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<br />. " <br /> <br />,,-....... <br /> <br />for the DEBTOR in making, adjusting and settling claims under Of canceling such insurance and endorsing the DEBTOR'S name on any <br />drafts drawn by insurers of the COLLATERAl. <br /> <br />UNTil DEFAULT DEBTOR may have possession of the COI.LATERAL and use it in any lawful manner, and upon default SECURED <br />PARTY shall have the immediate right to the possession of the COLLATERAL. . <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement vpon the happening of any of the following events or conditions: <br /> <br />(a) default in the payment or performance of any oblig~tion. covenant or liability contained or referred to herein or in any <br />note evidencing the same; <br /> <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 /> <br />(c) loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of any levy seizure <br />or attachment thereof or thereon; <br /> <br />(d) death, dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any part of the <br />property of, assignment for the benefit of creditors tJy, or the commencement of any proceeding under any bankruptcy <br />or insolvency law of, by or against DEBTOR or any guarantor or surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may declare all Obligations <br />secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the Colorado <br />Uniform Commercial Code. SECURED PARTY may require DEBfOR to assemble the collateral and deliver or make it available to <br />SECURED PARTY at a place to be designated by SECURED PARTY wt1ich is reasonably convenient to both parties. Expenses of retaking, <br />holding, preparing for sale, selling or the like shall include SECtJRED PARTY'S reasonable attorney's fees and legal expenses. <br /> <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 <br />hereafter acquire for the payment of the above indebtedness, (lor shall the taking of any such additional security waive or impair <br />this security agreement; but said SECURED PARTY shall retain it!i rights of set.off against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the t:>enefit of its successors and assigns; and all promises and duties <br />of DEBTOR shall bind its heirs, executors or administrators or itS successors or assigns. If there be more than one DEBTOR, their <br />liabilities hereunder shall be joint and several. <br /> <br />Dated this il~ day of ~1f~f,C;r,-"" 1996. <br /> <br />DEBTOR: Town of Lyons <br /> <br />By: <br /> <br />~/~ <br /> <br />Glenn Klepel, Mayor <br /> <br />SECURED PARTY: STATE OF <br />COLORADO for the use and benefit of <br />the Department of Natural Resources, <br />Colora Water Conservaf n Board <br /> <br /> <br />y: <br />Da ies C. Lile, Director <br /> <br />(SEAL) <br /> <br />ATTEST <br />Kelly JUFr <br /> <br />