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,. 5. Promptly to . Secured Party of any change in the location O.COllareral. 6. To pay all taxes and assessments of every nature which may be levied or assessed against the Collareral. 7. Not to permit or all('NJ any adverse lien. security interest or encumbrance whatsoever upon the Collateral and not to permit the same to be anached or replevined. 8. That the Collareral is in good condition. and that he wilL at his own expense. keep the same in good condition and from time to time. forthwith. replace and repair all such pans of the Collateral as may be broken. worn out. or damaged without allowing any lien to be creared upon the Collareral on account of such replacement or repatrs, and that the Secured Pany may examine and inspect the Collareral at any time, wherever locared. 9. That he will not use the Collateral in violation of any applicable Slatutes. regulations or ordinances. .~,." .. , 10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (including so- .called extended coverage), theft and such other casualties as the Secured Party may reasonably require, including collision in the case of any motor vehicle:- allln such amounts. under suchJorms of policies. upon such terms, for such periods. and written by such companies or underwriters as the Secured Party may approve. losses in all cases to be payable to the Secured Party and the Debtor as their interest may appear. All policies of insurance shall provide for at least ten days' prior written notice of canceilation to the Secured Party; and the Debtor shail furnish the Secured Party with certificaIes of such insurance or other evidence satisfactory to the Secured Party as to compliance wilh the provisions of this paragraph. The Secured Party may act as attorney for the Debtor in making, adjusIing and settling claims under or cancelling such insurance and endorsing the Debtor's name on any drafts drawn by insurers of the Collateral. UNTIL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner, and upon default Secured PaJiy. shall have the immediare right to the possession of the Collarerol. .- , DEBTOR SHAll. BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: ,( , (a) default in the payment or performance of any obligation, covenant or liability contained or refened to herein or in any note evidencing the same; (b) the making or furnishing of any warranty, representation or Slarement to Secured Party by or on behalf of Debtor which proves to have been false in any marerial respect when made Or furnished; (c) loss. theft, damage, desauction, sale or encumbrance to or of any of the Collareral, or the making of any levy seizure or anachm~nt thereof or thereon; (d) :aeath, dissolution, rermination or exisrence. insolvency. business failure, appointment of a receiver of any pan of the property of.' assignment for the benefit of creditors by, or the commencemem of any proceeding under any bankruptcy or insolvency laws of, by or against Debtor or any guarantor or surety for Debtor. upof< SUCH DEFAULT and at any time thereafter. or if it deems itself insecure. Secured Party may declare all Obligations seCum! hereby immediateiy due and payable and shall have the remedies of a secured pany under Anicle 9 of the Colorado Uniform Commercial Code. Secured Party may require Debtor to assemble the Collareral and deliver or make it available to Secured Party at a place to be designared by Secured Party which is reasonably convenient to both panies. Expenses of retaking, holding, preparing for sale. selling or the like shall include Secured Party's reasonable anomey's fees and legal expenses. No wai ver by Secured Party of any default shall operate as a waiver of any other 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 additional security waive or impair this security agreement; but said Secured Party may resort to any'security it may have in the order it may deem proper, and notwithstanding any collateral security, Secured Party shall retain its rights of set-off against DebIor. Ail rights of Secured Party hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of Debtor shall bind his heirs, executors or admimstrators or his or its successors or assigns. If there be more than one Debtor. their liabilities hereunder shall be)oint and several. . Dare this .jJ dav Of~1AA.IVU/ ,19 90 . '.. . . .7)?C,ePZlStJA (!$;t-'Sc<-/[)h760';>; eOKl-I'~J:; ~ COLORADO WATER lpll~lI/Jatt~ h~.~ secure~~I?J~~~ aJt~,J <Raft); h~!J/I1/vz,<t" hOA" EXHIBIT E Page 2 .Ifll\l~ Secumy A~t 1~'1lIeflCled IO~!hi hl'lUlCJn~ SUlle~' ~p;ut)t lI!\_1l ~the deblOI'mu!ol ~I,n