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PARTY shall have the immediate right to the possession of the COLLATLr.AL. <br /> DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any <br /> of the following events or conditions: <br /> a. default in the payment or performance of any obligation, covenant or liability contained or <br /> referred to herein or in any note evidencing the same; <br /> b. the making or furnishing of any warranty, representation or statement to SECURED PARTY <br /> by or on behalf of DEBTOR which proves to have been false in any material respect when <br /> made or furnished; <br /> c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or <br /> the making of any levy seizure or attachment thereof or thereon; <br /> d. dissolution, termination of existence, insolvency, business failure, appointment of a <br /> receiver of any part of the property of, assignment for the benefit of creditors by, or the <br /> commencement of any proceeding under any bankruptcy or insolvency law of, by or <br /> 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 <br /> PARTY may declare all Obligations secured hereby immediately due and payable and shall have <br /> the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br /> SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br /> PARTY at a place to be designated by SECURED PARTY which is reasonably convenient to both <br /> parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br /> SECURED PARTY'S reasonable attorney's fees and legal expenses. In the event court action is <br /> deemed necessary to enforce the terms and conditions set forth herein, said action shall only be <br /> brought in the District Court for the City and County of Denver, State of Colorado, and DEBTOR <br /> consents to venue and personal jurisdiction in said Court. <br /> The SECURED PARTY shall give the DEBTOR written notice of any alleged default <br /> and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR <br /> shall be considered in default for purposes of this Security Agreement. No default shall be <br /> waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default shall <br /> operate as a waiver of any other default or of the same default on a future occasion. The taking <br /> of this security agreement shall not waive or impair any other security said SECURED PARTY may <br /> have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any <br /> such additional security waive or impair this security agreement; but said SECURED PARTY shall <br /> retain its rights of set-off against DEBTOR. <br /> All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and <br /> assigns; and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or <br /> its successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be <br /> joint and several. <br /> Dated this 1St day of March 2002. <br /> DEBTOR: Town of Monument, Colorado, acting by <br /> and through the Town of Monument, Colordo, <br /> Water Enterprise <br /> ( SEAL ) 44110 <br /> B, . r t /4. <br /> . . Konarski, President <br /> ATTEST: <br /> • <br /> By <br /> j M <br /> Anne Holliday, ecretary <br /> k „, <br /> 4 1a <br />