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the COLIATERAL in an account separate from other revenues of DEBTOR and does not use the COLLATERAL <br />for any qurpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall have the immediate <br />right to tl ie possession of the COLLATERAL. <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the - following <br />events conditions: <br />default in the payment or performance of any obligation, covenant or liability contained or <br />referred to herein or in any note evidencing the same; <br />the making or furnishing of any warranty, representation or statement to SECURED PARTY by or <br />on behalf of DEBTOR which proves to have been false in any material respect when made or <br />furnished; <br />loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the <br />making of any levy seizure or attachment thereof or thereon; <br />death, dissolution, termination of existence, insolvency, business failure, appointment of a <br />receiver of any part of the property of, assignm the benefit of creditors by, or the <br />commencement of any proceeding under any or insolvency law of, by or against <br />DEBTOR or any guarantor or surety for DEBT <br />PON SUCH DEFAULT and at any time there r, oODPARTY If insecure, SECURED PARTY <br />may declare all Obligations secured hereby immediately due 11 and shall have the remedies of a <br />secured party under Article 9 of the Colorado Unifor m de. SECURED PARTY may require <br />DEBTOR to deliver or make the COLLATERAL availabl at a place to be designated by <br />SECURE PARTY which is reasonably convenient to bo ies. Expenses of retaking, holding, preparing <br />for sale, selling or the like shall include SECURED PARTY's reasonable attorney's fees and legal expenses. In <br />the ever t court action is deemed necessary to enforce the terms and conditions set forth herein, said action <br />shall onl be brought in the District Court for the City and County of Denver, State of Colorado, and DEBTOR <br />consent to venue and personal jurisdiction in said Court. <br />o default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY <br />of any d9fault shall operate as a waiver of any other default or of the same default on a future occasion. <br />The taki ig of this security agreement shall not waive or impair any other security said SECURED PARTY may <br />have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br />addition I security waive or impair this security agreement; but said SECURED PARTY shall retain its rights of <br />set -off a ainst DEBTOR. <br />II rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and <br />all pronlises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or <br />assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br />xecuted this �_ day of 2000. <br />DEBTOR: The Town of Morrison <br />By <br />Kathleen A. Dichter, Mayor <br />(SEAL) <br />ATTE <br />By C <br />David Clyne, Town Adr <br />