C153670B PIF Contract - Laserfiche WebLink

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10. The DEBTOR will keep the ._ -ATERAL at all times insured against risks of loss .,r damage by fire (including so- called extended coverage), thei t and such other casualties as the SECURED PARTY may reasonably require, including collision in the case of any motor vehicle, all in such amc unts, under such forms of policies, upon such terms, for such periods, and written by such companies or underwriters as the SECURED P RTY may approve, losses in all cases to be payable to the SECURED PARTY and the DEBTOR as their interest may appear. All policies of insui ance shall provide for at least ten days' prior written notice of cancellation to the SECURED PARTY; and the DEBTOR shall furnish the SECURED PARTY with certificates of such insurance or other evidence satisfactory to the SECURED PARTY as to compliance with the provisions of t iis paragraph. The SECURED PARTY may act as attorney for the DEBTOR in making, adjusting and settling claims under or canceling such insurance and endorsing the DEBTOR's name on any drafts drawn by insurers of the COLLATERAL. UNTIL D FAULT DEBTOR may have possession of the COLLATERAL and use it in any lawful manner, and upon default SECURED PARTY shall have the mmediate right to the possession of the COLLATERAL. DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions:, (a) def It in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any note evid ncing the same; (b) the �aking or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf of DEBTOR which proves to h ve been false in any material respect when made or furnished; (c) loss theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of any levy seizure or atta hment thereof or thereon; (d) deal , dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any part of the property of, E ssignment for the benefit of creditors by, or the commencement of any procegding under any bankruptcy or insolvency law Of, t y or against DEBTOR or any guarantor or surety for DEBTOR. UPON St ICH DEFAULT and at any time thereafter, or if it deems itsilf *44eCure " ED PARTY may declare all Obligations secured hereby immedi tely due and payable and shall have the remedies of a secjhr rty r rticle 9 of the Colorado Uniform Commercial Code. SECURE I PARTY may require DEBTOR to assemble the collateral and deliver o+ake Pt available to SECURED PARTY at a place to be designated by ;ECURED PARTY which is reasonably convenient to both part#ps ) xper- 0%_;.of retaking, holding, preparing for sale, selling or the like shall ir clude SECURED PARTY'S reasonable attorney's fees and legpl•e`x' nses No waiv r by SECURED PARTY of any default shall operate as a waiver 0—fany ot6ar" fault or of the same default on a future occasion. The taking of t is security agreement shall not waive or impair any other security s�'_SEGURED PARTY may have or hereafter acquire for the payment of th above indebtedness, nor shall the taking of any such additional seou,g4yJ'waive or impair this security agreement; but said SECURED PARTY shall retain its rights of set -off against DEBTOR. 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 hE irs, executors or administrators or its successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and se teral. Dated th _15P� day of MAW.J4 1995. DEBTOR: UTE ATER CONSERVANCY DISTRICT & SECUREDPARTY: STATE OF COLORADO forthe use and UTE WAT R ACTIVITY ENTERPRISE benefit of the Department of Natural Resources, Colo ad ater Conservation and By: I& By Daries C. Lile, Director name