C150209 Contract

• Contract/PO #: C150209
• Contractor Name: Central Weld County Water District
• Contract Type: Loan
• Water District: 2
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

and does not use the COLLATERAL for any purpose not permitted by the CONTRACT. Upon
default, SECURED PARTY shall have the immediate right to the possession of the
COLLATERAL.

DEBTOR SHALL BE IN DEFAULT under this. agreement upon any of the following
events or conditions:

a. default in the payment or performance of any obligation contained herein or in the
Promissory Note or Loan Contract;

b, dissolution, termination of existence, insolvEmcy, business failure, appointment of a
receiver of any part of the property of, assignment for the benefit of creditors by, or the
commencement of any proceeding under any bankruptcy or insolvency law of, by or
against DEBTOR; or

c. the making or furnishing of any warranty, repr1esentation or statement to SECURED PARTY
by or on behalf of DEBTOR which proves to have been false in any material respect when
made or furnished.
UPON SUCH DEFAULT and at any time trlereafter, SECURED PARTY shall have the
remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED
PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a
place to be designated by SECURED PARTY, which is reasonably convenient to both parties.
Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED PARTY'S
reasonable attorney's fees and legal expenses.
The SECURED PARTY shall give the DEBTOR written notice of any alleged default
and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR
shall be considered in default for purposes of this Security Agreement. No default shall be
waived by SECURED PARTY except in writing, and 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 occasion. The taking
of this security agreement shall not waive or impair any other security SECURED PARTY may have
or hereafter acquire for the payment of the above indl~btedness, nor shall the taking of any such
additional security waive or impair this security agreement; but SECURED PARTY shall retain its
rights of set-off against DEBTOR. In the event court action is deemed necessary to enforce the
terms and conditions set forth herein, said action shall only be brought in the District Court for the
City and County of Denver, State of Colorado, and DEBTOR consents to venue and personal
jurisdiction in said Court.

All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and
assigns; and all promises and duties of DEBTOR shall bind its successors or assigns.

DEBTOR: Central Weld County Water District,
actin!~ by and through the Central Weld County
a e~r istrict Water Acf 'ty Enterpris~

SEAL

~;rEST:~ JAJ / (j;2..t

ames W. Park, Secretary

Appendix 4 to Loan CClntract C150209
Page 2 of 2