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5. Promptly to notify Secured Party of any change in the location of the Collateral. <br />6. To pay all taxes and assessments of every nature which may be levied or assessed against the Collaten 1. <br />7. Not to permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Collateral and not to <br />permit the same to be attached or replevined. <br />8. That the Collateral is in good condition, and that he will, at his own expense, keep the same in good co ition and <br />from time to time, forthwith, replace and repair all such parts of the Collateral as may be broken, wom out, or damag without <br />allowing any lien to be created upon the Collateral on account of such replacement or repairs, and that the Secured may <br />examine and inspect the Collateral at any time, wherever located. <br />9. That he will not use the Collateral in violation of any applicable statutes, regulations or ordinances. <br />10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (inch ding so- <br />called extended coverage), theft and such other casualties as the Secured Party may reasonably require, including collision <br />in the case of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such per ods, and <br />written by such companies or underwriters as the Secured Party may approve, losses in all cases to be payal lle to the <br />Secured Party and the Debtor as their interest may appear. All policies of insurance shall provide for at least tend ys' prior <br />written notice of cancellation to the Secured Party; and the Debtor shall furnish the Secured Party with certificatc s of such <br />insurance or other evidence satisfactory to the Secured Party as to compliance with the provisions of this paragr tph. The <br />Secured Party may act as attorney for the Debtor in making, adjusting and settling claims under or cancell ng such <br />insurance and endorsing the Debtor's name on any drafts drawn by insurers of the Collateral. <br />UNTIL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner, and u default <br />Secured Party shall have the immediate right to the possession of the Collateral. <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or <br />conditions: <br />(a) default in the payment or performance of any obligation, covenant or liability contained or referred to herein r in any <br />note evidencing the same; <br />(b) the making or furnishing of any warranty, representation or statement to Secured Party by or on behalf oDebtor <br />which proves to have been false in any material respect when made or furnished; <br />(c) loss, theft, damage, destruction, sale or encumbrance to or of any of the Collateral, or the making of any 1 seizure <br />or attachment thereof or thereon; <br />(d) death, dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any p <br />property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankr <br />insolvency laws of, by or against Debtor or any guarantor or surety for Debtor. <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, Secured Party may de <br />Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Article <br />Colorado Uniform Commercial Code. Secured Party may require Debtor to assemble the Collateral and deliver or <br />available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Exp <br />retaking, holding, preparing for sale, selling or the like shall include Secured Party's reasonable attorney's fees at <br />expenses. <br />No waiver by Secured Party of any default shall operate as a waiver of any other default or of the same default on <br />occasion. The taking of this security agreement shall not waive or impair any other security said Secured Party may <br />hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive o <br />this security agreement; but said Secured Party may resort to any security it may have in the order it may deem prol <br />notwithstanding any collateral security, Secured Party shall retain its rights of set -off against Debtor. <br />All rights of Secured Party hereunder shall inure to the benefit of its successors and assigns; and all promises and c <br />Debtor shall bind his heirs, executors or administrators or his or its successors or assigns. If there be more than one Debt <br />liabilities hereunder shall be joint and several. <br />Debtor: <br />Date this 8th day of June '19 92 <br />Secured Party:* <br />t of the <br />rtcy or <br />are all <br />of the <br />take it <br />tses of <br />legal <br />future <br />3ve or <br />mpair <br />r, and <br />ies of <br />their <br />-Terrace Irrigatio om Colorado Water Conservation Board <br />NVACQJ <br />` ��JOSY*t�Fis intnded to acne as a (r� py�� <br />r`aS rtel[a the dtbor must sign. <br />