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<br />,.-''''''''' <br /> <br />'--/. <br /> <br />DEBTOR as their interest may appear. All policies of insurance sf1all provide for at least ten days' prior written notice of cancellation <br />to the SECURED PARTY; a.nd the DEBTOR shall furnish the SECURED PARTY with certificates of such insurance lOr other evidence <br />satisfactory to the 5ECUAED PARTY as to compliance with the prOvisions of this paragraph. The SECURED PARTY may act as attorney <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 DEBTOR may have possession of the COL-LATERAL 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 />DEBTOR SHAU BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: <br /> <br />(al 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 DEBTOR which <br />proves to have been false in any material respect when made or furnished; <br /> <br />(cl 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 />ldl death, dissolution, termination or existence, insolverlcy, business failure, appointment of a receiver of any part of the <br />property of, as,signment for the benefit of creditors bY, or the commencement of any proceeding under any bankruptcy <br />or insolvency law of, by or against DEBTOR or any gtJarantor or surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may declare all Obligations <br />secured hereby immediately due and payable and shall have 'fhe remedies of a secured party under Article 9 of the Colorado <br />Uniform Commercial Code. SECURED PARTY may require'DEBTqFttq',assemble the collateral and deliver or make it available to <br />SECURED PARTY at a place to be designated by SECURED PARrY which is reasonably convenient to both parties. Expenses of retaking, <br />holding, preparing for sale, selling or the lik.e shall include SeCURED. PARTY'S reasonable attorney's fees and legal expenses. <br /> <br />No waiver by SECURED PARTY of any default shall operate tiS a waiver of any other default or of the same default on a future <br />occasion. The taking of this security agreement shall not waive or impair any other security said SECURED PARTY may have or <br />hereafter acquire for the payment of the above indebtedness, nor 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 successors or assigns. If there be more than one DEBTOR, their <br />liabilities hereunder shall be joint and several. <br /> <br />Dated this 22"Oday of MAACJt <br /> <br />,1995. <br /> <br /> <br />ATER COMMISSION <br /> <br />Chairman <br /> <br />SECURED PARTY: STATE OF COLORADO for the <br />use and benefit of the Department of Natural <br />Resources, Colorado Water Conservation Board <br /> <br />BY~ (} A <br /> <br />Daries C, Lile, Director <br /> <br />L.. <br /> <br /> <br />CJe.rl:-) <br /> <br />DEB <br /> <br />By: <br />