C153579 PIF

• Contract/PO #: C153579
• Contractor Name: Highline Buzzard Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

5. Prcnmpt■ to notify Secure I,. of any change in the location of the Collate
6. To pay all taxes and assessments of every nature which may be levied or assessed against the Collateral.
7. Not to permit or allow any adverse lien,security interest or encumbrance whatsoever upon the Collateral and not to
permit the same to be attached or replevined.
8. Tnat the Collateral is in good condition,and that he will.at his own expense.keep the same in good condition and
from time to time. forthwith. replace and repair all such parts of the Collateral as may be broken.worn out.or damaged without
allowing any lien to be created upon the Collateral on account of such replacement or repairs, and that the Secured Party may
examine and inspect the Collateral at any time, wherever located.
9. That he will not use the Collateral in violation of any applicable statutes, regulations or ordinances.
10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (including so-
called extended coverage),theft and such other casualties as the Secured Party may reasonably require,including collision
in the case of any motor vehicle.all in such amounts,under such forms of policies,upon such terms.for such periods,and
written by such companies or underwriters as the Secured Party may approve, losses in all cases to be payable to the
Secured Party and the Debtor as their interest may appear.All policies of insurance 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 this paragraph. The
Secured Party may act as attorney for the Debtor in making, adjusting and settling claims under or cancelling such
insurance and endorsing the Debtor's name on any drafts drawn by insurers of the Collateral.
UNTIL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner. and upon default
Secured Party shall have the immediate 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) default in the payment or performance of any obligation,covenant or liability contained or referred to herein or in any
note evidencing the same;
(b) the making or furnishing of any warranty, representation 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:
(c) loss.theft,damage,destruction,sale or encumbrance to or of any of the Collateral,or the making of any levy seizure
or attachment thereof or thereon:
(d) death.dissolution,termination or existence,insolvency,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 laws of. by or against Debtor or any guarantor or surety for Debtor.
UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, Secured Party may declare all
Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the
Colorado Uniform Commercial Code. Secured Party may require Debtor to assemble the Collateral and deliver or make it
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.
No waiver by Secured Party of any default shall operate as a waiver of any other default or.41.1,7,,- same default on a future
occasion. The taking of this security agreement shall not waive or impair any other security s 1`r d may have or
hereafter acquire for the payment of the above indebtedness,nor shall the taking of any such ad. "-, 4x .r impair
this security agreement: but said Secured Party may resort to any security it may ha a order it , •per, and
notwithstanding any collateral security. Secured Party shall retain its rights of set-off i t.
All rights of Secured Pam hereunder shall inure to the benefit of its successors and assir, s: . •I . r• i n ties of
Debtor shall bind his heirs.executors or administrators or his or its successors or assigns. If there be mo . e D or,their
liabilities hereunder shall be joint and several.
i
Date this 'I`-�' day of N��u . 19 __
Debtor: Secured Pam:*
Hiyhline-buzzard Ditch Company , Colorado Water Conservation Board
7Ae. - 1 `1/4,-/..- 17 r—,---
'tt MI.SWIM AAtment is InlefJtSI I.•sent.y..1 uo:■l.lne.I.Ilenxfll secured Nth.15..x'11 is the Jef..r MUM s en t-D i r e c t o r