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I'-... ."\ I\j 5. Promptly to notify Secu,_d Parry or;my change in the locatiun or the Culla...:ial. 6. Tu pay all tax.c:s and JSse~sments uf ever;.' nature \l,/hi;:h m'-lY be ie\'lcd (If ~ses~cci ag;1lTlSl the ClllL:Heral. "7. ~Ot to permit or :.lllaw any adverse lien. security interest or ellcumorance whatsoever upon the Collmeral :lod not ro permit the same to be atUlched or replevined. 8. That !.he Collaleral is in good condition. and that he wilL at-his own expense. keep the same in good condition and from time to lime, fonhwilh. replace and repair all such pans ofIhe CollaterJ.l as may be broken. worn OUL or damaged without allowing any lien (Q be created ulX'n the ColJareral on account of such replacement or repairs. and that the Secured Parry may examine and inspect the Collaleral at any lime. wherever located. 9. That he will not use the Collaleral in violation of any applicable staruleS, regulmions 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 Olher casualties as lhe Secured Party may reasonably require. including collision in the case of any motor vehicle. all 10 such amounts, under such forms of policies, upon such terms, for such periods, and wriuen 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 imerest may appear. All policies of insurance shall provide for alleast ten'days' prior written nOlice of cancellation to the Secured Party; and lhe Debtor shall furnish lhe Secured Party with certificates of such insurance or other evidence satisfactory [Q the Secured Party as to compliance with the provisions ofrhi5 rar;:l~rt.l.ph. The Secured Parry may act as auorney for the Debtor in making, adjusting 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 Pany shall have the immediate right to the possession of the Collateral. DEBWR SHAll. BE IN DEFAULT under this agreemem 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 referred to herein or in any note evidencing the same; (b) the making or furnishing of any warranty, representation or statemem 10 Secured Pany 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 or of any of the Collateral. orlhe making of any levy seizure or attachmem thereof or thereon; (d) death. dissolution. termination or existence, insolvency, business failure. appointment of a receiver of any pan of the propeny 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 guaramor or surety for Debtor. UPON SUCH DEFAULT and at any time thereafter. or if il deems itself insecure, Secured Pany may declare all Obligations secured hereby immediately due and payable and shall have the remedies of a secured puny under Anicle 9 of the Colorado Uniform Commercial Code. Secured Pany may require Debtor to assemble the Collateral and deliver or mak.e :t av.J.iJabJe to Secured Pany at a place [0 be designated by Sect.m~d Pany whk:h is reasonably convenient lO beth panies. Expenses of retaking. holding. preparing for sale. selling or the like shall include Secured Puny's reasonable attorney's fees and legal expenses. No w.llver by Secured Pany 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 securiry agreement; but said Secured Party may reson 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 sel-off againsl Debtor, All rights of Secured Pany hereunder shall inure to the benefit of its successor,; and assigns; and all promises and duties of Debtor shaU bind his heirs. executors or administrators or his or its successors or assigns. If there be more than one Debtor. their liabilities hereunder shall be joint and several. Date this 7th day of Februarv THE NORTH POUDRE IRRIGATION COMPANY .19 90 ~~ ~d, ~;' a ~ . ~ j~J anager '11 till' s.:~U",,' A~moml ",,,~ndeU I" ><1'''' ~"ntl:ltl.;m~ ".II~me:l1 -<<'l'~ p.lft\ :I.' _II .." tho delll,.,.. mU'l "~n Secured ~:. y--v~' tj(~