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<br />for the DEBTOR in making, adjusting and settling claims under or canceling such insurance and endorsing the DEBTOR'S name on any <br />drafts drawn by insurers of the COLLATERAL. <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL and use it in any lawful manner, and upon default SECURED <br />PARTY shall have the immediate right to the possession of the COLLATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: <br /> <br />(a) default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any <br />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 DEBTOR which <br />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 levy seizure <br />or attachment thereof or thereon; <br /> <br />(d) death, dissolution, termination or existence, insolvency, businessE-se. a. 'f)t of a receiver of any part of the <br />property of, assignment for the benefit of creditors by, or the com . n f n roceeding under any bankruptcy <br />or insolvency law of, by or against DEBTOR or any guarantor or s . . <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deem'lt .IJEP;JiJf may declare all Obligations <br />secured hereby immediately due and payable and shall have the re~d fad a... u er. Article 9 of the Colorado <br />Uniform Commercial Code. SECURED PARTY may require DEBTOR to assemb e t I a '. er or make it available to <br />SECURED PARTY at a place to be designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, <br />holding, preparing for sale, selling or the like shall include SECURED 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 on a future <br />occasion. The taking of this security agreement shall not waive or impair any other security said SECURED PARTY may have or <br />hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair <br />this security agreement; but said SECURED PARTY shall retain its rights of set-off against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all promises and duties <br />of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be more than one DEBTOR, their <br />liabilities hereunder shall be joint and several. <br /> <br />Dated this n +L\ day of ~) (p ~ l-A t)t::r,../ <br />. <br /> <br />, 1996. <br /> <br />By: <br /> <br />~/~ <br /> <br />Glenn Klepel, Mayor <br /> <br />SECURED PARTY: STATE OF <br />COLORADO for the use and benefit of <br />the Department of Natural Resources, <br />C~ wate: Conservat" n Board <br /> <br />lv:~ <br />Da ies C. <br /> <br /> <br />DEBTOR: Town of Lyons <br /> <br />