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0 e 0 01., 442417 soA632 PAGE 207 5. Not to se 1, transfer or dispose the Collateral, and promptly to notify t - , red Party of any change in the location of the Coll teral within the State of Colorado and not to remove the same from the State of Colorado without the prior written c nsent of the Secured Party. 6. To pay 411 taxes and assessments of every nature which may be levied or assessed against the Collateral. 7. Not top mit or allow any adverse lien, security interest or encumbrance whatsoever upon the Collateral and not to permit the sc me to be attached or replevined. 8. That the ollateral is in good condition, and that he will, at his own expense, keep the same in good condition and from time to tine, forthwith, replace and repair all such parts of the Collateral as may be broken, worn out, or damaged without llowing any lien to be created upon the Collateral on account of such replacement or repairs, and that the Secured P y may examine and inspect the Collateral at any time, wherever located. 9. That he trill not use the Collateral in violation of any applicable statutes, regulations or ordinances. UNTIL DEF ULT Debtor may have possession of the Collateral and use it in any lawful manner, and upon de- fault Secured P 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: (a) default il L the payment or performance of any obligation, covenant or liability contained or referred to herein '? qtr =rin,l 7 the e;r. Q. cr M any ::ct (b) the mak g or furnishing of any warranty, representation or statement to Secured Party by or on behalf of Debtor which prov s to have been false in any material respect when made or furnished; (c) loss, thef , damage, destruction, sale or encumbrance to or of any of the Collateral, or the making of any levy, seizure or attachment thereof or thereon; (d) death, d solution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the propert of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insc.vency laws of, by or against Debtor or any guarantor or surety for Debtor. UPON SU DEFAULT and at any time thereafter, or if it deems itself insecure, Secured Party may declare all Obligations secur d hereby immediately due and payable and shall have the remedies of a secured party under Ar- ticle 9 of the Colorc do Uniform Commercial Code. Secured Party may require Debtor to assemble the Collateral and de- liver or make it av ilable to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Exfenses of retaking, holding, preparing for sale, selling or the like shall include Secured Party's rea- sonable attorney's fees and legal expenses. No waiver 1: on a future occasic Party may have oI tional security wa: in the order it may off against Debtor. All rights of and duties of Debt than one Debtor, fi Dated this. Debtor:. OVERLAND DITC Peter Kasp 'If this Security Agre r Secured Party of any default shall operate as a waiver of any other default or of the same default i. The taking of this security agreement shall not waive or impair any other security said Secured hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such addi- re or impair this security agreement; but said Secured Party may resort to any security it may have deem proper, and notwithstanding any collateral security, Secured Party shall retain its rights of set- .cured Party hereunder shall inure to the benefit of its successors and assigns; and all promises shad bind his heirs, evccUtcrs '?r ardml i¢t=t+? rs nr his cr its successors or as_° gns. 1, 'here be r liabilities hereunder shall be joint and several. -dc I- AIQD RESERV of , 19 . Secured Party:" COLORADO WATER CONSERVATTION BOARD By � President is intended to serve as a financial statement secured party as well as the debtor must sign.