C153757 Contract

• Contract/PO #: C153757
• Contractor Name: Decker Lateral Company
• Contract Type: Loan
• Water District: 3
• County: Weld
• Bill Number: SPL
• Loan Projects - Doc Type: Contract Documents

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and does not use said revenues for any purpose not penmitted by the CONTRACT. If DEBTOR defaults,
SECURED PARTY 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 in the payment or perfonmance of any obligation, covenant or liability contained or
referred to herein or in any note evidencing the sarne;

b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or
on behalf of DEBTOR which proves to have been false in any material respect when rnade or
furnished;

c. loss,theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the
making of any levy seizure or attachrnent thereof or thereon;

d. dissolution, tenmination or existence, insolvency, business failure, appointment of a receiver of
any part of the property of, assignrnent for the benefit of creditors by, or the commencement of
any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any
guarantor or surety for DEBTOR.

UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY
may declare all Obligations secured hereby immediatelY due and payable and shall have the remedies
of a secured party under Article 9 of the Colorado Unifonm Commercial Code. SECURED PARTY may
require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be
designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking,
holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees
and legal expenses. In the event court action is deemed necessary to enforce the tenms and conditions
set forth herein, said action shall only be brought in the District Court for the City and County of Denver,
State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said Court.

No default shall be waived by SECURED PARTY except in writing, and no waiver 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
rnay have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any
such additional security waive or irnpair this security agreement; but said SECURED PARTY shall retain its
rights of set-off against DEBTOR.

All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and
all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or
assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several.

Execpte? this )7 day of A//J(/~..(,.,>> ~ 1997.

DEBTOR: The Decker Lateral Company,
a Co ra corporation

By:

SEAL

ATTEST: '

BY~?.h'~
Donn E. Engel, ecr tary