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provisions of this paragraph. The SECURED PARTY may act as attorney for the DEBTOR in making, adjusting and settling claims under or <br /> 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 proves <br /> 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 E L, or the making of any levy seizure or <br /> attachment thereof or thereon; <br /> (d) death, dissolutio aticror existence, insolvency, busines it pointm e' r of any part of the property <br /> of,assignment`frc tl�gbefit'of creditors by,or the commence t pr eding ur3 ankruptcy or insolvency law <br /> of, by or against DEBTOR or any guarantor or surety for DEBTOR. <br /> UPON SUCH DEFAULT arld 8t JAytime•thereafter, or if it deems itself insecure, S UR P ay tare all Obligations secured <br /> hereby immediately due aid pgab1 and shall have the remedies of a secured party under A f t olorado Uniform Commercial <br /> Code. SECURED PARTY mail%quire DEBTOR to assemble the collateral and deliver or make it avails EC RED 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 or <br /> 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 occasion. <br /> The taking of this security agreement shall not waive or impair any other security said SECURED PARTY may have or hereafter acquire for the <br /> payment of the above indebtedness, nor shall the taking of any such additional security waive or irtlpair this security agreement; but said <br /> 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 /> Date this is day of Jucl_ , 1996. <br /> SECURED PARTY: TATE OF COLORADO for <br /> DEBTOR: Morgan County Quality Water District the use and ben fit of the Department of <br /> Natural Resources, Colorado Water <br /> Cons ation Board <br /> By: BY= W • <br /> Paul L. cDll , President axles C. Llle, Director <br /> (SEAL) <br /> ATTEST <br /> aro d E. ansen, Secretary <br />