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<br />of insurance shall provide for at least ten days' prior written notice of cancellation to the SECURED PARTY; and the <br />DEBTOR shall furnish the SECURED PARTY with certificates of such insurance or other evidence satisfactory to the <br />SECURED PARTY as to compliance with the provisions of this paragraph. The SECURED PARTY may act as attorney <br />for the DEBTOR in making, adjusting and settling claims under or canceling such insurance and endorsing the <br />DEBTOR'S name on any drafts drawn by insurers of the COLLATERAL. <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL and use .~I l;ru. I manner, and upon <br />default SECURED PARTY shall have the immediate right to the possession of the COLLAr.flJ:n <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the haI~1[.....'.n...ar ......Of any of t~loWing events or <br />conditions: 1~ F' TT T <br /> <br />(a) default in the payment or perfonnance of any obligation, covenant or liability containlrl.~o herein or <br />in any note evidencing the same; <br /> <br />(b) the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf of <br />DEBTOR which proves to have been false in any material respect when made or furnished; <br /> <br />(c) loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of any <br />levy seizure or attachmentthereof or thereon; <br /> <br />(d) death, dissolution, tennination or existence, insolvency, business failure, appointment of a receiver of any part <br />of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under <br />any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor or surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may declare all <br />Oblig.a. ...tio.n. s secured hereby immediately due and payable and shall have the remedies of a secure~ Ilarty under Article <br />_____n _________.. . .... ... .... .... .... ... .. .. . ..______________ ___ - _________________________ ___n__nn_u_ <br />9 of the Colorado Uniform CommerciaTCode. SEClJRE6PARTY may require DEBTOR to assemble the collateral and <br />deliver or make it available to SECURED PARTY at a place to be designated by SECURED PARTY which is reasonably <br />convenient to both parties. .Expenses of retaking, holding, preparing for sale, selling. or the like shall include SECURED <br />PARTY'S reasonable attorney's fees and legal expenses. <br /> <br />No waiver by SECURED PARTY of any default shall operate as a waiver of any other default or of the same default <br />on a future occasion. The taking of this security agreement shall not waive or impair any other security said SECURED <br />PARTY may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br />additional security waive or impair this security agreement; but said SECURED PARTY shall retain its rights of set-off <br />against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all promises <br />and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be more <br />than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Dated this ;::ffi-aay of rdy~ <7-7 1997. <br />DEBTOR: DeWeese-Dye Ditch and Resetvoir Company <br /> <br />By: <br /> <br />#~~9; ft~ <br />~nald D. Darn, PreSident <br /> <br />(SEAL) <br /> <br />ATTEST Ik --;)~~' <br />Rose Moschetti, Secretary <br />