PROJ00111

• Contract/PO #: C153694
• Contractor Name: Castle Pines North Metro District
• Contract Type: Loan
• Water District: 8
• County: Douglas
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Contract Documents

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PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the' PESTOR as their interest may appear. All policies of
insurance shall provide for at least ten days' prior written notice of cancel!ation_ to the SECURED PARTY; and the DEBTOR shall furnish the
SECURED PARTY with certificates of such insurance or other evjd~n?e satisfac~o(y to>t~e SECURED PARTY as to compliance with the provisions
of this paragraph. The SECURED PARTY may act as attorney for the DEaroR'in making, adjusting and settling c1aif!1s under or canceling such
insurance and endorsing the qEBTOR'S name 0." any drafts drawn by insurers of the COLLATERAL

UNTil DEFAULT DeBTOR may have possessio~ of the COLLATERAL and use it in any lawful manner, and upon default SECURED PARTY
shall have the .immediate right to the possession of the COLLATERAL

DEBTOR SHAll BE IN DEFAULT under this agreement upon the happening of any of. the following events or conditions:

(al default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any note
evidencing tlie same; .

(b) the making or furnishing of any warranty, represe~tation or statement to SECURED PARTY by or on behalf of DEBTOR which proves
to have been false in any material respect when made or furnished;.'.:~~;

(c) loss, theft, damage, destruction, sale or encumbrance to' ~r "of a'ny of. th~ t~LLATERAL, o'r the making of any levy seizure or
attachment t~ereof or thereon; . "

Cd) death, dissoluti!n, termination or existence, in~solvency, business failure, appointment of a receiver of any J?'!rt of the property
of. assiQnment for the benefit of creditors by, or the ~ommencement~al any proceeding under a ny- bankruptcy or insolvency law
of, by or against DEBTOR or any gu~rantor ar surety for DEBTOR. ~.

UPON SUCH DEFAULT and at any time thereaHer. or if it deems itself il}Secure. SECURED PARTY may declare all Obligations secured
hereby immediately due and payable and shall have the' remedies of a' secured..p~rty under Article 9 of the Colorado Uniform Commercial
Code. SECURED PARTY may require DEBTOR to assemble the collateral and:d.eliv~r"m'ake it available to SECURED PARTY- at a place to be
designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or
the like shall include SECURED PARTY'S reasonable attorney's fees and, legal expenses.

No waiver by SECURED PARTY of any default shall operate' as a waiv<er of any otti'er default or of the'same default on a future occasion.
The taking of this security. agreement shall not waive-or impair any :other 'security said-SECURED PARTY may have or hereafter acquire for the
payment of the above indebtedness, nor. shall the taking of any such addition"al__s~curity\....alye or impair this security agreement; but said
. SECURED PARTY shall retain i~s rights of set-off against "DEBTOR. . .

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All rights of SECUI:lED PARTY hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of DEBTOR
shall bind its'heirs. 'executors or adm.inistrators or its sUccessors or-assigns. If there be' moh~'th'aln;ne DEBTOR, their liabilities hereunder shall
,be joint and several. .. ..~ .';- -'. - -:1 ~'.' . " .
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Dated this _ day of

.1995,

DESTOR: Castle Pines North Metropolitan District

By:

SECURED PARTY: STATE OF COLORADO for the use
and benefit of the Department of Natural
Resourc Colorado Wate onservation Board

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PffiifeCl name&t1tle ,-'" JJJ'

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ATTEST 0.._

Daries C, Lile, Director

DEBTOR: Castle Pines North Metropolitan District
Water Activity Enterprise
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'ltoHAs J, . El-Po,J
Printed name & title

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ATTEST 'Y~~

By:

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