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<br />5. P:-Dmptl~!() notify SC:CUrcl- .\)-' OJ' any change in the location of the Collati <br /> <br />6. To pay all taxe~ and assessments of every namTe wF)ich milY be levied or assessed against the Collateral. <br /> <br />~ot to permit or illiow any ildverse lien. security interest or encurnbr.mce whatsoever upon the Collilteral and not to <br />permit the same to be ilttacned or replevined. <br /> <br />8. Tnilr the Collateral is in good condition. and that he wiii. Jt his own expense. keep the same in good condirion and <br />from time to ume. ionnwith. replace and repair all such pans oi the Collater.ll as may be broken. worn out. or damaged without <br />allowing any lien to be created upon the Collateral on account of such replacement or repairs. and that the Secured Party may <br />examine and inspect the Collateral at any time. wherever located. <br /> <br />9. That he will nor use the Collateral in violation of any applicable starutes. regulations or ordinances. <br /> <br />10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (including so- <br />called extended coverage). theit and such other casualties as the Secured Parry may reasonably require. including collision <br />in the case of any motOr vehicle. all In such amounts. under such forms of policies. upon such terms. for such periods. and <br />written by such companies or underwriters as the Secured !>arty may approve. losses in all cases to be payable to the <br />Secured Parry and the DebtOr as their interest may appear. All policies of insurance shall provide for at least ten days' prior <br />written notice of cancellation to the Secured Parry: and the DebtOr shall furnish the Secured Parry with cerriiicates vi such <br />insurance or other evidence satisfactory to the Secured Party as to compliance with rhe provisions or this paragraph. The <br />Secured Parry may act as attorney for the Debtor in making. adjusting and settling claims under or cancelling such <br />insurance and endorsing the Debtor's name on any drafts drawn by insurers of the Collateral. <br /> <br />UNTIL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner. and upon default <br />Secured P:lrty shall have the immediate right to the possession of the Collateral. <br /> <br />DEBTOR SHAll. BE IN DEFAULT under this agre~ment upon the happening of any of the following events or <br />conditions: <br /> <br />I a) default in the payment or penotlTlance of any obligation. covenant or liability contained or referred to hereio or in any <br />nore evidencing the same: <br /> <br />(b) the making or furnishing of any warranty. representation or statement to Secured Party by or on behalf of Debtor <br />which proves to have been false in any material respect when l1lade or furnished: <br /> <br />leI loss. theil. damage. destruction. sale or encumbranCe to or of any of the Collateral. orthe making of any levy seizure <br />or attachment thereof or thereon: <br /> <br />(d) death. dissolUtion. termination or existence. insolvehcy. business failure. appointment of a receiver of any pan of the <br />property of. assignment for the benefit of creditors by. or the commencement of any proceeding under any bankruptcy or <br />insolvency laws of. by or against Debtor or any guar.uuor or SlJrery tor Debtor. <br /> <br />UPON SUCH DEFAULT and at any time thereafter. or if it deems itself insecure. Secured P:lrty may declare all <br />Obligations secured hereby immediately due and payable and Shall have the remedies of a secured pany under Anicle 9 of the <br />Colorado UnifotlTl Commercial Code. Secured ?any may require Debtor to lISsemble the Collateral and deliver or make it <br />available to Secured P:l.rty at a place to be designated by Secured ~ which is rea."ionably convenient to borh panies. Expenses of <br />retaking. holding. preparing for sale. selling or the like shali include Secured ?any's rensonabte attorney's fees and legal <br />expenses. <br /> <br />No \\r.liver by Secured P:lrty of any default shall operate us a waiver of any other default or of the same default on a future <br />occasion. The taking of this securiry agreement shall not waiVe or impair any other security said Secured Party may have or <br />hereafter acquire ror the payment of the above indebreuness. nor shall the taking of any such additional security waive or impair <br />this security agreement: but said Secured p.JI1y may resort to \iny securiry it may have in [he order it may deem proper. and <br />nmwithsmnding any collateral securiry. Secured Party shall rett:J.in its rights of set-aif against Debtor. <br /> <br />All rights ofSecureu Parry hereunder shall inure to the bftnent of its successors and assigns: and all promises and duties of <br />Debtor shall bind his heirs. t:xecutors or administrators or his or its successors or assigns. If there be more than one Debtor. their <br />liabilities hereunder shall be joint and sevt:ral. <br /> <br />Date this <br /> <br />,i/ <br />10 <br /> <br />day of <br /> <br />,Y/r,tS <br /> <br />ere <br />.19 <br /> <br />Debtor: <br /> <br />Secured Party:'" <br /> <br />Hi?ine-buzzard Dj,tCh, Company, <br />/."'1ACJ < ?7';"'</. <br />1/ -/"L":"-- I?..>/~/ ~ <br />I . , <br />"n In" ........-un" ~~...n.,__nl" In,~......~1 r" .......~..,.r ,,,,,,,,.'In,' "..",'n...~' ....'u""I,..'''' ... ....-..-II.... ,,.,.. ,I..",,,.. "''''' ,,~n <br /> <br />Colorado Water Conservation Board <br /> <br />r. <br />, ~ <br />'-7 .J'" <br />\..' .....,'...~ t ~. <br />f."Director <br /> <br />. , <br />L" .:_-<-: <br /> <br />I <br />