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<br /> 9. That the DEBTOR 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 (including so-called extended
<br /> coverage), theft and such other casualties as the SECURED PARTY may reasonably require, including collision in the case of any motor
<br /> vehicle, all in such amounts, under such forms of policies, upon such terms, for such periods, and written by such companies or
<br /> underwriters as the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the DEBTOR as their interest
<br /> may appear. All policies of insurance shall provide for at least ten days' prior written notice of cancellation to the SECURED PARTY; and
<br /> the DEBTOR shall furnish the SECURED PARTY with certificates of such insurance or other evidence satisfactory to the SECURED PARTY as
<br /> to compliance with the provisions of this paragraph. The SECURED PARTY may act as attorney for the DEBTOR in making, adjusting and
<br /> settling claims under or canceling such 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 upon default SECURED PARTY
<br /> 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 conditions:
<br /> (a) default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any note
<br /> evidencing the same;
<br /> (b) the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf of DEBTOR which
<br /> 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 levy seizure or
<br /> attachment thereof or thereon;
<br /> (d) death,dissolution, termination or existence,insolvency, business failure, appointment of a receiver of any part of the property
<br /> of, assignment for the benefit of creditors by,or the commencement of any proceeding under any bankruptcy or insolvency
<br /> law 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 declare all Obligations secured
<br /> hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the Colorado Uniform Commercial
<br /> Code. SECURED PARTY may require DEBTOR to assemble the collateral and deliver or make it available to SECURED PARTY at a place to be
<br /> designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling
<br /> or the like shall include SECURED PARTY'S reasonable attorney's fees and legal 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 a future
<br /> occasion. The taking of this security agreement shall not waive or impair any other security said SECURED PARTY may have or hereafter
<br /> acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair this security
<br /> agreement; but said 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 duties of DEBTOR
<br /> shall bind its heirs, executors or administrators or its successors or assigns. If there be more than one DEBTOR,their liabilities hereunder
<br /> shall be joint and several.
<br /> Dated this day of , 1995.
<br /> DEBTOR: CITY O...VI.D;' 'rhL COLORADO, WATER SECURED PARTY: STATE OF COLORADO for the use and
<br /> WORKS AND rj : • 'ISE benefit of the Department of Natural Resources,
<br /> �®� / 9., f �. Colorado Water Conservation Board■By Vii,..•'/L / ∎t e•z. 4 L�
<br /> r, •'. . 1- / By; CP.4...4-tv 0. E...-
<br /> ' Printed name & title aries C. Lile, Director
<br /> Printed ` - MF •„_. , of he Board
<br /> (SEAL i ?4.1) l�l
<br /> ATTEST i.,,, , _ ,.-c1 A
<br /> / v
<br /> DEBTOR: CITY OF FORT M T _ AN, C'QORADO
<br /> \\ 11111 it r
<br /> - , , /?' /1 (/' PAID
<br /> Printe• ate ti .,- , zi:, Ma•or
<br /> IN,
<br /> •
<br /> t S
<br /> (SEA - MI a '
<br /> ATTEST -0:1. /, y 47
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