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<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. MORGAN
<br /> Dated this :MD D/STO�� , 1995.
<br /> O .�
<br /> DEBTOR: CITY OF • ' MORGAN, C• DO, WATER SECURED PARTY: STATE OF COLORADO for the use and
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<br /> WORKS AND DIST• '"j'• O ^` • • benefit of the Department of Natural Resources,
<br /> ' ' / ' 1" Colorado Water Conservation Board
<br /> By: c).4-4-4--1/ iJ. [�.tiO�..•v�
<br /> Printed na e`& tit - H. , ..f t 1 rd Printed name & title Daries C. Lile, Director
<br /> Re'4w 44. 5va....7, , 7i rre- r
<br /> (S AL)
<br /> ATTEST ,I,4fL, _ ` �r - 9.,„.
<br /> DEBTOR: CITY O`. ntlitt(/ ' , CO ■•RADO
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<br /> •r c .mZ •
<br /> Printed pare f t it -s Pe •CF , Mayor
<br /> SE �i
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