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DE BTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following <br />events or onditions: <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred <br />to herein or in any note evidencing the same; <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br />behalf of DEBTOR which proves to have been false in any material respect when made or <br />furnished; <br />c. 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 />d. death, dissolution, termination of existence, insolvency, business failure, appointment of a receiver <br />of any part of the property of, assignment for the benefit of creditors by, or the commencement of <br />any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor <br />or surety for DEBTOR. <br />U ON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may <br />declare all Obligations secured hereby immediately due and payable and shall have the remedies of a secured <br />party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may require DEBTOR to <br />deliver or ake the COLLATERAL available to SECURED PARTY at a place to be designated by SECURED PARTY <br />which is rE asonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the <br />like shall i clude SECURED PARTY'S reasonable attorney's fees and le el _expenses. In the event court action is <br />deemed n cessary to enforce the terms and conditions set forth h 21rrL `said action shall only be brought in the <br />District Court for the City and County of Denver, State of C oi`adk,,,abd DEBTOR consents to venue and <br />personal ji irisdiction in said Court. Ile k °4 <br />No default shall be waived by SECURED PARTY exce fin g, ,and n0 waiver by SECURED PARTY of <br />any defau t shall operate as a waiver of any other default or of th samlatefault on a future occasion. The <br />taking oft is security agreement shall not waive or impair, ar1'ynther curity said SECURED PARTY may have or <br />hereafter )cquire for the payment of the above indebte' Ness, "nor shall the taking of any such additional <br />security ive or impair this security agreement; but saia'giCURED PARTY shall retain its rights of set -off <br />against D BTOR. <br />Al rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all <br />promises ind duties of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If <br />there be n iore than one DEBTOR, their liabilities hereunder shall be joint and several. <br />E ecuted this &f&LSZ 1997. <br />DEBTOR: The Town of Morrison <br />By <br />A <br />Ma Poe, Mayor <br />EST (SEAL) <br />By - 1�1 I --7;Li <br />own Administrator/Town Clerk <br />