 Royal Vista Circle

Fort Collins, CO 80528 (TIN: 41-2150446) Lender:

First Tennessee Bank National Association Financial Institutions

845 Crossover Lane, Suite 150

Memphis, TN 38117

(901) 435-7972


THIS NEGATIVE PLEDGE AGREEMENT dated October 1, 2004, is made and executed between Centennial Bank Holdings, Inc. (" Borrower" ) and First Tennessee Bank National Association (" Lender" ) on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement (" Loan" ). Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower' s representations, warranties, and agreements as set forth in this Agreement, and (B) all such Loans shall be and remain subject to the terms and conditions of this Agreement.


TERM. This Agreement shall be effective as of October 1, 2004, and shall continue in full force and effect until such time as all of Borrower' s Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys' fees, and other fees and charges, or until such time as the parties may agree in writing to terminate this Agreement.

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists:

Organization. Borrower is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Colorado. Borrower is duly authorized to transact business in all other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign corporation in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition. Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. Borrower maintains an office at 4650 Royal Vista Circle, Fort Collins, CO 80528. Unless Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower' s state of organization or any change in Borrower' s name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower' s business activities.


Authorization. Borrower' s execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any provision of (a) Borrower' s articles of incorporation or organization, or bylaws, or (b) any agreement or other instrument binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower' s properties.


Financial Information. Each of Borrower' s financial statements supplied to Lender truly and completely disclosed Borrower' s financial condition as of the date of the statement, and there has been no material adverse change in Borrower' s financial condition subsequent to the date of the most recent financial statement supplied to Lender. Borrower has no material contingent obligations except as disclosed in such financial statements.


Legal Effect. This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.


Properties. Except as contemplated by this Agreement or as previously disclosed in Borrower' s financial statements or in writing to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower' s properties free and clear of all Security Interests, and has not executed any security documents or financing statements relating to such properties. All of Borrower' s properties are titled in Borrower' s legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five (5) years.


NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior written consent of Lender:


Transfer and Liens. Fail to continue to own all of Borrower' s assets, except for routine transfers, use or depletion in the ordinary course of Borrower' s business. Borrower agrees not to create or grant to any person, except Lender, any lien, security interest, encumbrance, cloud on title, mortgage, pledge or similar interest in any of Borrower' s property, even in the ordinary course of Borrower' s business. Borrower agrees not to sell, convey, grant, lease, give, contribute, assign, or otherwise transfer any of Borrower' s assets, except for sales of Inventory or leases of goods in the ordinary course of Borrower' s business.

Continuity of Operations. (1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower' s stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a " Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower' s stock, ...