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<br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL 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 /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: <br /> <br />(al default in the pay'ment or pe~ormance of any obligation, covenant or liability contained or referred to herein or in any note <br />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 which <br />proves to have been false in any material respect when made or furnished; <br /> <br />(c) 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 />(dl death, dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any part of the <br />property of, assignment 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 guarantor 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 the remedias of a secured party under Article 9 of the Colorado Uniform <br />Commercial Code. SECURED PARTY may require DEBTOR to assemble the collateral and deliver or make it available to SECURED PARTY <br />at a place to be designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, holding, <br />preparing for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. <br /> <br />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 <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 this <br />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 of <br />DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be more than one DEBTOR, their liabilities <br />hereunder shall be joint and several. <br /> <br />Dated this I Jr!l day of SE3:PTE.HPE fQ.J . 1995. <br /> <br />DEBTOR: NORWOOD WATER COMMISSION <br /> <br />BY ~~hlY~ <br /> <br />Printed no e & title. alph J. Weaver, 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 />~~{]JJt <br /> <br />Printed name & title: Danes C. Llle, Director <br /> <br />(Sa h\) 8 <br />ATTEST rrru..o~ ry~ <br /> <br />DEBTOR: TOWN OF NORWOOD <br /> <br />By: <br /> <br /> <br />June S. Estep, May <br /> <br /> <br />~~;;) <br />