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5. Promptly to notify Sec.., ,J Pany of :my ch:mge in the location of the Coho_ca!. 6. To pay all taXes and assessments of every nature which may be levied or assessed against the Collateral. 7. Not to permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Collateral and not to permit the same to be attached or replevined. 8. That the Collateral is in good condition. and that he wili. at his own expense. keep the same in good condition and from time to time. forthwith. replace and repair all such pans of the Collateral as may be broken. worn out. or damaged without allowing any lien to be created upon the Collateral on account of such replacement or repairs, and that the Secured Pany may examine :md inspect the Collateral at any time. wherever located. 9. That he will not use the Collateral in violation of any applicable statutes. regulations or ordinances. 10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (including so- called extended coverage), theft and such other casualties as the Secured Party may reasonably require. including collision in the case of any motor vehicle, all in such amounts. under such forms of policies, upon such terms, for such periods, and written by such companies or underwriters as the Secured Party may approve. losses in all cases to be payable to the Secured PaTty and the Debtor as their interest may appear. All policies of insurance shall provide for at least ten days' prior written notice of cancellation to the Secured Party; and the Debtor shall furnish the Secured Party with certificates of such insurance or other evidence satisfactory to the Secured Party as to compliance with the provisions of this paragraph. The Secured Party may aCt as attorney for the Debtor in making, adjusting and settling claims under or cancelling such insurance and endorsing the Debtor's name on any drafts drawn by insurers of the Collatera!. UNTIL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner, and upon default Secured Pany shall have the immediate right to the possession of the Collateral. SECRETARY OF STATE OF COLORADO DEBTOR SHAll.. BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: .02-13-91 13:47 (aJ default in the payment or petformance of :my obligation. covenant or liability contain24~re~to herei~!;b.,Qg note evidencing the same; (b) the making or furnishing of any warranty, representation or statement to Secured Pany by or on behalf of Debtor which proves to have been false in any material respect when made or furnished; (c) loss. theft. damage. destruction. sale or encumbrance to or of any of the Collateral. orlhe making of any levy seizure or attachment thereof or thereon; (d) death. dissolution. termination or existence. insolvency, business failure. appointment ofa receiver of :my part of the propetty of. assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency laws of, by or against Debtor or :my guarnntor or surety for Debtor. UPON SUCH DEFAULT and at any time thereafter. or if it deems itself insecure. Secured Pany may declare all Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Anicle 9 of the Colorado Uniform Cormnercial Code. Secured Pany may require Debtor to assemble the Collateral and deliver or make it awilable to Secured Pany 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 Pany's reasonable attorney's fees and legal expenses. 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 agreemenr shall not waive or impair any other security said Secured Party may have or hereafter acquire for the payment of the above indebtedness. nor shall the taking of :my such udditional security waive or impair this security agreement: but said Secured ?any may resort to any security it may have in the order it may deem proper. and notwithstanding any collateral security. 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 his heirs. executon; or adminislraton; or his or its successors or assigns. If there be more than one Debtor, their liabilities hereunder shall be joint and several. Date this /G day of I4/N ..--- . 19 C{ZJ Debtor; Secured Party:' Di.tch Company, Colorado Water Conservation Board i~""..$'hl. "'".,.,." " 'nl~1'klL..., ,,' "'...~ "" J nn;Ul.'nc ",'''''I<:~' "':<1'..-..1 !).1m ;". _II ol' !"-' ,kill'... m,,,' ,"cn /?\fJ ire c tor .j - L~ tL---t.: ....--..... :,':'"