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<br />. " <br /> <br />for the DEBTOR in making, adjusting and settling claims under or canceling such insurance and endorsing the DEBTOR'S name on any <br />drafts drawn by insurers of the COLLATERAL. <br /> <br />UNTIL DEFAULT Of:STOR may have possession of the COLl..ATERAl 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 />OEBrOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: <br /> <br />(a) default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any <br />note evidencing the same; <br /> <br />(bl the making or furnishing of any warranty, representation or statement to SeCURED PARTY by or on behalf of DEaToR which <br />proves to have been false in any material respect when made or furnished; <br /> <br />Ie) 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 by, or the commencement of any proceeding under any bankruptcy <br />or insolvency 18W of. by or against DEBTOR or any guttrantor or surety for DEBTOR. <br /> <br />UPON SUCH"DEFAULT and at any time thereafter, or if it cfeems itself insecure, SECURED PARTY may declare all Obligations <br />secured hereby immedjat~.IY 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 DEBTO~ to assemble the collateral and deliver or make it available to <br />SecuRED PARTY at a place to be designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, <br />holding, preparing for sale, selling or the like shall include 5ECURI:D PARTY'S reasonable attorney's fees and legal expenses. <br /> <br />No waiver by SECUR~D PARTY of any default shall operate a~ a waiver of any other default or of the same default on a future <br />occasion. The taking of this security agreement shall not waiv~ or impair any other security said SeCURED PARTY may have or <br />hereafter acquire for the payment of the above indebtedness, no, shall the taking of any such additional security waive or impair <br />this security agreement; but said SecuRED PARTY shall retain its rights of set.off against DeBTOR. <br /> <br />All rights of SeCURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all promises and duties <br />of DEBTOR shall bind its heirs, executors or administrators or its ,uccessars or assigns. If there be mo(e than one DeBTOR, their <br />liabilities hereunder shall be joint and several. <br /> <br />Dated this n tin day of ...sJ:.f If ..Af'E::r'-/' <br /> <br />. ,996. <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 />Daries C. Lile, Director <br /> <br />(SEAL) <br /> <br />ATTEST <br />Kelly J <br /> <br /> <br />Town Clerk <br />